Not really having the full amount of capital…Michael Saylor Illness… so with anything that you’re discovering please do study the platform do not just assume because i use it that you can utilize it right now do some due diligence have a little experiment with it even invest with virtual cash they consider that option too so you actually get used to the structure of the website and then when you’re ready to use your own cash to invest you can do so now i will disclaim of course your capital is at risk this is investing we’re doing you’re investing in genuine business if you choose to in this particular video we’re discussing how to copy other individuals’s financial investments with your cash so obviously your capital is at risk and we have to bear that in mind do not just do something since that individual has actually stated they have actually made revenue 14 months in a row purchase these options due to the fact that you believe is the best ones for you and that being said let’s dive straight in [Music] The things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it’s part of social trading which is one element that is probably.
popular for it’s the alternative to see what other traders are doing unbelievable we do not generally get that insight from a great deal of platforms and the other advantage is these copy portfolios are copy trading and so that means with our money we can actually say i want to do exactly what that trader is doing or match that precise portfolio of options and essentially each time they make a trade they buy they sell whatever they do your money will be imitated with it so that implies if for instance 10 of their investment portfolio is in tesla guess what you’ll now be investing 10 of your cash in so we’re going to also cover is the costs included actually critical you understand what are the expenses of this now with any platform there will be some cost to undoubtedly these are real companies that are investing they’re doing the purchasing the selling for you there’s going to be charges involved and even some of the zero cost websites then might not charge you for in fact buying and selling etfs or funds individual products private stocks.
there’ll be costs on other parts perhaps it’s our fx rate when you’re altering from uk to u.s dollars there’s all kinds of costs associated so do your due diligence and i’m going to reveal you the costs with in particular in this video the next would be things to know before you actually begin buying copy trading or copy portfolios and lastly some finest recommendations best practices if you are thinking about this as a tool whether you start your journey or your more advanced financier so let’s kick off with fees really crucial to understand these now on there’s a couple of charges there isn’t costs to do with in fact buying and selling okay so commission fees are totally free however there are a couple of other charges the first one is withdrawal charges so you can certainly put cash in now if you remain in the uk we put our uk cash.
and it’s immediately converted into us dollars and i’ll cover a little point about that later on but when you want to withdraw your money so you sell your shares you sell your commodities whatever you’re selling the minimum amount you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me naturally understanding that i’m going to make sure that i’m only withdrawing when i definitely require to now you may say fine that’s quite expensive and i get that however it’s all to do with how they run their platform they need to charge costs somewhere and withdrawal fees are simply among those alternatives that they have a lot of platforms certainly are totally free to do such things has this 5 dollar charge so in my eyes make your withdrawals mainly it can be perhaps even once a year as soon as every 6 months you know depends entirely how you’re investing however that is a charge to bear in mind the second cost that i’ve touched upon is that conversion charge now with you’re dealing in us dollars only there’s not a choice to buy in euros or uk which’s great that fits me.
a great deal of my stocks are us dollar stocks anyway or the etfs that i’m buying or perhaps some crypto so i’m excellent with that we have what’s called the fx currency conversion fee now when you use anybody so if you’re utilizing trading 2 and two open market anyone at all this is basic they have i expect stuck with whatever cost they charge for that conversion rate you sort of need to accept you know if you want to use their platform go from uk to us then that conversion fee is there what are they in fact giving you in terms of your uk pounds to us dollars and all platforms are the same you can’t haggle with them you can’t go to the bank and state give me us dollars rather you have to pay their costs now the great thing about however when you have actually transformed your money you do not need to invest it immediately that dollar value can sit in your portfolio as cash dollars for as long as you like so that indicates the preliminary day that you purchase or transform your dollars is the only charge that happens now with copy trading and copy portfolios there aren’t any extra fees so that’s really great using that part of their website will not definitely restrict you in any way however we need to understand two other fees the first being what’s called spread costs okay and i’m going to reveal you what i suggest on now a spread fee as i’m going to reveal you Michael Saylor Illness.
You are given numerous choices with this software and you can configure it however you see fit. If you’re looking to begin trading the forex market however don’t know which system to select, then this might be exactly what you require.