Guide to iFollow Binary Options Social Trading
iFollow is one of the most prominent social trading systems available to platforms and traders. It enjoys widespread use on major trading platforms, such as CherryTrade and EmpireMoney . The system allows you to manage your account while maximizing chances of earning a decent profit. Some major binary options brokers incorporate the software on a leader board, which shows top traders. This allows other traders to make quick copy trading decisions. The interface enables members to simply click copy or follow a top trader. On CherryTrade, the iFollow tool is located under the ‘trade now’ button, which makes it convenient for traders.
iFollow minimizes exposure while maximizing potential for returns by giving you an opportunity to control your investment in a way that prevents losses based on the activities of the traders you copy. You simply set various limits for your account, including time and trade amount limits. Time limits range from 24 hours to several months. However, experts recommend limiting the exposure to a maximum of 7 days.
EmpireOptions iFollow Social Trading Interface
iFollow Risk management
The best feature offered by the system is the risk management controls; they lower the potential for huge losses. The majority of plain vanilla copy trading platforms lack the limit feature; they only allow traders to copy trades, thus exposing the full amount. The incremental controls typically start at $50. The account limit feature controls the amount of money that copied trades can deploy – the limits go as high as $3,000 depending on your confidence on the top trader you are copying.
There is no limit to the number of top traders you can follow at any given time. This means it is possible to divide your available funds between several traders in line with your risk management strategy. iFollow binary options social trading is a viable alternative to binary option robots or algorithmic trading systems. It is a great option for newbies and traders lacking the sophistication required to handle high-value trades.
iFollow Social Trading Fearures
iFollow – Differences in trade values
iFollow makes it easy for novice traders to make substantial profits thanks to social trading. It is possible to copy trades based on multiple assets or you can simply choose to copy trades that focus on a single asset. The values applicable to the copied trader and the followers is usually not identical, which means the value top traders place on their account can be vastly different from that of followers. This necessitates a careful approach as a means to manage risks. Opting for the no limit option copies the values of all the transactions involved and the total amount traded. This has the potential to wipe out your entire amount.
iFollow Social trading
Copy trading has spawned an innovative investment portfolio, which some prefer calling people-based portfolios. These types of portfolios are different from conventional investments in that the funds are channeled towards other investors as opposed to market-based instruments. As can be expected, copy trading platforms use varying techniques to suit the needs of traders. The differences are usually linked to the minimum amount applicable to a copied trade and the risk management control measures available to traders.
A number of copy trading systems allow traders to place stop loss orders to minimize risks. In some cases, the systems form part of a much larger social trading platform. The social aspect of such platforms allows traders to post comments, share and like the trades like. Less experienced traders identify potential trading candidates by monitoring the trading performance statistics of top traders.
Sign up to the CherryTrade iFollow social trading platform and see how the pros trade!