Tafabot Media Team 2 months ago
tafaadmin #guides

HOW TO SECURE YOUR CAPITAL WHILE COPYING A MIRROR

Mirror trading is a great trading tool especially for all crypto newbies - it is like taking the back seat while a driver takes you to your destination. Most of us do this, but we often still put on a seat belt to secure ourselves in the event of unexpected setbacks on our trips. While copying a mirror it is important to put on your seat belts and ensure your capital is safe.


Here are 5 things you must know before copying a mirror to ensure your capital is always safe:

1. Copy trades that require only the amount (or less) of your true trading balance on your exchange. Eg. If your trading capital on your exchange is $500, you can copy a mirror strategy of $100 or $200 or even $500. You can even copy multiple mirrors of say $100, $200 and another $200 (totaling $500), but do not copy a mirror or mirrors requiring more capital than you have. All users who qualify to create mirror are consistently being guided to ensure they create safe mirrors following our Mirror Policy #MP.

2. Ensure your margin mode is Cross (and not Isolated)

3. For all our Kucoin users, ensure that you enable auto-margin deposit for your market.

4. Disconnect from a Mirror when you notice it is no longer profitable for you. Yes, you can.

5. In the future, you will be able to rate Mirrors following your trading experience copying them. These ratings will be public to help users make informed decisions on what mirrors they want to copy.

6. In the end, futures trading carries substantial risk and possibility of both significant profits and losses. Past gains are not indicative of future returns. All your margin balance may be liquidated in the event of extreme price movement. In the note of this, we encourage all our users copying futures mirrors to always trade with reasonable capitals.


Last updated, Thursday, Nov 3, 2022

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