The Forex broker Tigerwit offers a copytrading service to all its clients that allows to automatically copy the trades of successful traders directly in their trading account. It is a free service that offers opportunities for both beginner and experienced traders to make money in the markets.
Beginners can take advantage of the knowledge and experience of experts who trade with winning trading strategies and have achieved long-term profitability. This allows even investors with little trading knowledge to make money on the Forex. For their part, the most profitable traders can obtain additional income from their strategies, allowing them to be copied in real time by other traders, obtaining a 20% commission on the benefits obtained by their followers.
Next, we will explain how to make money on the Tigerwit copytrading platform as a follower or signal provider (Trading Master).
You can learn more about the Tigerwit company and its brokerage services in the following guide on this broker: Tigerwit Broker Analysis
Copy of trades on Tigerwit’s copytrading platform
As indicated above, through this service the clients of this broker can replicate the transactions of other traders directly in their trading accounts, and earn money every time they open winning positions. Therefore, if we select a good signal provider that is capable of generating long-term profitability, we can potentially make very good profits. But if we select the wrong trader, the losses can be significant, even leading to the loss of the account. Due to this, it is essential to select good signal providers and to take due care in this task, since many of these traders are not really good.
As with any copytrading platform, it is possible to find good, bad and lousy traders.
For those traders who have an account with Tigerwit, the process for selecting signal provider traders, known as “Trading Master“, is quite simple and requires a few clicks.
Once we select a signal provider based on their performance statistics in the market, we just have to click on the Follow button that appears in the right side of their profile, as shown in the following image:
In order for followers to choose the best Trading Masters, the broker offers a complete profile of each trader with detailed performance statistics that show how their performance as traders has been over time. The following image shows an example:
In each profile we can find the following information:
- Winning rate.
- Return in the last 30 days.
- Return in the last 7 days.
- Number of follower traders.
- Drawdown percentage.
- Number of losing trades.
- Number of winning trades.
- Number of winning and losing buy transactions.
- Number of winning and losing sell transactions.
- Average duration of each trade.
- Average number of trades per month.
Likewise, the platform itself offers a detail of the markets in which the trader has trades.
The platform also displays a list of recommended signal provider traders that have stood out over time and managed to achieve consistent positive returns with a reasonable level of risk.
After selecting the best trader based on our analysis of its performance statistics, we proceed to follow and copy his trades, which from then on will be automatically replicated in our trading account.
At a general level, the process of selecting traders and copying their trades is as follows:
- Open an account with the broker Tigerwit.
- Analyze the performance statistics of different traders to select the Masters that offer the best opportunities to earn money by copying their trades.
- Select a Master from the signal providers classification table to follow and copy their trades.
- Set the order value used to copy the transactions of the selected signal providers.
Once the investor begins to follow a signal provider, each time the trader opens a position, it will be replicated in the user’s account according to the following formula: Follower open positions = (Master orders lot x Follower funds)/Master account balance
Creation of a portfolio of signal providers
The investor can follow up to 10 Masters, creating a portfolio of signal providers, allowing risk diversification. Each signal provider can be assigned a different copy level according to their trading strategy and risk level. Other aspects can also be taken into account, such as the markets in which traders invest.
It is recommended to copy the transactions of several traders that use different trading approaches, to distribute the risk among several signal providers that use different strategies. If an investor depends on a single signal provider, his account may be at risk if the trader goes through a heavy drawdown period, which can happen to even the best.
Now we are going to explain what benefits this Tigerwit copytrading service offers to experienced traders.
Signal Providers (Trading Masters) from Tigerwit
Traders who become signal providers on Tigerwit can earn a 20% commission on the earnings of follower traders. In this way, the best traders who have a high amount of profits from their profitable trades can further increase their profits.
For follower traders this is an advantage, since they only have to pay commissions for winning trades, in such a way that both followers and signal providers share the same interests. A signal provider knows that he can only make a profit if their trades are profitable.
On the 1st of each month, the system calculates the profits and losses of each follower, and if there are benefits, deducts 20% of the profit part as commission for the signal provider trader. On the 10th of each month, the system pays the commission for the trader.
Opening a copytrading account with Tigerwit
If you want to obtain more information about this social trading service from the Tigerwit broker and open an account at no cost, you can enter the company’s website through the following link: