What is iFollow?
iFollow is a new trading tool that Empire Option offers its users free of charge. The idea comes from other systems, which are already common in FOREX. This system is referred to as Social Trading. The foundation of iFollow is to allow us to use the knowledge and results of more experienced traders and copy the trades they place in their accounts, in our account. It’s as if the best traders were also trading in our account.
With iFollow it is possible for any user to achieve the same results in binary options as the best traders. You just have to have an account with Empire Option. The tool is free.
How does iFollow work?
– On the platform at Empire Option you will find a detailed list of active investors. You can view your ranking on this list. The list is organized based on the success rate of your operations and your earnings. In addition to the name and nationality of the investor, you also have access to the number of followers and the number of positions that he has traded so far.
– You can follow several traders/investors.
– In the same way that you can start following any trader whenever you want, you can also unfollow them at anytime.
– You should also configure the following details:
a) Following timespan: You can choose time-spans ranging from a day to a year.
b) Value per Trade: Be careful when choosing the value of each transaction in your account. Always take into account that the trader whom you follow may have a very different account value from yours, and therefore the value of the trade that he places in his account will not always be the same value that you should copy in your account. In order to not run unnecessary risks, read the Risk Management article, where I explain how to calculate the values of trades and how much to invest in each trade. When you follow a new investor/trader, you should start by placing low value trades until you gain some confidence in the results and in the consistency of the gains that you have with this new investor. Do not use the option “No Limit”, since it will copy the values of the transactions.
c) Overall investment limit: This is the maximum investment amount for the total trades copied. Do not use the option “No Limit”, since it will copy the values of the transactions and the total quantity traded.
Social Trading systems are very common in Forex. As long as some precautions are taken, namely risk management, Social Trading systems are a way of getting very interesting profits. In binary options it is still very new, but I think that based on the success that they already have in other financial markets, they will also be a success in this financial instrument.
For those that do not like, or trust, automatic Algotrading systems (Robots), this is a nice alternative, especially for those who are starting out and do not have any kind of experience in trading that will allow them to achieve positive results on their own.
In addition to the potential profits you can obtain by copying the best traders, you are learning, as long as you take some time to try to understand how they trade.
My opinion is that iFollow is an interesting alternative for binary options trading without the need to have trading skills and with good potential profits, because you will be copying other traders that have proven results and are the best.
If you can reconcile the use of this tool with training and education in binary options, it would be the ideal so you can have positive results consistently.