Forex Copy Trading by Algobot; Trade the Financial Markets Passively

The forex copy trading service by Algobot offers many benefits. You’ll be able to trade the financial markets without any prior experience. Everything is completely passive; just choose the investment amount and risk tolerance to get started.

Unlike traditional copy trading, Algobot leverages algorithmic strategies. Meaning – you’re copying a systematic trading bot rather than a human with emotional biases. This increases the use cases considerably, as you can passively trade 24 hours per day, 7 days per week.

Read on for more information about Algobot’s copy trading service. Discover key facts, including historical win rates, preferred markets, pricing, and how to get started.

Introduction to the Forex Copy Trading Program

Let’s start with the basics. What is forex copy trading, and how does it work?

• Traditionally, forex copy trading allows you to ‘copy’ an experienced trader.
• Suppose the trader buys GBP/USD at 1.3080.
• They enter a take-profit order at 1.386, which is triggered a few days later.
• The same orders are replicated in your copy trading portfolio.
• This means, just like the trader, you made 6% gains.
• However, unlike the trader, you earned that 6% passively.

After all, you weren’t required to analyze pricing charts, perform technical analysis, or place orders with a broker. On the contrary, everything was automated – ensuring a hands-off approach to forex trading.

Why Algobot is Different From Conventional Forex Copy Trading Services

Copy trading has reached new heights in 2024. Read on to discover why Algobot is different from conventional forex copy trading services.

Diversify Into New Markets

For a start, copy trading isn’t limited to just forex. Algobot, for example, trades a wide variety of markets, including cryptocurrencies, commodities, and equities. Moreover, Algobot has enjoyed unparalleled success trading the DAX index. This is a major European index that tracks 40 large-cap companies from Germany.

This includes everything from SAP, Siemens, and Allianz to Mercedes-Benz Group, Airbus, and BMW. We’ll explain Algobot’s track record in more detail shortly. But as a quick takeaway – Algobot has achieved a DAX copy trading win rate of 62% since inception. Put otherwise, you’d have made almost 4,900 pips in just two months of trading. All without lifting a finger.

Algorithmic Bots Outperform Humans

Forex copy trading was historically based on human traders. So, you’d select a trader based on their experience, preferred pairs, and trading strategy. You’d pick an amount to invest, and anything thereon would be replicated like-for-like.

Although traditional copy trading can be profitable, it comes with limitations. After all, you’re copying a human trader, who can only dedicate a certain number of hours each day. Not only for entering and existing trading orders but performing research and technical analysis.

Moreover, human traders are prone to emotional biases. For example, making trading decisions based on fear or greed. Now compare this to Algobot, which leverages an algorithmic approach to copy trading. This means you’re replicating a proven bot built via artificial intelligence and machine learning.

This presents many benefits, such as being able to trade passively 24/7. You’ll completely avoid emotional trading too. And thus, vastly reduce the investment risks. Algobot is also considerably more capable than human traders, especially when analyzing pricing trends across multiple time frames.

Stay With Your Preferred Broker

Another drawback of traditional forex copy trading is that you’re often forced to use certain platforms. For example, eToro and ZuluTrade offer copy trading services via their own brokerage. These platforms are known for high fees, wide spreads, and limited customization features.

In contrast, Algobot doesn’t require users to choose from specific platforms. On the contrary, you can connect Algobot to any brokerage that supports MT4/5 and the DAX markets. This covers hundreds of trading platforms.

This includes our top partner, AvaTrade. Not only is AvaTrade regulated in nine different countries but it offers 0% commission trading. Tight spreads, fee-free payments, and 24/7 support are other benefits. These parameters are ideal when using Algobot’s copy trading tool.

How Does Algobot’s Copy Trading Service Work?

Algobot offers a passive investment experience. The only legwork required is the setup process. This is a simple procedure that shouldn’t take more than 10 minutes.

But first, let’s have a quick recap on what you get when using Algobot’s copy trading tool:

• Algobot is an algorithmic trading bot that can trade any time frame. This includes various strategies, including scalping, day trading, and swing trading.
• Algobot is based on thousands of lines of code, tested and backtested over several years. It leverages artificial intelligence and machine learning to vastly outperform human traders.
• So, Algobot’s copy trading service means you’re copying an automated bot, rather than a human.
• This ensures you can trade passively 24/7. And avoid the risks of emotional-based trading and fatigue.
• Algobot has enjoyed significant success trading the DAX. This is why it’s currently focused 100% on the index.
• To date, Algobot has placed 143 DAX positions; 88, or 62%, has returned a profit. This converts to almost 4,900 pips.

So, to summarize, you’ll be copying Algobot’s DAX strategy like-for-like when using the service. No prior experience or trading knowledge is needed. Let alone technical expertise.

Read on for a step-by-step walkthrough on how to get started with Algobot:

Step 1: Open an Account With an MT4/5 Broker

The first step is to open a brokerage account with your preferred platform.

There are two core minimum requirements when choosing a broker:

• It must support MT4 or MT5
• It must support the DAX index

In addition, it’s best to choose a platform with low fees, tight spreads, and a regulated status. Our recommended broker is AvaTrade.

Here’s why:

• AvaTrade is regulated in nine jurisdictions, ensuring users can trade in a safe and secure environment. This includes multiple tier-one bodies, including CySEC (EU), ADGM/FSRA (Abu Dhabi), and the FSA (Japan).
• AvaTrade offers commission-free trading and tight spreads on all supported markets. This includes the DAX, alongside other popular indices. Not to mention cryptocurrencies, equities, forex, and commodities.
• AvaTrade offers leverage of up to 1:400. This amplifies a $10 position into $4,000. It also specializes in contracts-for-differences (CFDs), meaning long and short trading is supported. This ensures AvaTrade is compatible with Algobot’s diverse strategies.
• AvaTrade makes it simple to deposit funds. Accepted payment methods include Visa, MasterCard, PayPal, Skrill, Neteller, and bank wires. The minimum deposit is just $100 and no fees apply. Withdrawals are processed quickly too, ensuring you can access your funds at any time.

Best of all, Algobot’s partnership with AvaTrade allows members to bypass our monthly subscription fee. This saves you $50 per month. Just make sure you sign up via our AvaTrade link.

That said, AvaTrade is just one brokerage of many. As mentioned, you can connect Algobot to any broker as long as it supports MT4/5 and the DAX.

Step 2: Complete KYC and Deposit Funds

The next step is to complete the KYC process. This is fast and hassle-free when using AvaTrade. Just provide two documents when prompted:

• A government-issued ID. A passport or driver’s license will suffice.
• A proof of address. Multiple options are supported, including bank/credit card statements and utility bills.

Next, deposit some money into your AvaTrade account. Choose your preferred payment option, type in the deposit amount, and confirm.

Alternatively, AvaTrade also offers demo accounts. These come preloaded with paper funds, so you won’t need to risk any money. Demo accounts are fully compatible with Algobot’s copy trading service.

Step 3: Download MT4/5 to a Desktop Device

You’ve now got a KYC-verified and funded brokerage account. The next step is to download the MT4 or MT5 platform. While both offer the same user experience, the more popular version is MT4.

Download your preferred platform to a desktop device. Supported operating systems are Windows, Mac, and Linux.

Now open the MT4/5 platform and connect it to your AvaTrade account. Simply copy and paste your AvaTrade credentials and confirm.

Step 4: Open an Account With Signal Start

The next step is to open an account with Signal Start. Put simply, Signal Start forms a bridge between your brokerage account (AvaTrade) and the forex copy trading service (Algobot).

• So, whenever Algobot places a trade, it goes via Signal Start.
• And then the order is placed with your account balance on AvaTrade.
• This happens behind the scenes at lightning speed, ensuring orders are copied in near-real-time.

So, visit the Signal Start website, click the ‘Register’ button, and enter your full name. Signal Start also needs an email address and a password. The next page will need some additional information.

Make sure it mirrors the following:

• Account Type: Signal Follower
• Plan: Discounted (AvaTrade)
• Platform: MT4 or MT5 (depending on which one you downloaded)
• Account Name: AvaTrade
• Broker: AvaTrade
• Server: Ava-Real 2

Step 5: Connect Signal Start With Algobot

The next step is to connect your Signal Start account with Algobot. You can do this by searching for ‘Algobot’ and clicking the ‘Copy’ button.

Do note that you’ll need a separate subscription with Signal Start. This costs $30 but can be canceled at any time. There is also a one-time fee of $25. Complete the payment request before moving on to the next step.

Step 6: Adjust Copy Trading Settings

There’s just one more step required to begin copy trading. Within your Signal Start account, click on the ‘Settings’ button next to Algobot.

In the ‘General’ tab, you need to input your preferred trade size. This is based on lot sizes. So, the recommended settings are 0.01 lots per order, for every $1,000 in bankroll. So, if you have $3,000 in your AvaTrade account, you’d change this to 0.03 lots per order.

Next, click on the ‘Symbols’ tab. You’ll need to add the DAX to this settings page. If you’re using AvaTrade as recommended, search for ‘GERMANY_40’. Save the settings once this has been added.

And that’s it; you’ve successfully set up Algobot. You will begin trading passively immediately. Meaning – any orders placed by Algobot will be mirrored in your AvaTrade account automatically.

Algobot Performance and Results

The internet is packed with copy trading systems. Each claiming to have that ‘Secret Sauce’. However, users will find that claims are rarely backed by any evidence. This is where Algobot is different.

Crucially, Algobot has verified trading accounts with Myfxbook. For those unaware, Myfxbook is the gold standard for third-party trading results. It enables users to connect their brokerage accounts, which automatically imports every position.

Results cannot be amended or manipulated, ensuring a transparent trading history. Any forex copy trading platforms without a Myfxbook partnership should be avoided.

So, you can visit the Algobot page on Myfxbook here.

Here’s a snapshot of what you’ll see:

• Algobot has the all-important ‘Green Verified Ticks’ from Myfxbook. This confirms Algobot’s account with AvaTrade, that real money is being used, and that trades are technical-based. Myfxbook also verifies that Algobot’s account is live, meaning new orders are updated in real-time.
• Since its inception, Algobot has executed 143 positions on the DAX. 88, or 62% generated a profit. While 55, or 38%, were losing trades.
• These positions were long (79) and short (64), ensuring Algobot profits from rising and falling DAX prices. These results translate to a trading profit of 4,889 pips. The actual dollar amount depends on the user’s bankroll settings.
• Algobot has deployed multiple strategies when buying and selling the DAX. For instance, some trades are opened and closed within an hour. Others adopt a day trading strategy, remaining in place for 1-8 hours. There are also trading positions lasting for over 24 hours.
• Performance results to date amount to monthly compounded gains of 13.56%. This is 0.42% on a daily basis. The maximum drawdown to achieve these results is just 6.06%.

We’d suggest spending some time on Algobot’s Myfxbook page. This will ensure you have a firm grasp of Algobot’s strategy, risk profile, and past performance. Only then can you make an informed decision.

Algobot Trading Strategies and Risk Management

It’s wise to understand how Algobot works before joining our forex copy trading service. Especially when it comes to trading strategies and risk management.

Read on to become an informed user.

Diverse Strategies for Any Charting Time Frame

Algobot is a diverse algorithmic trading bot that can trade any time frame. This includes ultra-short-term strategies like scalping and arbitrage trading. These strategies often keep positions open for minutes, before securing a small yet risk-averse profit margin.

Algobot also leverages day and swing trading strategies. This means positions can remain open for several hours or days.

Crucially, Algobot is technical-based, meaning it makes decisions based on data sets. This is in contrast to conventional forex copy trading, with human traders prone to emotional biases. This can lead to reckless decision-making and ultimately, significant losses.

Algobot also leverages cutting-edge technologies, including artificial intelligence and machine learning. These are used alongside hundreds of technical and economic indicators. This includes everything from Bollinger Bands and the RSI to the MACD and Exponential Moving Averages.

Automated and Strategic Risk Management 

Risk management is crucial when trading online. This is one of the biggest pitfalls for human traders. Especially those unable to handle the emotional rollercoaster of winning and losing. For a start, Algobot enters position sizes as per your instructions.

We mentioned earlier that Algobot trades in lot sizes. So, you can set the position size at 0.01 lots for every $1,000 in trading capital. Or 0.02 lots for every $2,000 (and so forth). Put otherwise, Algobot only trades with amounts you’re comfortable risking.

An even more important risk management strategy is automated stop-losses. Algobot determines when to exit losing positions before the trade is set up. This ensures that losses are capped to sensible amounts.

Algobot also determines when to close a winning position. Once again, this is determined before the trade is deployed. For example, Algobot might determine a stop-loss of 0.5%. And a take-profit of 2%. This means Algobot risks 0.5% to make 2%.

Backtesting 

Backtesting forms the backbone of Algobot’s forex copy trading service. It’s a proven way to assess trading strategies based on historical data sets. Algobot’s underlying strategy, which consists of thousands of lines of code, was backtested for over three years.

This covered multiple bull and bear cycles for enhanced validity. Moreover, the algorithm was backtested with multiple time frames, from 1-minute to 1-month. This ensures that Algobot can enter risk-averse positions no matter the signal or broader market sentiment.

Algobot Pricing and Fees

Even the best forex copy trading services charge fees. Algobot is no different. Not only is Algobot’s subscription model based on over three years of backtesting, but constant monitoring.

This allows the development team to make adjustments when needed. As an Algobot member, you will receive free lifetime updates.

There are three options when choosing a subscription plan:

• Option 1: Flexible Subscription ($50 per month) – Can be canceled at any time.
• Option 2: Annual Subscription ($319.98 per year) – Reduces the monthly fee to $26.67
• Option 3: Join AvaTrade (Free) – Join AvaTrade via our referral link for free lifetime access

There are also fees charged by Signal Start. This subscription is required to access Algobot’s copy trading signals in real-time. Meaning – trades will be entered via your brokerage account automatically. Otherwise, you’d need to manually place orders, which isn’t an effective way to trade.

There are two Signal Start fees to consider:

• One-Time Fee ($25)
• Monthly Fee ($30)

In addition, you will incur trading-related fees. These are determined by the brokerage platform. That said, AvaTrade offers commission-free trading and tight spreads. Financing fees will also be charged when Algobot keeps positions open overnight. This is because it trades leveraged CFDs.

Algobot Security and Reliability

Security is crucial when choosing a forex copy trading service. After all, you’re entrusting a third-party platform to execute trades on your behalf.

For a start, Algobot never collects brokerage credentials, such as usernames and passwords. This is provided directly to Signal Start, which leverages advanced encryption technologies. Algobot can only place orders within your trading parameters. These are configured before Algobot goes live.

For instance, it can’t trade above your stated lot size. We should also mention that Algobot’s recommended brokerage partner, AvaTrade, is heavily regulated. It holds licenses in nine countries, including Japan, Cyprus, and the United Arab Emirates.

This ensures you’re trading with a legitimate brokerage. In terms of reliability, Algobot trades via MT4 or MT5. These are established trading suites used by millions of traders globally. MT4/5 ensures fast execution speeds and minimal disruptions.

Educational Resources

We have created additional educational resources for enhanced learning.

Some of the recommended guides to read:

• What is Copy Trading?
• Forex and Crypto Trading Risk Management
• Mastering Day Trading: Strategies
• Maximizing Profits With Crypto Arbitrage Bots

Forex Copy Trading Glossary

Here’s a glossary of key terms to know when using Algobot’s copy trading tool:

• Algobot: A fully autonomous bot built with artificial intelligence, machine learning, and technical indicators. Allows users to copy trade its algorithm, allowing for a 24/7 passive experience.
• Bankroll: The amount of capital you have available in a brokerage account at any given time.
• Brokerage: The trading platform that facilitates copy trading orders. For example, AvaTrade is a regulated brokerage supporting hundreds of markets.
• Copy Trading: The process of copying a human trader or algorithmic system. Promotes a passive trading journey for beginners and time-starved traders.
• DAX: Germany’s primary stock market index, consisting of 40 blue-chip companies. This is currently Algobot’s most profitable financial market.
• Drawdown: The maximum trading loss, in percentage terms, from the previous peak and subsequent low. For example, going from a peak of $1,000 to a low of $400 would mean a maximum drawdown of 60%.
• Forex: The foreign exchange market, where banks, financial institutions, and retail clients buy and sell currency pairs. The idea is to profit from ever-changing currency valuations.
• Lots: Financial instruments are typically traded in lots. In forex, lots amount to 100,000 units of the base currency.
• Leverage: Allows traders to enter positions with more than they have in a brokerage account. For example, a $50 trade with 10x leverage increases the position to $500.
• MT4/5: MetaTrader 4 and 5 are third-party trading platforms for desktop users. They’re used by millions of traders and connect with hundreds of online brokers.
• Risk Management: Strategies used by traders to reduce or limit financial loss. Commonly includes bankroll management and stop-loss orders.
• Signal Start: A reputable third-party platform that connects brokerage accounts with Algobot signals. A minimum requirement when using our forex copy trading service.
• Unrealized Profit/Loss: Shows the real-time profit or loss for an existing position. Only comes to fruition if the trade is closed.

Algobot Customer Support

Algobot prides itself on providing first-class customer support. After all, we want repeat business every month. The only way to achieve this is by providing the best service possible.

The easiest way to contact Algobot is via the live chat feature. Just click the live chat icon on the Algobot website. We aim to connect you with a support agent in under a minute. However, please bear with us during busy periods. Rest assured you’ll receive a reply as soon as practically possible.

If you’re not in a rush, consider sending an email to [email protected]. Alternatively, fill out the online support form.