Copy trading, also known as mirror trading, is the process of using algorithmic software to replicate another trader’s or group of traders’ trading strategies and habits. Many users pay for services that allow them to mimic the trades of real traders in the hopes of increasing their profits. Copy trading can be used to trade any number of assets in most market types, and it can be done with a mobile device, a computer, or more complex, expensive combinations of computing hardware and software (e.g., by an institutional investment firm).
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