MICHAEL HODGES AND BRETT COOPER

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1 WHY COPY TRADE FOREX MICHAEL HODGES AND BRETT COOPER

2 WHAT IS FOREX COPY TRADING Forex copy trading is a relatively new way of trading currency. It takes a lot of the risk and hassle out of trading and has led me to profitability. Imagine, professional traders posting their trades as they make them so that you can make the same trades! And better yet, what if it was totally automated. Copy trading allows you to do just that. It allows traders of all levels to interact and post trades in a way that builds community. You, as a copy trader, can choose to follow one or more traders and have their trades automatically copied into your own trading accounts. BUT THE BIGGER QUESTION IS, WHY YOU WANT TO TRADE FOREX Why do you want to trade forex? For that matter, why would you or anyone want to trade forex? Is it because of the access to international markets? The leverage? The liquidity, 24 hour access, regulation or margin requirement? The answer to all these questions really WHY DO YOU WANT TO TRADE FOREX depends. There are numerous reasons for wanting to trade forex and even more ways to Why do you want to trade forex? For that matter, why would you or anyone want to trade accomplish that goal. The post popular forex? method Is it because of the currency, access to international or forex, markets? trading The leverage? is known The liquidity, as 24 hour access, regulation or margin requirement? The answer to all these questions really spot forex. This is a method of trading that exists online and international. WHAT IS FOREX TRADING? depends. There are numerous reasons for wanting to trade forex and even more ways to accomplish that goal. The post popular method of currency, or forex, trading is known as spot forex. This is a method of trading that exists online and international. WHAT IS FOREX TRADING? Forex, or currency exchange, is one of Forex, the or currency oldest exchange, forms is one of of financial the oldest forms transaction. of financial transaction. Currency exchange is so old in fact it is mentioned numerous times in texts from the ancient world. exchange is so old in fact it is mentioned numerous times in texts from the ancient At heart, foreign exchange is the changing of one currency for another. Dollars for euros, At heart, foreign exchange is the changing euros for yen, of yen one for Swiss currency francs and many for another. commonly Dollars traded pairs. for The euros, thing that makes trading currency potentially profitable is the exchange rate. Today 1 USD might euros for yen, yen for Swiss francs and many other commonly traded pairs. The thing buy you 1.5 Euros. Tomorrow you may only have to give 1.25 euros to get your dollar that makes trading currency potentially back, leaving profitable you richer by.25 is euros. the Fluctuations exchange in the rate. exchange Today rate are how 1 traders, USD speculators and investors profit from currency exchange. Of course, there are also those might buy you 1.5 Euros. Tomorrow who you make may money from only foreign have exchange to give by charging 1.25 fees euros and commissions to get too! your dollar back, leaving you richer by.25 euros. Fluctuations in the exchange rate are how Fast forward to today and we have what is know as spot forex. This is a derivative form of traders, speculators and investors profit foreign from exchange currency in which traders exchange. speculate on whether Of course, a traded currency there pair will move up or down. Traders either buy or sell at the spot rate, the current exchange are also those who make money from rate. foreign Buyers of the exchange spot rate profit by when charging the pair moves fees up. Sellers and of the spot rate profit when the exchange rate for the pair moves lower. commissions too! Subsequently, losses are incurred if the chosen pair moves counter to the chosen position. Spot forex exists internationally through a network of brokers, dealers and banks who are connected Fast forward to today and we have what is know as spot forex. through the internet. Because this access is This is a derivative form of foreign exchange unprecedented in in the which financial community traders and one of the many attractions for speculate on whether a traded currency pair will move forex traders. up or down. Traders either buy or sell at the spot rate, the current exchange rate. Buyers of the spot rate profit when the pair moves up. Sellers 2 Why Trade Forex 2 Why Trade Forex

3 of the spot rate profit when the exchange rate for the pair moves lower. Subsequently, losses are incurred if the chosen pair moves counter to the chosen position. Spot forex exists internationally through a network of brokers, dealers and banks who are connected through the internet. Because this access is unprecedented in the financial community and one of the many attractions for forex traders. SO, WHY DO YOU WANT TO TRADE FOREX? There are numerous reasons to want to trade forex. One is the costs. The costs of trading forex are much lower. One way that costs are lower is fees. Commissions and fees are significantly lower than trading any other form of financial instrument. Take stocks, options and futures. Brokers charge a commission for each time you open and close a position. Also, the fee for each position gets larger as the position size gets larger. This means that you have to pay commissions when you enter a trade and when you exit it, that is two fees for each trade. Forex trading is different. Forex brokers make their money from the bid/ ask spread for each trade. The wider the spread, the more money the broker makes. The narrower the spread, the more money you make. Another reason is regulation. Because forex trading exists internationally and online it is difficult for any one governing body to regulate the industry. This makes forex trading less transparent than other on-exchange traded derivatives but it also makes it easier for traders to enter the market. Overly regulated markets are less liquid and often times exclude highly capable traders on the basis of account size. Access to the forex markets is unlike any other. It exists everywhere, all the time, and is available to anyone who can log on to the internet. Spot forex is tradable 24 hours a day, 5 full days per week. Because international forex trading begins with the start of each day. As the world wakes up from time zone to time zone another market opens for business. Because forex is web based traders can access these markets at will, 24 hours a day. This provides many advantages over stocks, bonds, Why Trade Forex 3

4 options, futures or commodities. It also provides many more opportunities. Traders can follow a trade as the day progresses around the world, taking advantage of trading opportunities in each market. An added bonus of the 24 hour access is reduced risk. Forex trading eliminates overnight risk because there is little chance of the market gapping up or down, wiping out your account. THE NUMBER ONE REASON TO TRADE FOREX THE NUMBER ONE REASON TO TRADE FOREX The number one The reason number that one reason most that traders most choose traders choose forex over forex other over other types types of of investment vehicle is leverage. Limited regulation is good, lower costs and ease of access are a bonus. vehicle is leverage. Limited regulation is good, lower costs and ease of access are a bonus. 24 hour trading is a major advantage and all together help make forex a highly attractive 24 hour trading is a major advantage and all together help make forex a highly attractive form of trading. In the end though it is the leverage that makes forex trading so popular. form of trading. Forex In the trading end accounts though can it is be the leveraged leverage 100, that 200 makes or more forex times trading account so value. popular. This Forex trading means accounts that the can average be leveraged investor could 100, trade 200 $100,000 or more USD times with an account of value. only $200. This means that the Leverage average of investor only 1:500 could double trade $100,000 a forex account USD with only an a account few pips of movement. only $200. It Leverage of only is because 1:500 could of the massive double amount a forex of account leverage with that forex only can a few be so pips profitable. movement. It is because of the massive amount of leverage that forex can be so profitable. HOW DO YOU TRADE FOREX HOW DO YOU TRADE FOREX By now I am sure it is easy to see just how many advantages and attractions there are to By now I am sure forex it trading. is easy It to costs see less just than how other many forms advantages of trading. More and of your attractions money and there profits are stays to forex trading. It in costs your accounts. less than There other is forms less regulation of trading. than More other forms of your of investment, money and making profits stays easier for traders around the world to come together in one market. Access to the forex markets in your accounts. There is less regulation than other forms of investment, making it easier is 24 hours a day, 5 full days a week, a feature that provides more trading opportunities for traders around the world to come together in one market. Access to the forex markets and limits risks. Forex also provides enormous leverage, allowing average traders to enter is 24 hours a day, the markets 5 full days effectively. a week, a feature that provides more trading opportunities and limits risks. Forex also provides enormous leverage, allowing average traders to enter the markets effectively. The many advantages of forex make it easy to choose forex as a trading vehicle but how do you trade forex? The simple answer is sign up with a broker and start trading. The more The many advantages complicated of forex answer make is to learn it easy chart to and choose fundamental forex as analysis, a trading search vehicle out and but choose how a do you trade forex? reputable The broker, simple create answer a trading is sign plan up and with wait a for broker the profits and to start roll in. trading. Unfortunately, The more it is not that easy. The spot forex industry makes access to trading easier than ever but it does complicated answer is to learn chart and fundamental analysis, search out and choose not guarantee profitability. a reputable broker, create a trading Forex, like any other form plan and wait for the profits to roll in. of trading or investing, Unfortunately, carries it is not risk that and easy. could The spot forex industry result in makes losses larger access than to trading easier anticipated. than ever but it does not guarantee profitability. Forex, like any other form of trading or investing, carries risk and could result in losses larger than anticipated. 4 Why Trade Forex 4 Why Trade Forex

5 WHAT S THE BEST WAY TO TRADE FOREX? The answer to this question, like so many others in the investment world, is it depends. It really does depend on what your goals are, what your skill level is, the size of your account and even where you live. Trading for yourself is hard, it takes time to get good enough to remain profitable in the long term. Not only that, it takes just the right person to be profitable, not everyone can do it. My friend Brett Cooper was and is an avid forex trader. He discovered, after years of sustained losses, coaches, mentors and classes, that he just did not have the mentality required to be profitable because he could not separate his emotions from his trading. This is when he discovered copy trading. Copy trading is one way to trade forex that is gaining widespread acceptance. This new trend combines social media with forex trading. Traders can open accounts, post a profile and begin making trades. Or they can open an account and begin following other, more successful, traders. All it takes is an understanding of how forex trading works and how to choose the right copy trading service, platform and trader. HOW TO GET STARTED WITH FOREX There are many great ways to get started with forex. Reading books, watching webinars and hiring coaches are three of them. Copy trading is another indispensable tool for forex trading. New traders can get an introduction to forex and at the same time they start making money. This is something that other sources of forex trading can not guarantee. It takes time to get good, time to develop a trading plan and time to reach profitability. Copy trading takes the burden of decision away so that you can focus on why the trades are being made and what makes a good signal. Why Trade Forex 5

6 FOREX COPY TRADING SURVIVAL GUIDE The Forex Copy Trading Survival Guide is the end result of Brett s years of experience and work. He has compiled all the information you will need to understand what the different types of copy trading are and what the best way to choose a platform, broker and trader. In addition he has also provided a wealth of other information on forex and forex trading. Buying our Ebook is the first step on the road to successful trading. Once you join you can begin to research which platform is right for you and to choose which traders you may want to follow. Along with the Ebook is a step-by-step checklist to help you along your way and to track your progress. By capitalizing on my experiences and using the checklist you can save yourself countless of hours of frustration trying to navigate the highly profitable field of international currency speculation, Forex. Thank you for Downloading Why Copy Trade Forex. Regards, Michael Hodges and Brett Cooper. 6 Why Trade Forex

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