Forexcopy for FirewoodFX is a copy trading service。Copy trading is a trading strategy where individuals can copy the trades of experienced successful traders in forex or other financial markets。It allows less experienced traders (often called "followers") to automatically replicate the trading activity of experienced traders (called "leaders").。

Enables followers to benefit from the expertise and monetization strategies of these leaders without having to make their own proactive trading decisions。

How FirewoodFX Forexcopy Works

Followers allocate a certain amount of money to select leaders who are consistent with their investment objectives and risk tolerance。The amount copied is proportional, if the leader opens the transaction with a certain percentage of his account, then the same percentage of the follower's account will also be used for the same transaction。

Once the leader starts trading, FirewoodFX Forexcopy will automatically copy the trade to the follower's account, including the trade size, entry point, stop loss, take profit level, and any other relevant parameters。

As the leader makes trading decisions and adjustments, these actions are reflected in the follower's account in real time, ensuring that the follower's account reflects the current state of the leader's trading。Followers have the flexibility to start or stop the transaction of the replication leader at any time, and can also adjust the amount allocated to a specific replication leader, or adjust other settings as needed。

In addition to being a follower, you can also be a leader in FirewoodFX Forexcopy。

How to register FirewoodFX Forexcopy？

To enjoy the Forexcopy feature, you first need to open an account with FirewoodFX, which requires the MetaTrader 4 platform。Opening an MT4 account with FirewoodFX is simple。

Go to the FirewoodFX website and click the "Open Account" menu in the upper left corner, as shown in the figure below。Then, enter your personal data, including name, email, phone number, country of origin and account type。You are free to choose your preferred account type。When finished, click Register。Done! The screen will display the details of the account information, as shown in the figure below。

As a follower

In FirewoodFX Forexcopy you can register as a follower or leader。Here are the steps to become a follower:

Sign in to the FirewoodFX website with your registered MT4 account and PIN。

Enter the client area。Select the "Followers" role and click "Settings"。Your account role is now configured as a follower。Note that once you specify an account role, the setting is permanent and cannot be changed。

To begin tracking leaders, return to the customer area。

Enter the leader's MT4 account number。You can choose the leader that suits your trading style。You can also choose from the list of leaderboards provided by FirewoodFX。

Select the volume type (lots or percentage) and enter the volume value。

Click the "Follow" button。

Your copy of the transaction application will be sent to the leader。Please wait for approval notification email。

After the leader approves your request, you will receive a notification email。

Your "follower" account will start mirroring the "leader" trade。

as a leader

To register as a leader of FirewoodFX ForexCopy, the steps are roughly the same。Follow the instructions below:

Log in to the FirewoodFX website with your registered MetaTrader 4 account and PIN。

Enter the customer area。Select the "Leader" role and click "Settings"。

Your account is now set to "Leader"。As before, once the account is set as a leader, it cannot be changed again。

You will receive a notification email if one or more traders request to follow your account。

To authorize the request, sign in to FirewoodFX with your MT4 account and PIN。

Enter the transaction copy menu。

Verify the follower's MT4 account number and transaction volume, then click "Approve"。

After the trade copy request is successfully approved, your followers will copy trades from your leader account。

Terms and Conditions

FirewoodFX's ForexCopy service is subject to certain terms and conditions。When using the copy trading function, please pay attention to the following points and consider them as guiding principles。

FirewoodFX and its affiliates are not liable for any losses directly or indirectly caused by the trade replication function.。

Leader agrees that account information (including but not limited to trading performance, deposit details and withdrawal history) can be accessed as public information。Followers agree to share account balance and asset information with Leader。Due to technical considerations, partial closure is not recommended。

Closing positions / hedging closing positions / multiple closing positions are not recommended to close trades。

Followers with a net worth of less than $5 may be considered inactive, resulting in the termination of the Forecopy service。

If the Forexcopy / PAMM leader or IB receives commissions at a special fixed exchange rate of USD and IDR mixed, all commissions will be calculated and paid at the IDR special fixed exchange rate or 40% discounted USD。

Transactions opened by the "Leader" and closed within 15 seconds may not be copied to the "Follower" account。

For followers, the withdrawal limit is 80% (free deposit minus the pending order fee scheduled to be paid next Sunday), while the maximum withdrawal limit is as set by the Cabinet.。

MT4 merchandisers using the exclusive follow method cannot follow other leaders。

It is feasible to follow only one leader。MT4 follower accounts cannot follow other leaders even if they are unfollowed。

Advantages and Disadvantages of FirewoodFX Forexcopy

✔ ️ Advantages	Disadvantages
FirewoodFX Forexcopy offers novices the opportunity to enter the Forex market without in-depth trading knowledge or experience。This is a way for beginners to learn from more experienced traders。	Like any trade, there is always the risk of loss。Followers also suffer losses if copied trades underperform。
Followers do not need to spend a lot of time analyzing the market or making trading decisions。Automatically copy transactions, saving time and effort。	Followers give up control of their own trading decisions。They rely on the choices of their leaders and may not fully understand the reasons behind certain deals。
Followers can spread their investments across multiple leaders, each with a different strategy and trading style, reducing the impact of a single leader's underperformance。	The success of the copy trade depends on the performance of the leader。If the leader makes a bad decision, the followers will eat their own way。
Forexcopy allows followers to observe the strategies and decision-making processes of successful traders, providing valuable educational insights that enable them to "learn by doing."。	Since followers do not make proactive decisions, they may not be able to learn emotional discipline and market understanding as much as manual trading。
Skilled traders (leaders) can earn extra income by allowing others to copy their trades。	Some leaders may engage in risky trades that, while generating short-term gains, are highly likely to result in losses。Followers may inherit these risks without their knowledge。

Tips for making the most of FirewoodFX Forexcopy

Despite its shortcomings, it is still worth a try due to the advantages of copy trading。What you need to pay attention to is not the potential losses that may be caused by underperforming leaders, but how to maximize the advantages of copy trading while reducing any shortcomings。

Here are some tips to maximize your Forexcopy experience:

Choose leaders with consistent performance, a trading style aligned with your goals, and a track record of successful trading。

Learn about their trading history, strategies, risk management practices, and understanding of the market before following a leader。FirewoodFX provides an easy-to-access leaderboard。Click on the ForexCopy menu and select "Forexcopy Active"。As shown in the figure below, the leaderboard contains all the basic information needed to study the leader。

Pay close attention to the trades you replicate and the performance of your chosen leaders。Be prepared to make adjustments if necessary。

Set a limit on the amount of money you allocate to copy trades, taking into account your overall risk tolerance。

Keep an eye on market news and developments to better understand the context of copy trading。

FirewoodFX Forexcopy allows communication between followers and leaders。Engage with leaders to gain insight into their strategies。

Copy trading may not have immediate effect。Patience is key, long-term consistency is important。

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FirewoodFX is a global online forex broker founded by an experienced forex trading team, offering a traditional 4-digit decimal pricing system with a fixed spread of 1 pip combined with modern STP execution of its global liquidity pool。