We get htis a lot on our site the answer to Can You Trade Cryptocurrency On Thinkorswim….Questions that i speak with new financiers what if you’re brand new to investing you just do not want to decide what you actually wish to invest and you want someone to do it for you there’s only a number of manner ins which that can happen the to start with you can employ a financial investment portfolio manager they’ll usually charge a quite a high premium to do that perhaps one or two percent of your earnings will go to them the other thing is naturally you can buy mutual funds specific funds are produced once again with an account manager in the background as i’m going to cover in this video they have a service though that’s called copy trading copy portfolios too now if you’re brand new to an overall please keep in mind this platform is rather innovative you can do cfds which of course cfds are methods of investing
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with not really having the total of capital so with anything that you’re finding out about please do study the platform don’t simply assume due to the fact that i use it that you can use it immediately do some due diligence have a little play around with it even invest with virtual money they consider that choice too so you really get used to the structure of the site and then when you’re ready to use your own money to invest you can do so now i will disclaim naturally your capital is at threat this is investing we’re doing you’re purchasing real business if you choose to in this specific video we’re talking about how to copy other individuals’s financial investments with your cash so clearly your capital is at threat and we have to bear that in mind do not just do something because that individual has actually stated they have actually made profit 14 months in a row purchase these choices because you think is the best ones for you and that being stated let’s dive straight in [Music] so the things we’re going to cover in this video is understanding what is copy trading what are copy portfolios it belongs to social trading which is one element that is probably.
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popular for it’s the choice to see what other traders are doing extraordinary we do not generally get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading therefore that means with our money we can actually state i wish to do precisely what that trader is doing or match that specific portfolio of options and essentially whenever they make a trade they purchase they offer whatever they do your money will be simulated with it so that implies if for example 10 of their investment portfolio remains in tesla guess what you’ll now be investing 10 of your cash in so we’re going to likewise cover is the costs involved truly crucial you understand what are the costs of this now with any platform there will be some expense to obviously these are genuine business that are investing they’re doing the buying the selling for you there’s going to be charges involved and even some of the absolutely no fee sites then might not charge you for actually buying and selling etfs or funds individual products specific stocks.
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there’ll be charges on other parts maybe it’s our fx rate when you’re altering from uk to u.s dollars there’s all kinds of costs associated so do your due diligence and i’m going to reveal you the costs with in particular in this video the next would be things to understand before you actually begin investing in copy trading or copy portfolios and lastly some best guidance finest practices if you are thinking about this as a tool whether you begin your journey or your advanced investor so let’s kick off with fees really crucial to understand these now on there’s a couple of costs there isn’t costs to do with actually buying and selling alright so commission fees are totally free however there are a couple of other charges the first one is withdrawal charges so you can certainly put money in now if you remain in the uk we put our uk cash.
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and it’s immediately converted into us dollars and i’ll cover a little point about that in the future however when you want to withdraw your cash so you offer your shares you offer your commodities whatever you’re selling the minimum amount you can withdraw is thirty dollars back out and they do charge you 5 dollars per withdrawal so for me naturally understanding that i’m going to make certain that i’m just withdrawing when i absolutely need to now you might say fine that’s quite expensive and i get that however it’s all to do with how they run their platform they need to charge costs someplace and withdrawal charges are simply one of those choices that they have a lot of platforms obviously are free to do such things has this five dollar charge so in my eyes make your withdrawals mainly it can be perhaps even once a year as soon as every 6 months you understand depends entirely how you’re investing however that is a charge to remember the second charge that i have actually touched upon is that conversion fee now with you’re dealing in us dollars just there’s not an alternative to buy in euros or uk which’s fine that suits me.
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a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m buying or even some crypto so i’m great with that we have what’s called the fx currency conversion cost now when you use anyone so if you’re utilizing trading 2 and 2 free trade anyone at all this is basic they have i expect stuck to whatever fee they charge for that conversion rate you type of have to accept you know if you wish to utilize their platform go from uk to us then that conversion charge exists what are they really providing you in regards to your uk pounds to us dollars and all platforms are the same you can’t haggle with them you can’t go to the bank and say provide me us dollars instead you have to pay their charges now the excellent aspect of however when you have actually transformed your money you do not have to invest it immediately that dollar worth can sit in your portfolio as money dollars for as long as you like so that indicates the initial day that you buy or transform your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any additional charges so that’s really great using that part of their site will not definitely restrict you in any way however we have to know two other costs the very first being what’s called spread fees okay and i’m going to show you what i mean on now a spread charge as i’m going to show you
on is essentially the difference that is part of the financial investment platform between the buy price and the list price fine it’s their premium on doing both those two actions now tesla if you can see on this part of the website today tesla’s dollar value 599 per share in tesla that really suggests that when you wish to offer or buy as you can see it’s not the cost you’re seeing up here let me show you that once again so the existing price of tesla is the value of a share what’s called spread costs is the distinction then in fact to purchase that share on the platform and you’ll discover this everywhere this is another way that they make a percentage of make money from you each time you do a purchaser’s share so keep that in mind undoubtedly it’s more expensive to purchase than it is to sell so they’re going to provide you less back with your sale and you say okay well why does that occur it simply does that is the nature of a lot of platforms out there there’s a distinction in between if you’re buying it then you wish to sell it which is how they make a little bit of money on those spread out fees it’s normally exceptionally little it could be a matter of pens matter of cents in there however that’s one location every investment company will once again make a bit money now the last accomplishment is called an
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over night cost now this is really crucial if you’re really using cfds yourself as well an over night fee is when you’re refraining from doing that buy sell deal in the very same day okay there’s then an overnight cost charged and even if you go from the friday to the monday prior to sailing a weekend charge now this just applies to cfds so if you’re in fact buying out the etf the stock the product and using time one utilize which implies you’re in fact buying the exact possession instead of utilizing leverage anyway you won’t get hit with these fees however these charges are if you’re using leverage and cfds and after that you’re going to have these costs if you’re not buy selling in the very same day so let’s say if you enter into the assistance section this isn’t the overnight charges details you can see precisely the breakdown and it’ll inform you what are the charges what are the costs then for when you’re doing overnight or you’re doing over weekends which only applies as i stated to cfds there are some additional charges obviously depending upon what you are purchasing as well this is on your own so keep that in mind but complete fees are entirely within their assistance details fine and we discussed along with free to deposit in however there’s a 5 dollar charge if you want to withdraw from anything whether it’s been cfds regular commodity stock shares everything there’s that five dollar withdrawal fee now another thing to call it as i’ve said copy trading and copy portfolios are 2 different methods of in fact utilizing these copy works they do not have any additional costs on top of the normal costs that
are there now what you need to bear in mind though is these possibly managed by other individuals totally or often have actually developed portfolios you’ve got a genuine person doing the management you have to make sure you select the person that’s right for you similar to any type of work this is your monetary properties so we definitely require to make sure it’s the best individual for us before we copy them so the first things i would call it if you do want to utilize this function we have actually got a number of different choices for us firstly if you’re brand new to investing i want to draw your attention to this within you have the alternative to invest genuine cash or a virtual platform virtual methods i think you get yep a hundred thousand dollars to play with and it’s not real cash that you’re investing you won’t need to put in your charge card information or anything you can basically have this virtual portfolio simulate as if you are using your own cash however actually purchase pretend buy copy individuals whatever you like if you’re not
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feeling comfy with utilizing your genuine money maybe this is a great choice for you once again to evaluate the theories fine you may wish to buy tesla or apple or this etf why not utilize the virtual choice as a method to type of safe have fun with it undoubtedly you might have lost out on gains and losses throughout that time obviously if you had actually invested your real cash it permits you to construct self-confidence understand the platform so that’s one option for you then next week and i’m going to go back to my real portfolio here now we’re going to deep dive actually how to copy individuals and copy portfolios now here’s something to keep in mind before you choose somebody that you’re going to copy or a portfolio you’re going to copy ensure you understand what your threat profile is now what do i suggest by that obviously for me i’m investing long term and they tend to say the longer you’re leaving your financial investments the riskier you can be risk simply suggests am i okay with possibly losing a great quantity of this investment or getting as
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well now remember whatever is ups and downs you will earn money you’ll lose money that’s why they make the statistic 75 people will lose cash however that equally implies they’ll lose at some time in their journey certainly individuals do generate income also and i’ve got videos all about how you can make sure you are among the people to in fact generate income but in this circumstance ensure you research study your threat level would you be all right providing your money to another person which is successfully what you’re doing and trusting them ensure you understand what they’re purchasing completely if you’re somebody who isn’t wishing to be that risky don’t choose someone who’s totally into crypto or currency conversion think of it you ‘d probably desire a foundation of strong products
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like gold and even oil plus more standard etfs and index funds you might not desire some up-and-coming single stocks in your portfolio do the exact same with who you’re following now as i state you can in fact use this too really quickly over here you can copy people now it will provide you a lot of options and you can utilize the system to in fact look for somebody that you fancy really following so let’s see perhaps we desire somebody from unified kingdom um who invests in let’s see who does etfs they’ve acquired at least 10 yeah that sounds fair that sounds a good quantity and i can discover everybody who has actually met that criteria and it does provide you a danger factor as well so it tends to be the greater the number the more riskier they are with their stock investing now obviously there are a variety of individuals that have quite high returns
bear in mind it resembles anything to do with the news or predictions of the future this does not imply someone will make 56 for you for the next 12 months they could make four or minus 50 there’s no way to guarantee so do keep that in mind and as simple as clicking the copy button and off you go and after that you know ask you to confirm are you fine with this and off you go now another way to actually deep dive if we click on this person for example ruby mza as an example you can actually deep dive into what is she in fact purchasing so let’s go into portfolio and you can see she’s rather heavy into microsoft mastercard amazon she likes her tech a little bit so that’s excellent to know ibm paypal yep she’s absolutely like type of into those blue box and the tech industry she’s got a few of mine actually that i buy too which is great so in fact for me understanding what i like to invest in my private stocks and shares she would resonate with me she’s got a good spread in tech companies that appears to be what she chooses she’s also got a little bit more um of the kind of main food companies and you’ve got you know pharmaceutical and production companies as that. Can You Trade Cryptocurrency On Thinkorswim.
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