How to Start Copying in Headway Copytrade
Once you compare various strategies and choose the one you like, it is time to start copying. In this article, you will learn to follow a copytrading strategy and customize your copy settings.
Step 1. Choose your copying account
In order to begin your copytrading journey, click Start copying on the strategy details page.
This is where the first step of your preparation begins.
First, you will need to choose your copying account. A copying account is an account that is linked to the chosen strategy. Every copied trade is made there, so the account settings can impact your future profits.
At this point, you have two options: Choose an existing account or make a new account and copy the settings of the strategy.
- Existing account. To select one of your existing accounts, click Choose your account. You will see a dropdown menu with a list of your accounts. You can study the basic information about each one such as its type, platform, and balance.
You also have the option of creating a brand-new account with personalized settings. To do this, click ➕ Create new account in the dropdown menu. You will then need to choose the type of your account, the trading platform, and the main settings — leverage and account currency. - Copy strategy settings. If you do not want to customize your settings, you can simply select Create new account and copy strategy settings. Copytrade will automatically make a new account for you with the same settings as the strategy you are about to follow. Note that some settings like Fix-Rate might not be available in your region.
After you select your account, you will be prompted to adjust your copying settings.
Step 2. Customize your copying settings
The next screen will let you adjust copying settings. If you have selected to create a new account, you will see its title as well as its MetaTrader login information.
If you scroll down, you can adjust your copytrading proportion. This setting allows you to select the volume of trades you want to copy. For instance, with a proportion of 0.5, you will replicate only half of the trading volume. So, if the trader places an order for eight standard lots, your account will open a position for four lots. This setting is very important, so make sure to think it through.
Another essential thing is the copying mode you select. You can choose to replicate all open orders or limit your initial exposure to new trades only. If you decide to copy all active positions, you should understand that they will open at the current market price. We recommend that you select to copy new trades only. But the choice is ultimately in your hands.
Step 3. Pay a commission
Every trader charges a commission for allowing others to copy their strategy. The last step before you start copytrading is making sure you have enough funds to pay the commission.
The commission is charged once every month. If you decide to follow a strategy in the middle of the month, you will only need to pay for the remaining days. Should a trader unpublish their strategy account, you will receive a refund for the unused period. However, if you stop following the strategy of your own volition, you will not get the commission back.
If your account does not have enough funds, you will be prompted to replenish your account. There are two ways to do this:
- Click Deposit and choose one of the available methods to replenish your account directly;
- Click Internal transfer to transfer money from your existing accounts.
When you have enough funds in your balance, you can finally begin your copytrading journey by clicking Start copying.
Congratulations! Your copytrading journey has started
After you hit Start copying, you will automatically get transferred to the strategy details page. But now, you can see a new section called Investor information. Here you can see your copying account, the proportion you are currently using, and the date when you started following the strategy. This is where you can change your copying proportion or even stop copying the strategy.
If you scroll down, you will be able to browse the entire history of the strategy and even access balance operations. This will help you stay updated on all new positions opened by the strategy owner and understand when it is time to top up your account.
Join Copytrade now!
Now that you know how to start copying, you can finally join your trading community! Go ahead, follow your first strategy, and discover a new way to earn passive income. Start now ➡️
Should you have any questions, contact our Customer Care team via [email protected], in the app, or the live chat on the website.
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