Copyop is the first and only real binary options social trading network in operation at this moment. It’s a signal provider but differs significantly from traditional binary options signals in the sense that it’s not an algorithm that sends the signals but real traders who you can follow.
In this Copyop review I will talk about the services offered by this website and why this form of binary options signals is better than the traditional algorithm based trading variant.
What is Copyop and Social Trading?
Binary options signals are nothing new. Most people who have come across this concept know how they work and that unfortunately most of them are scams. The vast majority of binary options signals are made by algorithms and not real people.
While algorithm based binary signals can sometimes work, they lack human judgment and as such can lead to some failure streaks if the markets are volatile.
This is where Copyop comes into play: It’s a signal provider but the signals are NOT made by algorithms.
Copyop is what’s called a social trading network where real human traders can follow each other and automatically copy each other’s trades. There are no algorithms involved; all is done by real humans.
How can I use Copyop?
After you register at Copyop you will have the possibility to review and follow as well as copy other traders. Other traders will be able to copy you as well in turn. If you are a beginner, however you will most likely only be interested in following others.
The first thing you will have to do is to check out the list of traders you can follow. Once you find the traders you want to follow, you need to indicate this by clicking on the “Follow” button on their profiles (more on how to find the most successful traders to follow below).
You will also need a binary options broker account, which needs to be AnyOption. If you already have an AnyOption account then you can use it without opening a new account.
Once you have followed the traders you can either adjust the system to automatically copy whatever they trade or just “watch” them, which will send you notifications when they trade but will require you to manually execute the trades.
Why do successful traders allow others to follow them?
So, why are these successful traders offering the possibility to follow them and copy their success? The answer is that they will make more money through this while not actually having to do anything extra.
For every followed (watched) trade they will receive 1 coin and for every copied trade by others they will receive 2 coins. These traders can then convert their coins into real money.
10 coins can be converted into €1, 250 coins into €50 and 600 coins into €150. It’s just a nice way to earn some extra money if you are already a successful trader.
This is why these traders use Copyop.
Finding the most successful traders to follow
The most important thing to do at Copyop is finding good traders to follow. There are all kinds of people using this application but not all of them are capable of delivering consistent winnings. You need to be very careful.
In order to know who to follow you need to understand that Copyop will pay you around 60% profits for every successful trade and 15% refund for every unsuccessful trade. This means that your average payout percentage will be 85%.
What this means is that you will need to find someone who is correct at least 60% of the time for you to be able to make money. The higher this success percentage is the higher your profits will be; the idea is that you will need at least a 60% success ratio in order not to lose money.
So, this should be the first criterion you should evaluate. Every trader who has a winning rate below 60% is to be eliminated, as they are losing money rather than winning.
But it also matters during which time frame these traders have achieved a winning rate higher than 60%. If they achieved a winning rate of 80% last week it does not automatically mean that they are good. You need to look at their long-term average winning rate.
Someone with a winning rate of 90% last week but an overall and average winning rate of 50% for the past 3 months is someone you should not follow.
So, you need to find people with winning rates above 60% who achieve this rate on a consistent basis and not just once in a while.
You can do the above using the “Hot List” feature or by going to the profile of an individual trader. In both cases you will have the possibility to view all the trades and trading performance of the selected trader (or list of traders) for the past 3 months.
It’s very important to note that what matters are NOT the amount of profits they made during the selected time frame but the % of winning trades.
A trader may have been losing 20 trades in a row investing just $10 per trade and then winning one trade while investing $5,000. This person would now have made profits above $4,000 but would only have had a winning rate of 4.75%.
Would you have followed that person, you would actually have lost in case you would have invested $10 on every trade. He only made profits because he invested $5,000 on one single winning trade.
So, what always matters is the % of winning trades and not the amount of profits that person made.
How to use Copyop successfully
Just blindly following traders will not mean that you will win. In fact, if you just blindly follow traders you will lose. Read below and find out what steps you need to take in order to consistently win.
1. Follow traders that have a winning rate above 60%
I already explained this above but would have to reiterate it in order to make sure everyone understands it. Nowhere on the Copyop website will this fact be stated so I feel the need to state it as many times as possible.
2. Do not focus on traders who made large profits
The list of most successful traders is made taking in consideration the profits they made. However this can be misleading. As explained above, someone can still made large profits with a very low winning % due to the fact that the person was investing very low amounts on losing trades and then just happened to invest a large amount on one or a few winning trades.
The amount of profits should not be an indicator of how successful someone is (as ironic and contradictory as that may seem). Like said above, you should exclusively chose people with a winning rate above 60% even if they make lesser profits that some others.
3. Always trade the same amount on every trade
The reason for points 1 and 2 is because you will want to invest the same amount per trade (even if the people you follow aren’t). Only this way can you ensure that you are profitable with a winning rate of at least 60%. If you invest different amounts, you may be end up losing even if the winning rate of the person you follow was above 60%. For example, if you generally invest $10 per trade and then invest $100 on one losing trade, then that one $100 losing trade will then be like as if you would have lost 10 trades of $10.
So, again, you are only guaranteed to be profitable with a winning rate of at least 60% if you always invest the same sum of money per trade.
This is the point where most newbies fail and lose despite the fact that they have a winning rate above 60%.
4. Invest smaller amounts per trade
Don’t be greedy. If you are a trader who only deposits small amounts initially (which is recommended), then you don’t want to trade large amounts.
A winning rate of 60% means that in average you will lose 4 out of 10. Those 4 losing trades could end up being your first 4 trades (this is obviously an oversimplification – I know that statistics don’t work this way), so if you deposited $200 and then invested $50 per trade, you would have wiped your account in 4 trades.
5. Focus on automatic trading rather than manual trading
Automatic trading means that you will allow the Copyop website to automatically copy the trades of the people you follow instantly. This is the most secure way to make profits because trades are usually very time sensitive.
The other option is to watch the traders you have followed and manually execute the trades whenever they execute the trades. There is a problem with this because it will usually take you at least 5 to 10 seconds (or more) to manually execute these trades, which then might have different outcome than the trade of the person you followed.
6. If you follow someone then be consistent
When a trader’s winning rate is calculated then all of their previous trades during the evaluated time frame are taken into consideration.
So, if you copy someone with a winning rate of 70%, then you will only reach this percentage yourself if you copy all of their trades. If you leave some of their trades out, your winning rate will not be the same as that of the person you follow.
This is also why I said above that you should be using automatic trading.
So, as you can see, you can really make money with Copyop however it’s not just as simple as pressing 2-3 buttons. If you want to make money with this service then you can definitely do so.
But like explained in this (rather long) post, you can only be successful if you follow some common sense guidelines and best practices. Follow these and you will win.
If you want to learn more about Copyop then you can go to its website linked here and check it out there.
The reason I decided to make this post this long is because I truly believe anyone can make money with Copyop if the above described steps and instructions are followed. The fact that this service is user generated and not algorithm based offers possibilities not found elsewhere.