3 Tips for Mirror Trading
Mirror trading is a great way of making a passive income. Yet embarking on this exciting journey can be a bit overwhelming.
We are here to help you with 3 tips for mirror trading – that work.
Let’s get started!
Why Mirror Trade
Mirror trading – also known as copy trading – is the act of automatically copying the trades of a selected professional trader. Sounds like no brain surgery. Indeed, it requires little effort or time from a less experienced trader to engage in trading.
However, the main idea behind the method is to help those who are just starting out to get confident in the financial markets by analyzing trading stategies through preset trades.
Coincidentaly, it’s also one of the forms to earn passive income.
Find out everything you need to know about copy trading in our Complete Guide to Mirror Trading.
Mirror Trading With CoinMetro
What does TraM do? It enables beginner and more seasoned traders to partner up with professional traders (also known as asset managers), therefore benefiting from those traders’ profiles.
You can start mirroring the trades in just a few clicks – that’s how accessible it is. There’s a list of pro traders available for you – select any of them and join with your own funds.
Let’s now dive into the 3 tips for mirror trading to keep in mind.
1. Define your mirror trading strategy
Before choosing the TraM you wish to join, put some thought into what your goals and trading strategy are.
Would you like to mitigate your risk for more stable gains? Major cryptocurrencies might be your bet. Are you ready to take higher risks? Check out altcoins with higher volatility – they might be the best fit for your trading strategy.
2. Dive into data
One of the many benefits of mirror investing is its transparency. You can get acquainted with numeric and qualitative data presented to you about each TraM to make an informed decision.
Check out such metrics as performance, number of followers, allocated capital, strategy description, and targets. You can compare these indicators and reflect on whether they support your strategy.
3. Set your budget
In order to stay safe in the crypto market, make sure to determine the size of your mirror investment. You can allocate € or BTC to a TraM and later adjust your allocation. Each position opened or closed by the TraM manager you have chosen will be mirrored proportionally to your TraM wallet.
Ready, Steady, Start Mirror Trading
Now that you are informed about the tips for mirror trading and the benefits of TraM, you can head over to www.coinmetro.com to start your journey as a mirror trader.
Let us know if you have any questions or need assistance – we’re here 24/7 to help you.