Below are some generic tips to help you try and get the best out of ayondo’s social trading platform. All the tips are based on our personal experience and included for educational purposes (i.e. they’re not investment advice). We do also have more specific pages written with:
These explain on more detail what we look at when evaluating traders on ayondo, using the information and tools available on their social trading platform.
These explain in more detail how best to use the tools available to you in ayondo to manage your overall risk.
Generic ayondo tips:
- Try the demo account first (click here to try the ayondo demo).
- Spend some effort and time evaluating the traders before you start following them. The more time you spend, the better your long-term results.
- Understand the risk level of each Top Trader you follow and the impact to your overall account risk (especially when copying more than 1 and when using size multipliers).
- Monitor your ayondo performance regularly, but be patient. Don’t just drop a trader based on their performance over 1 or 2 weeks. If you spend sufficient time evaluating them you should allow them a few months at a minimum, and not worry after a few weeks.
- Try and avoid closing trades of Top Traders in your account yourself. If you start following a trader, you’re trusting their overall performance. Once you start closing their trades manually, you actually start trading yourself and your performance will no longer match theirs.
- However, if you have lost confidence in a trader or notice that they start increasing risk significantly (e.g. Martingale type trading) you should stop following them and close their open trades.
- Because ayondo doesn’t display the profits/losses each trader makes for you separately, consider following a trader from the start of a month if you like to know how they have performed for you. You can then look at their monthly returns and assume they contributed in similar amounts to your account (obviously dependent on your allocation).
- If you’re new to social or mirror trading, start small. You can start with a live ayondo account from $50, £50 or 50 Euro, and hence get confident with their platform and the Top Traders first before you increase your investment.
- Have realistic expectations. If you expect 100% returns, understand that these come with significant risk as well. Never invest money you cannot afford to lose!