| Updated: October 30, 2024Ayondo Social Trading
You will learn about the following concepts
- Tips for trading at Ayondo
- Career level and real money traders
- Always look for open trades
Even though Ayondo is not among the giants in the field, its still a great platform for forex, equities and commodities social trading. The number of users drawn to Ayondos allure is growing exponentially. Even though it wont soon reach the top where the titans reside, you can be sure that this is not the last time youre hearing about Ayondo. Here are some tips you find useful.
Advanced Tips
The beauty of social trading is that all the good platforms offer you the unique to try out your skills and understanding of the market with virtual currency. This means that you can trade, but you dont risk any of your real money. Sadly, this also means that you wont be able to reap the eventual profits, but thats to be expected considering the lack of risk. Always utilize this option – whether it is for trying out a trader or a new system youve devised, the benefits for running simulations to see how well it goes are beyond obvious.
Take Your Time
Always spend a lot of time in evaluating traders. Ayondos community is truly the selling point of the platform, and indeed there are many good traders who have decided to use it, but this doesnt mean that youre guaranteed to win. Use graphs, number of followers, everything at your disposal and choose carefully. Its very important to note that the number of followers will be both from live and demo account followers. This a huge blunder on part of Ayondo in our opinion, but that s how things are (at least for now). This means that you need to be even careful. In many other platforms, the number of followers would be one of your top indicators, and even though it still has some power here, it shouldnt be the main reason you decide to follow someone.
Career Level
The graphs, one the other hand, are a much better indicator of the overall performance of the trader, so you should pay special attention to them. Another great indicator, more unique to Ayondo is the career level each trader has. Its constituted by taking into account both risk and performance, so its a fairly accurate representation of what the trader has done so far and how successful he has been.
Follow Experienced Traders
Once again, we urge you to follow mostly experienced traders. This doesnt lead to any guarantees, of course, but its a good start. Experienced traders have been tested a lot more than new ones, and so they are much easier to evaluate based on their performance.
Real Money Traders
Not all of the most successful traders use their own money in their trades. This is sort of cheating, but hey, what can we do? Its important to know this, though, because its way easier to risk virtual money than risk your own cash. This means that you can make a killing in many of the trades youre entering simply because you dont care about the risk. Luckily, this time Ayondo didnt screw up – you can actually see if a trader uses his own money or not. There is a golden “R” in the form of a badge on the traders profile. If you want to be sure that the trader youre following is a real money trader, look for that badge.
Risk Management
Once you create your account, risk measurements like MAR and sharp ratios begin immediately. This means that when looking at these indicators, we have to consider how long the trader has been in the game. For more experienced traders, these values are more stable and ensure that what we see on the graph reflects the traders actual risk taking. In the case of younger traders, this may not be the case.
Always Look at Open Trades
This is true about every other platform, as well, but especially for Ayondo since the community is much smaller. Its important to look at open trades. Sometimes traders would not close open trades and would remain there in their profile. This is a perfect way to improve your stats and enter the top trades. This means that, since the community is much smaller, many of the traders who are in the top list might actually be applying this trick. In order to make sure that theyre not doing this, you need to check their profiles carefully and see what you can find there. If there lots of open trades, dont follow. If there arent lots of open trades, then youre one step closer to finding what you were looking for.
Final Words
Ayondo is a great welcoming platform that allows new traders to be in touch with much more experienced ones. Even though the community is still rather small, its growing quickly and offers some of the most experienced traders there are. The platform is simply superb. Its much better for newer traders than ZuluTrade is, although its not as good eToro. Still, its very viable and you should definitely give it a try if you want to become a trader. Just be careful with whom youre following and why. Dont always trust the numbers.