If you’re an investor and want to get into trading gold, you may decide to try learning the ropes by yourself. Unfortunately, this can be both time-consuming and costly. On the other hand, you could decide to follow some proven strategies and tactics from experienced and skilled people already in the trade.
With gold copy trading, novices in the trade just replicate the trades of pros in the business, allowing them to get access to gold markets without too much effort or the need for in-depth market expertise. Thailand is one of the best-known places for its thriving gold market, as well as its growing interest in online trading. This makes it one of the best places to practice gold copy trading
Below are some tips to help you start gold copy trading in Thailand and build a successful and profitable venture:
Understand gold copy trading
Before you immerse yourself in the trade, it is crucial to understand what it is. In essence, gold copy trading offers you the chance to automatically copy what experienced gold traders do. So, how do you do this?
It is achieved by using trading platforms that link professional traders, also referred to as signal providers, with inexperienced traders who wish to duplicate their trades. This way, novice traders can benefit significantly from expert strategies and not have to deal with the stress of analyzing the market themselves.
Select a reliable copy trading platform
Having understood the concept, your next step should be to identify a reliable platform for gold copy trading, such as Weltrade. To choose a platform that will help you succeed, you can check for some key features, including:
· Offering support for gold trading and is equipped with copy-trading tools
· Being regulated by financial authorities such as Thailand’s Securities and Exchange Commission or even international regulators like FCA
· Providing tools for helping traders manage risks
· Upholding transparency in the performance of trades
Check regulatory compliance
While exploring how to start gold copy trading in Thailand, and you are looking for a platform to use, it’s crucial to ensure that the broker or platform that you pick does not violate Thai financial regulations. In the country, two key bodies are crucial for the regulation of gold trading and forex, and these are Thailand’s SEC and The Bank of Thailand (BOT). While some international brokers accept Thai traders, it is critical to scrutinize their licenses to steer away from scams.
Sign up for an account and fund it.
The process of trading starts by registering for an account, so sign up on your preferred reputable platform. This requires you to verify your identity using a passport, a national ID, or a driver’s license. When your account is set up, fund it using any of the provided methods like e-wallets, bank transfers, or even using cryptocurrency. Different platforms have varying minimum deposits, but they are usually between $100 and $500.
Identify a professional trader to copy
When your account is ready and funded, select an experienced trader who you will follow. In your selection, consider such things as trading performance, specifically profits and losses, the trading frequency, and risk level (choose a trader who has the same risk tolerance as you). Also, consider the trader’s trading style and strategy. Fortunately, platforms offer statistics, reviews, and rankings that make it easy to select the traders to copy.
Monitor your trade
Although copy trading platforms automate the trading process, you need to constantly check and review your investment. It is advisable to set up some risk management tools like:
· Adjustments: allow modification or switching of traders where necessary
· Diversification: copies several traders to minimize risk
· Stop-loss and take-profit levels
Get your profits and plough back
When your gold trading yields some profits, you may want to withdraw them and explore putting them into compound interest-earning options. You need to bear in mind there are withdrawal fees from platforms, and any tax implications given investment earnings may attract tax liability in Thailand.
Conclusion
You can engage in gold copy trading in Thailand to grow your wealth, thanks to the country’s strong gold market. To do it, choose a reputable platform and select the right trader to copy and manage your investment risks.
