Nowadays online trading is a world trend making investment and trading available for anyone. You don’t need to be a professional trader any more to have access to brokerage services. At the same time it led to the fact that there are a lot of players on the financial markets who lack experience, knowledge and self-confidence. Social trading helps these users to make their trades more predictable and gives them even more freedom to operate without losing all their funds due to erroneous decisions.
Deriv is an online trading platform operating on Metatrader 5 that offers to its users MT5 trading signals service which permits you to mimic the deals of users with more experience than you. This is called social trade which means that instead of elaborating your own trading strategy which will take time to become efficient you observe the strategies of more successful and seasoned traders repeating their actions to gain profits easier and at a faster pace. Social trading doesn’t require deep knowledge of financial markets. You only need to subscribe to a signal and the chosen trader’s deals will be replicated automatically on your brokerage account each time they place an order.
How to Copy a Trader in Deriv?
On Deriv MT5, you have an option to receive real-time trading signals directly to your account. This service is a real godsend for starter traders and those who struggle to make profitable deals by themselves.
You don’t have to pay any extra fee to copy professional investors’ profitable deals. To do so you can choose from many MT5 trading signals available.
As soon as you choose a signal provider his trading signals will be automatically replicated (copied) to your account.
Traders search
It can be complicated to find the best Forex signal provider; above there some things to look out for:
- Best and Worst Trades – Everyone wants to copy the best trades which is logical but having studied the worst trades can help to establish the amount and percentage of the deposit the copied trader is ready to lose.
- Reliability and Reputation – The reviews of other subscribers will help you to make a decision whether or not to follow a signal provider.
- The Account Statistics – On MT5 you can consult the information about the provider’s number of operating days, his latest trades, average trades per week, time in a position, the number of subscribers and the date the account was created.
- Trading Statistics – It indicates the provider’s percentage success and loss rates, overall trading activity, maximum deposit amount drawdown.
- Metrics – Including the provider’s initial deposit, equity, balance growth, profit, withdrawals, and deposits.
List of copied traders
To find a list of traders to copy go to https://www.mql5.com/en/signals. There you can filter the MT5 signal providers by:
- Maximum profit
- Reliability
- Profitable within a month
- Intraday
- For under 50 USD
- Having reviews
- Leverage 1:100
- Using robots
And then choose any of the traders of your preference and subscribe to start trading mimicking their deals.
Social trading setting
To set social trading on Deriv MT5 signals you need first to open a live trading account at Deriv yet, you can do it for free at the Deriv registration page.
After that just follow some simple steps to subscribe to Deriv MT5’s signals:
- Click on the Signals tab on Deriv’s MT5 platform. There, you can view the list of signal providers.
- Choose a signal provider based on their trading history and subscribe clicking on the “Subscribe” button. You can find more trading signals and select from a wider range of providers in the MQL5 community, just search for Deriv under the Broker server field.
- Configure your trading and risk management parameters and click “OK” to complete the process.
Conclusion
Copy trading on Deriv helps you to minimize trading risk, save time. It is easy to set up, gives you full disclosure of each copied user’s performances and has no hidden commissions.
Using trading signals helps inexperienced or unsuccessful traders to improve the reliability and accuracy of their forecasts for financial markets. Deriv’s MT5 trading signals are another tool for helping traders understand the market by keeping them abreast of unfolding developments.