How To Start Allpips Copy Trading
Copy trading is an increasingly popular way for traders of all experience levels to gain exposure to the markets. By copying the trades of successful traders, followers can benefit from their skills and strategies without having to do all the analysis themselves. Allpips is one of the leading copy trading platforms, offering traders a powerful and easy-to-use interface to find and copy top-performing traders. This comprehensive guide will explain exactly how to get started with copy trading on Allpips.
Understanding Copy Trading
Copy trading operates on the basic premise of allowing traders (followers) to automatically replicate the trades of other traders on a proportional basis. When the trader opens or closes a position, the follower's account also opens or closes a position of the same size, scaled to their account balance. This provides a hands-off way to potentially achieve the same returns as skillful traders without having to open, manage, or close each position manually.
Some key aspects of copy trading include:
- You can follow multiple Traders at once to diversify. Profits/losses will compound from all sources.
- There may be a delay of just a few minutes between a trader's trade and its replicating in followers' accounts for compliance.
- Most platforms take a small performance fee (5-10%) from any profits followers achieve through copying.
- Traders are ranked and rated based on metrics like recent returns, drawdown, longevity, and more to help followers evaluate suitability.
- Traders are free to independently close a copy trade at any time, so follower positions may close before Strategists if they change strategies.
Overall it provides a turnkey way for traders at any experience level to gain market access and take advantage of others' skills, research, and strategies with minimal ongoing work required.
Opening an Allpips Account
The first step to getting started with Allpips copy trading is to open a free demo account. Navigate to the Allpips website and click "Register" in the top right corner:
From there, enter your email address and choose a strong password. Then provide some basic personal information like name, country, and accept the terms.
Allpips will send a verification email - check your inbox and click the link provided to verify your account. Now you can log in to Allpips with the credentials you set up.
Once logged in, you'll be on the Allpips dashboard page. Make sure to fund your demo account with virtual cash so you can start exploring and copying trades risk-free before live trading. Allpips provides $100,000 in demo dollars by default for testing strategies.
Depositing Funds for Live Trading
To transition from demo to live copy trading, you'll need to deposit real money. Click on "Deposit" in the top menu and choose from available crypto and fiat funding options. Allpips accepts deposits via bank wire, credit/debit cards as well as cryptocurrencies for quick funding worldwide.
Verify your identity if required by providing ID documents. Once successfully deposited, your funds will be available immediately in your tradable balance on Allpips.
Make sure to test concepts extensively on the demo account first before committing to real capital. Demo trading is the safest way to get familiar with the platform, evaluate different traders, and learn proper risk management without the pressure of live markets. Consider paper trading for 6 months or more before depositing real money.
Browsing Available Traders
Now that your account is set up, it's time to start exploring traders to copy. Click on the "Traders" button in the top menu bar to view live performance reports. Here you can search through over 1,000 verified Allpips traders across all major forex pairs and contracts.
Use filters like "Total Gain," "Total Profit," "Follower Number" and more to narrow down options matching your preferences. Assets determine which currency pairs or contracts a traders trades (e.g. EUR/USD only or multiple crosses). The risk threshold shows maximum drawdown tolerated.
Other important metrics include Return Rate (net annual profit %), Risk/Reward Ratio (average win vs loss size), Number of Trades (experience level), and Longevity on the platform (consistency over time). Dig deeper by reading traders' profiles for trading styles, experience, strategies used, and more background.
Take the time to analyze several top performers by comparing statistics long-term. Consider following multiple traders initially for diversification of approaches before concentrating on a select few based on continued strong performance. Look for traders with a proven long-term track record.
Following Your First Trader
Once you've found appealing traders matching your risk tolerance, click the "Follow" button below their report. Your live or demo account will now be linked for automatic trade replication going forward in real time.
Check the "My Followers" page often to monitor trades as they occur. Any new positions opened by followed traders will also open proportionately in your account at the same entry price, with simultaneous closing taking place as well when trades are exited.
You can change the allocation percentage dedicated to each trader you follow between 1-100% depending on your confidence in their skills. Adjust as needed going forward if any underperform. And you can unfollow at any time by clicking "Stop Following" if analysis dictates a change is warranted.
With everything set, sit back and let the automated copy trading system run its course, replicating positions and updating performance reports continuously. Check metrics regularly to stay on top of results.
Optimizing Your Copy Trading
While simply setting up replication may suffice for some, the Allpips platform also affords tools to actively optimize returns:
- Adjust Capital Allocations: Overweight top performers and underweight weaker links regularly based on rolling performance metrics.
- Set Take Profit/Stop Loss Targets: Allpips allows custom profit/loss levels for added risk management versus default trader levels.
- Apply Filters to Filter Trades: Filter by things like trade size, duration held, pair, and trade type (buy/sell only for example).
- Diversify Across Multiple Timeframes: Mix short, mid, and long-term traders for smoothed performance.
- Automate Rebalancing: Schedule automatic reallocations of capital between traders using the Rebalancer tool.
- Adjust Position Sizing: Optimize position sizing using Fixed Ratio, Percentage of Equity, or other methods.
- Take Partial Profits: Set targets to bank partial gains along a trade's movement for potential compounding.
Leverage these features regularly to refine your copy trading approach over time based on ongoing analysis of markets and trader skills. Proper use leads to enhanced returns potential.
Monitoring Performance & Withdrawals
Ongoing oversight remains important for copy trading success long-term. Check the Allpips website and mobile apps daily to monitor open positions and unrealized and realized P/L from followed traders.
Evaluate performance metrics like overall Return Rate, maximum Drawdown endured, Risk/Reward achieved on completed trades, and more. Make note of any acute strategy changes, routinely compare multiple timeframes, and look for major divergences from historical statistics as signs a trader may be underperforming.
Remove failing replication immediately if a clear strategy or risk management issues arise. Consider adjusting trader allocations, filtering trades more tightly, or applying other optimization tools to course-correct declining results. Staying engaged helps maximize returns.
Once solid profits accumulate, Allpips enables easy withdrawals directly to your funded account method. Withdrawals are processed within 1-3 business days. Some brokers impose additional restrictions depending on your geographic location and account status.
Getting Help & Expanding Knowledge
As with any trading method, continuing education bolsters copy trading success long-term. Allpips offers extensive learning resources:
- Interactive Trading Guide: Step-by-step tutorials on basic/advanced functions and effective usage strategies.
- Trader Biographies: Read profiles of top traders for background on entry criteria, risk management, and experience.
- Daily Market Analysis: Impartial reviews of news drivers affecting all major assets.
- Quarterly Webinars: Live interactive sessions with expert panelists on optimal copy trading techniques.
- Education Hub: Video mini-courses on technical analysis, money management, and more transferable skills.
- Allpips Forum & Blog: Engage directly with other traders community for questions/advice.
- 24/7 Customer Live Chat: Quick answers directly from helpful Allpips support representatives.
- Email Support: Alternate method of contacting customer service by email.
Take full advantage of these helps regularly to maximize your earning potential through continual self-improvement. Successful copy trading demands ongoing education as with all trading methods.
Conclusion
Allpips provides a powerful yet simple one-stop solution for beginner and experienced traders alike to potentially replicate proven profits by leveraging skilled traders across global markets. Through minimal ongoing effort, copy trading offers exposure to diversifying risks that come automatically with the territory of directly managing positions.
With proper application of the Allpips features, settings, and ongoing performance monitoring - coupled with using education resources extensively - copy trading holds immense profit potential as a viable trading approach or supplemental strategy. Getting started requires just opening a free practice account, exploring various traders, and linking follow the ones exhibiting strong long-term skills. From there, the platform automates the heavy lifting behind replicating their every trade.
For any traders seeking an alternative hands-off route gaining market access from experienced operators, or as a supplement to personal trading, Allpips copy trading stands as a convenient and effective solution when applied optimally through engagement and continual learning. Proper usage affords a chance to leverage others' proven success passively with minimal ongoing work or analysis required personally on each market fluctuation. Try it out today on a practice account to experience first-hand the benefits of this popular new trading methodology.
