💎 I have booked a 50k loss in CopyTrading

This is the month of June 2021, when I saw an advertisement related to the Forex CopyTrading App.

On that day, I first time heard about Trading in Forex.

But I did not focus on the thing, the person who is basically a Cricketer and promoting a Forex Trading app also did not know about the risks of losing money. I feel this after getting lost.

I am very excited and think that now I prepay all of the Loans.

It's my biggest mistake. because I entered into a Market which is completely unknown to me.

First, I have deposited only 2k money (It is in INR).

Amazing!!!

I have started passive income, My master trader had generated 200 INR on the same day.

Next-Day is the weekend, so Forex Market is off. Forex Market is always closed on Weekends.

I am waiting to add more money to my copy-trading account. Now I applied for another loan for Trading in Forex CopyTrading App.

Boom :(

It is my first Mistake in Trading which I have made. I have deposited 50k INR money which I have taken from Bank Loan.

Wait, there is another mistake by me, I have put all of the money on the single master trader. because I feel that this Master Trader will make me 🎁RICH.

Till the Next 3 days, I have booked Average returns some positive trades and some trades are negative.

On that days, I don’t know about the Stop-Loss levels. “What is Stop-Loss and How traders use this” 🎨.

I realize this when I lose my First 20k in single Trade. when I check my copy trading account. I start a search on #YouTube. “What are the reasons for Loss in CopyTrading”.

Do not Start CopyTrading without Proper Knowledge

✨Found Some Points:-

1. There are some Master Traders who do not use Stop Loss levels so that they can make their profile attractive for New CopyTraders (Copiers). I checked my account again and Now the Complete Account Washed out. Master Trader Again deposited New Fresh Money on his account.
2. There are some Master Traders who maintain small Investment in Trading Account and deposit again the New Money. They survive longer than Copiers. I have the same case, My Master Trader has only Maintaining $50 and my investment is around $800. This is the Third Mistake that I have made. I have copied someone who does not have the confidence in the investment of $1000 and I have started copying him by $800.

Detailed knowledge on this Topic:- Do not Start CopyTrading

Mistakes By Me

1. I have started without proper basic knowledge and risk factors involved.
2. I have put lent money into Forex Trading.
3. I have invested all of the money with a single Master Trader.
4. There is an option of Close of Trades by My Side also, but I have blind faith in Master Trader and He is working without StopLoss levels. This is the biggest mistake.
5. I have chosen proportional investment of Lot Size. which makes me high losses. because Master Trader received 0.01 Lot Size in Order placed and on the other hand I have received 0.1 Lot Size or more.
6. There is another factor of Slippage also. I have observed that My Master Trader closed the Trade in Profit +$0.10 but I have booked a Loss of -$10.00. when I talk to customer care. he told me, this is due to frequent market price changes. Copying of Order into your Copy Trading Account takes some Time. Time taken depends upon different factors, like the Number of Copiers, etc. 😒 But I have Booked loss and My Master Trader book Profit on the same Trade.

Summary

✔Copy trading is not a bad practice. But you should take proper knowledge of Forex Market before continue. this Forex Fundamental knowledge helps you to choose a good Master Trader. Try to avoid the mistakes which I have did.

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