eToro, my forex trading platform of choice, has announced some interesting changes to CopyTrader. CopyTrader allows you to automatically copy the trades of professional forex traders. It's a great system – one that has banked me over $850 profit last month.
New Stop Loss and Pause Features
One of the biggest features that has recently appeared in CopyTrader is the pause function. This is HUGE. If you don't like the trading style of a trader, you can pause the system from copying any new trades. This way, your existing copied trades can close out and you won't be locked into copying this trader. Previously you had to just stop copying, which closed all open positions.
There is also a new stop loss feature. If a trader loses more than 40% of the copied amount you'll automatically stop copying this trader. This can be manually adjusted. Nice feature that promotes responsible trading.
New Minimum Copy Amount
Probably the news that will have the biggest impact is the minimum copy amount. You now need to copy with at least $100. I think this is great. I've always recommended copying with $100 because $50 (the previous minimum) was just too small an amount and didn't offer any flexibility. This new minimum will ensure that you'll be able to copy all the trades of the traders you copy.
eToro's copytrader keeps on getting better and better. In my opinion their product is miles ahead of other social trading platforms. It's easier to use and they really promote sensible trading, which in the long run equals bigger profits!