After this spring’s biggest stories on crypto crashes and plummeting stocks of leading firms, some semblance of stability in Q2 reports appears to have restored some investor confidence. This is, however, on the backdrop of rising central bank interest rates across Europe this summer that add another major variable into traders’ decision-making process. Interestingly, in August, Google searches for “copy trading” have returned to pre-crises levels, indicating a growing interest in a feature that adds value to making more informed investment decisions.
One step further from “copy trading” for stock connoisseurs is an emerging phenomenon called “Autocopy trading”. Highly user-friendly social trading platforms like NAGA are also picking up steam. The platform is best known for its Autocopy feature that allows traders to copy other traders, which match their risk scoring, thus creating a unique social trading environment with numerous benefits for the users.
What is Autocopy trading?
For those unfamiliar with the term, “copy trading” is exactly what it sounds like – you copy someone else’s trading moves, ideally a lead trader that has been performing well and matches your risk appetite. The twist that NAGA offers is called “Autocopy”- an innovative feature that lets traders mirror leading traders’ positions which match their risk scoring automatically and in real time, all at the tap of a finger.
Here is a step-by-step explanation of how NAGA’s Autocopy trading feature works:
- Find a Trader in the Leaderboard: Check out the Leaderboard, search by performance, assets, percentage of the win rate and more. Find the one that suits your risk appetite and requirements, and press Autocopy;
- Check trader’s performance statistics: Click on the Autocopy button to access the Autocopy settings and essential trading indicators that show how the Lead Traders perform and how copiers could benefit;
- Choose the type of Autocopy and investment amount: Choose how you want to copy a trader with a percentage or with a fixed amount per trade;
- Confirm settings and start Autocopying: Enter the ratio or amount and click on Start Autocopying. Now you are automatically mirroring trader’s positions. You can monitor your progress or change your Autocopy settings at any time without having to close your positions in the Copy Trading section;
- Add individual Stop Loss and Take Profit triggers: You copy Stop Loss and Take Profit settings after your leader, but you can set the limits individually for each trade in the trades section.
Why is Autocopy trading taking off?
A spokesperson for NAGA explains why Autocopy trading is taking off now: “Netflix, Twitter, Tesla and Meta all kept investors at the edge of their seats this year, whose decisions on whether to buy or sell stocks was a real roller-coaster ride. With copy trading, particularly Autocopy, you can leave it up to lead traders you follow and trust to make more informed decisions. You can copy an unlimited number of traders simultaneously, spreading your investments across a diversified portfolio, all within a few easy taps.
“Once you become more confident, you yourself could become a lead trader that others copy, which, in turn, may potentially earn you a Copy Premium for every profitable decision you make that others have copied provided that you satisfy certain criteria. And, best of all, remember that all of this is actually a seriously informative social platform, where you can interact with like-minded people from across the world. There are also free guides in NAGA Academy, to help you further your knowledge of trading.”
Founded in 2015, NAGA is a multi-asset investing app with an inbuilt social network, currently counting over one million registered users globally who can trade the global financial markets, such as CFDs on forex, stock, cryptocurrencies, commodities, indices, ETFs as well as Real Stocks.
