Not really having the full amount of capital…Michael Saylor Twitter Picture… so with anything that you’re discovering please do study the platform do not simply presume due to the fact that i use it that you can use it right away do some due diligence have a little play around with it even invest with virtual money they give that alternative also so you really get utilized to the structure of the website and after that when you’re ready to utilize your own money to invest you can do so now i will disclaim naturally your capital is at danger this is investing we’re doing you’re buying genuine business if you choose to in this specific video we’re talking about how to copy other people’s financial investments with your cash so clearly your capital is at risk and we need to bear that in mind do not simply do something because that individual has actually stated they’ve made earnings 14 months in a row buy these choices since you believe is the right ones for you which being stated let’s dive directly in [Music] so the things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it becomes part of social trading which is one element that is most likely.
popular for it’s the option to see what other traders are doing incredible we do not generally get that insight from a lot of platforms and the other advantage is these copy portfolios are copy trading and so that indicates with our money we can really say i want to do precisely what that trader is doing or match that exact portfolio of options and essentially each time they make a trade they buy they sell whatever they do your cash will be imitated with it so that suggests if for instance 10 of their investment portfolio remains in tesla guess what you’ll now be investing 10 of your cash in so we’re going to also cover is the costs involved actually vital you understand what are the expenses of this now with any platform there will be some expense to obviously these are real business 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 fee websites then might not charge you for really buying and selling funds or etfs private products specific stocks.
there’ll be costs on other parts perhaps it’s our fx rate when you’re changing 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 charges with in particular in this video the next would be things to understand before you actually start buying copy trading or copy portfolios and lastly some finest suggestions finest practices if you are thinking of this as a tool whether you begin your journey or your more advanced financier so let’s start with costs truly crucial to comprehend these now on there’s a number of fees there isn’t fees to do with actually buying and selling all right so commission costs are complimentary nevertheless there are a number of other charges the first one is withdrawal fees so you can obviously put money in now if you’re in the uk we put our uk money.
and it’s immediately converted into us dollars and i’ll cover a little point about that in the future however when you wish to withdraw your cash so you sell your shares you offer your products whatever you’re offering 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 certain that i’m just withdrawing when i definitely require to now you may state okay that’s quite pricey and i get that but it’s all to do with how they run their platform they have to charge costs someplace and withdrawal costs are just one of those alternatives that they have a great deal of platforms undoubtedly are free to do such things has this 5 dollar charge so in my eyes make your withdrawals mainly it can be maybe even once a year when every six months you understand depends entirely how you’re investing however that is a cost to keep in mind the second fee that i have actually touched upon is that conversion cost now with you’re handling us dollars only there’s not a choice to purchase in euros or uk and that’s great that matches me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m purchasing or perhaps some crypto so i’m great with that we have what’s called the fx currency conversion cost now when you utilize anyone so if you’re utilizing trading 2 and two free trade anyone at all this is standard they have i suppose stuck to whatever charge they charge for that conversion rate you sort of need to accept you know if you wish to utilize their platform go from uk to us then that conversion cost exists what are they in fact offering you in regards to your uk pounds to us dollars and all platforms are the same you can’t bargain with them you can’t go to the bank and say provide me us dollars instead you need to pay their costs now the terrific thing about though when you’ve converted your cash you do not need to invest it right now that dollar worth can sit in your portfolio as money dollars for as long as you like so that means the initial day that you purchase or convert your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any extra charges so that’s truly great using that part of their website will not definitely restrict you in any way however we have to be aware of 2 other fees the very first being what’s called spread charges okay and i’m going to show you what i mean on now a spread cost as i’m going to show you Michael Saylor Twitter Picture.
You are provided lots of choices with this software and you can configure it however you see fit. If you’re looking to start trading the forex market however don’t understand which system to select, then this might be exactly what you require.