Hariprasad K is the founder of Livelong Wealth, a company whose goal is to simplify the world of stock markets to all .It was during his college days he build this start-up which is working with great results today.
The reason Hariprasad K started the company was because he was amazed about the opportunities available in the stock market.
He is a man whose words and work people trust. Now, Hari has shared his views on how copy trading will be the next big thing in India. Read further:
What is Copy Trading?
Copy trading is the process in which individuals have the opportunity to copy or replicate the trades taken by other professional traders in their own demat accounts by authorising through APIs.
Copy-trading is one of the simplest and effective ways to create a consistent source of income from financial markets without spending a lot of time or effort in analyzing the markets or charts if you are copying the right set of traders.
How it works?
In copy trading, your account will be linked with a professional trader. Whenever the trader makes his trades the exact same gets copied in your accounts.
Now you may be wondering about the legality of this technique. Copy trading is completely legal if the trader is licensed and the systems are under compliance.
At Livelong wealth, your accounts will be connected with the prop traders. These traders are experienced and have developed their own trading setups.
Any individual have the freedom to chose their respective trader. For example, if you aim at less risky trades or you aim at capital protection, then you can chose a conservative trader.
Once the respective trader places his order it get automatically filled in the individual’s account, he or she may reject or accept it to be implemented in their respective account as well according to their wish.
To help people realise the potential for the product, the services would be made available for free in paper trading mode for people who want to try out the interface.
The interface will also have provisions for paper trading for individuals trying to test out their trading systems , the existing members of the Livelong wealth community will be getting complete access to the interface and will also be able to try out different algos and systems amibroker and prehistoric data, the entrepreneur said.
The commercials for the product has not been decided so far, however the team would be releasing it at rates acceptable to a larger audience base.
This could be an alternative for people who use call and advisory services as in the interface one could be able to see the track record of the systems as well as also use it for a demo period in paper trading and can move forward only if satisfied with the results which is definitely going to be a game changer.
Advantages of copy trading
1. No need to spend time or effort in analyzing markets or charts
2. A good option for beginners.
3. A better option for working employees or students as they might be busy during market hours.
4. Better than trade calls, where you may enter after the real movement happens
5. Safer than PMS as your funds are not handled by anyone.
6. Higher chance of getting good profits as you are copying a professional trader.
Disclaimer: No Deccan Chronicle journalist was involved in creating this content. The group also takes no responsibility for this content....