The Benefits of Mirror Trading
Mirror trading is getting more and more exposure in the light of recent events. Beginner traders have gotten more cautious and are exploring ways to reduce risks while benefiting from the newly risen opportunities. Keep reading to find out more about the benefits of mirror trading in the midst of the pandemic.
This time, we decided not to outline the basics as you can find everything – and beyond – you need to know about mirror trading in the following in-depth articles on the CoinMetro blog: A Complete Guide to Mirror Trading, What is Mirror Trading?, and How Does Mirror Trading Work?
No More Irrational Trades
Mirror trading enables traders to mimic the actions of experienced traders.
This type of trading has an automated nature, meaning that traders can avoid making emotion-based decisions. This is particularly relevant in times where the markets experience many fluctuations. Mirror trading reduces risks by eliminating irrational decisions from the trading process.
Let’s see what other solid benefits of mirror trading there are.
Data-Backed Decision Making
Mirror trading lets ordinary traders partner up with professionals. You can base the decision of which trader to follow on numerical data – metrics like historical performance, capital, and number of followers are there to support you in making an informed choice.
We are sure our popular blog post 3 Tips for Mirror Trading will give you more insights on what to consider before starting to mirror trade.
Less Effort for More Gains
Mirror trading is a form of making a passive income. This type of asset management requires significantly less time and effort from a trader, as the trades are mirrored from a selected professional.
It is a great way to diversify your portfolio without devoting more time into the process than usual.
In essence, the main benefit of mirror trading is that you get to follow the trades of a professional trader. Mirror trading literally mirrors your trades as opposed to trading signal services you get into the trade at the exact same price as the trader you are following. Timing is crucial when it comes to trading, so this can make a huge difference.
CoinMetro offers a user-friendly platform for trade mirroring called TraM. Join today to start mirror trading safely.
To learn how TraM works in more detail, we encourage you to go over our dedicated article Under the hood: TraM (Trade Mirror).
Let us know if you have any questions – we’re here 24/7 to help you!