Darwinex is a social trading broker based in the UK. It’s a popular choice of tool for beginners as it can help to dissect a trader’s strategy and rate it according to such things as experience, performance, scalability, and risk.
While the platform only launched in 2014, it has encouraged many traders to move over to the platform, and lots of people now use it for social trading on a daily basis. If you are interested in using this broker for your trades, read on for some tips that will help you on your way.
1] Do Your Homework
Before you get started with Darwinex, it’s important to do your homework. Social trading is not a “get rich quick” scheme, although it is more than possible to make a good income from it once you know what you are doing. It’s a good idea to start by following a Darwinex tutorial.
You can also use the demo version of the platform for a couple of weeks rather than starting off by risking real money. There are also lots of YouTube videos you can make use of in the early days.
In order to be successful at any type of investment, it’s important not to place all of your eggs in one basket; this is also true when it comes to using Darwinex. You want to diversify your trades so as to manage the risk.
In fact, it’s recommended that you invest in at least ten different options. Those who have more experience can invest in even more Darwins, although it’s not recommended at the start as it could lead to you getting overwhelmed.
3] Check Out the D-Score
Every Darwin has a D-score given to it by the Darwinex platform. While not all of the information that goes into determining this is released, this score is made up of a variety of attributes, all of which can give traders an idea of how likely the Darwin is to make money.
Now, it’s important to note that this doesn’t mean that the Darwin will be a fast earner; just that the platform’s technology believes that it will make money at some point in the future. Nevertheless, by making sure to take note of the D-score before making an investment, you can make a more informed decision.
4] Don’t Give Up
Finally, it’s important to remember that investing in anything is a long-term strategy, and if you don’t see massive gains at the start, this is quite normal. So long as you don’t start investing more than you can afford, it’s very possible that any market downtrends will go the opposite way if you give them time.
Patience is key in any kind of trading, so don’t make impulsive trades, or give up at the first hurdle you come across. Losing on some trades is to be expected, but it’s not the end of the world.
Have you used the Darwinex platform? Let us know your thoughts in the comments.