FX SOCIAL COPIER TIPS AND EXPLANATION
Recommended setting for copier, if you using recommended VPS simply just upload the copier set. Follow the video and below explains each channel so you can see who you would like to follow and copy trades from.
PICK A CHANNEL
We currently have two traders so we will call them Trader 1 & Trader 2
Each of them have multiple channels attached to them the primary difference is the take profit and trade management meaning when or if they move the stop when trades go into profit & the risk to reward in general.
Typically trades normal pairs like EURUSD,USDJPY,GBPJPY, GBPUSD & average stop loss is 12-25 pips, they have three channels so ill explain difference between all three.
Channel one - (channelone) this channel has a 1:1 risk sometimes less doesn't manage the trade it either hit stop loss or take profit. Typical take profit is 14-22 pips
Channel two - (channeltwo) this channel is a 1:1.5 or 1:2 risk and when the trade is 85% in profit it moves stop to 15-20 pips in profit. Typical take profit 30-45 pips
Channel five - (channelfive) this channel is for people who like scalps the set up is poor risk to reward because they in and out with a high win rate. Typical take profit 10 pips
Typically trades normal pairs, gold, zar average stop is 40 pips, they manage channel three & four.
Channel three - (channelthree) this channel does a 1:1 risk to reward 40 pip stop loss, 40 pip take profit does not manage trade it either win or lose.
Channel four - (channelfour) this channel does a 1:2 risk to reward 40 pip stop loss, 80 pip take profit, once trade reaches 40 pips it move stop 20 pips in profit. Worse case after that it hits 20 pips but best case you gain 80 pip profit.
TIPS TO USING COPIER
Never follow the same trader channel togethher meaning if you know trader 2 is channelthree and channelfour don't follow the same trader mix it up between traders. For example trader 1 is channelone, trader 2 is channelthree so type in channelone,channelthree now you have two different traders.
Each trader channel has a 1:1 risk and 1:2 I suggest putting those channels together, for example if you want a 1:1 risk set up pick channelone,channelthree but if you want a 1:2 risk set up chose channeltwo,channelfour. If you want a scalp set up i would only follow channelfive.
If you want to close trades early and happy with the profit feel free to do so
You can take trades on same account as your copier but use good risk management if you plan to I suggest leaving it alone personally.
If you want to combo a copier with a Algorithum you could do Rogue automation, just make sure to pick a pair none of the traders actually take. For example GBPAUD setup with copier can be a good setup for massive returns.