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Copy trading allows investors to copy into their own personal accounts trades executed by other more experienced traders. Experienced traders provide this service for a fee, typically ranging from $50 to $500 per month. The explosion in online Self Directed Investing has caused Copy Trading’s popularity to balloon as well. There are multiple platforms and brokers that offer Copy Trading services – typically Manual or Automated.

Automated Copy Trading

The automated version links the investor’s account directly to that of the copied trader and executes the copied trader’s trades instantaneously in the investor’s account.

Manual Copy Trading

NuWealth currently uses the Manual version. While convenient, Automated trading is ill suited for small accounts as a single trade could wipe out the investor’s the whole account.  In contrast, Manual Copy Trading allows the investor to review the CopyTrade Alert details and decide if the trade’s cost and risk/reward profile work for him. NuWealth is considering alternative smaller dollar copy trading providers that could work for those with small accounts.

What is NuWealth’s CopyTrade Subscription Fee?

Our monthly fee is $25. We expect to be in our Beta test phase through the end of 2022. If you Subscribe before December 31, 2022, you will receive CopyTrade Alerts free of charge for 1 year (through December 31, 2023).

What Strategies Do You Trade?

We trade Verticals and Iron Condors because they are versatile Defined Risk strategies that allow us to know before we place the trade the most we will profit if the trade goes in our favor and the most we will lose if it goes against us. If you are a new options trader, these terms may be unfamiliar to you. Don’t worry if you don’t yet speak “Option”. You will soon become fluent in the lingo.

How Will I Receive My CopyTrade Alerts?

Immediately after we execute a trade, we will send you a Text Message containing the trade string and Email you a detailed description of the trade. The email will include a GTC Closing Order trade string which will automatically close the trade once the trade hits our Target Gain. You should enter the Closing Order immediately after your opening order is filled.

COPYTRADE TEXT ALERT SAMPLE

Federal Express (FDX) Bull Put Vertical Credit Spread

COPYTRADE EMAIL ALERT SAMPLE

Federal Express (FDX) Bull Put Vertical Credit Spread

FDX CopyTrade Alert Example.pdf

The trade strings are written in thinkorswim® format so that all you have to do is  “Copy and Paste” them directly into your own TOS account. The “Copy and Paste” functionality only works with the thinkorswim® desktop platform. If you use the thinkorswim® mobile app or if you use a different brokerage firm altogether, you will have to enter the trade manually.

How Long Do I Have to Enter the CopyTrade Alert?

Don’t worry if you can’t copy the trade immediately. We know you have a life that doesn’t involve you staring at your trading platform all day long. Still, it’s best to enter the trade no later than 12 hours after the alert is sent. Be advised that the longer you wait to enter the trade, the greater the price adjustment you may have to make to get your trade order filled.

COPY AND PASTE TRADES INTO thinkorswim®

When key market conditions are met, CopyTrade Subscribers will receive a via email and/or SMS Text Message containing Leg-by-Leg description of the trade along with other key information including

• Trade Strategy,
• Maximum Gain and  Maximum Loss, and
• Margin Required. 

CopyTraders who use TD Ameritrade's thinkorswim® platform can simply Copy the trade directly from the Trade Alert and Paste it into your thinkorswim® account.

Refer to this Copy and Paste Guide for detailed instructions on how to CopyTrade Copy and Paste Guide.pdf into your investment account. 

For a step-by-step video demonstration , See https://www.youtube.com/watch?v=TG8rrhRCq7o by Curated Trades

When key market conditions are met, CopyTrade Subscribers will receive a via email and/or SMS text message containing Leg-by-Leg description of the trade along with other key information including

• Trade Strategy,
• Maximum Gain and  Maximum Loss, and
• Margin Required. 

CopyTraders who do not use TD Ameritrade's thinkorswim platform, follow the instructions in the CopyTrade Manual Trade Entry Guide.pdf which demonstrate how to set up the trade manually.

STEP 1  OPEN AN OPTIONS TRADING ACCOUNT

Which Broker Should I Use?

If you have never traded options before, you will need to open an investment account with an online broker. There are several highly rated options brokers such as thinkorswim®, Tastyworks and Robinhood. Ideally, you want a broker whose options platform is easy to use, allows for rapid order execution, and offers Demo/Paper trading.

https://start.tdameritrade.com/select?entity=103

https://start.tastyworks.com/#/login?referralCode=FRM5MAFQGE

We recommend TD Ameritrade because its thinkorswim® trading software is compatible with the NuWealth CopyTrade Alerts. In a quick 2-step process, you can Copy and Paste the CopyTrade Alert trade string you receive in your Trade Alert Email directly into your thinkorswim® account.

Should I Open a Standard Brokerage Account or a ROTH IRA?

You can actively trade Stock, ETFs, Options, Futures, and FOREX in either an Individual Brokerage Account or a ROTH IRA. These accounts differ in their Contribution Limits, Tax Treatment of gains, and Margin eligibility. Individual Brokerage accounts are eligible for margin trading but ROTH IRA accounts are not. Most of the NuWealth CopyTrade Alert trades do not require margin, so you will be able to place these trades in your ROTH as well as your Individual Brokerage Account.

STEP 2  DOWNLOAD thinkorswim® PLATFORM AND APPS

One of the first things you’ll need to do as a new options trader is learn how to use your broker’s trading software. Thinkorswim® allows you to download and practice on a modified paperMoney® trading platform before you open a TD Ameritrade account.

https://platform.thinkorswim.com/platform/index.html#!/pmregister

If you decide to open a TD Ameritrade investment account, you should download the complete thinkorswim® version.

https://www.tdameritrade.com/tools-and-platforms/thinkorswim/desktop/download.page

 Once you’ve downloaded the platform software, you should watch the following Intro to thinkorswim® video to learn the basics of how the software works.

https://www.youtube.com/watch?v=K4QYVvj_RCo

STEP 3  SUBSCRIBE TO NUWEALTH TRADING COPYTRADE ALERTS 

NuWealth CopyTrades are based on a $2500 account, at least 20% of which should be held as a cash buffer at all times. and designed to require no more than $500 in Buying Power per contract., Larger accounts should increase the number of options contracts proportionately to keep the same allocation percentage.

STEP 4__ FUND YOUR ACCOUNT

You don’t need a funded account to paper trade on thinkorswim® but the paperTrade® version for unfunded accounts doesn’t have access to all the features. We recommend you contribute some money (as little as $25) to your TD Ameritrade account so that you’ll have access to the complete thinkorswim® platform.  

https://www.tdameritrade.com/funding-and-transfers.page

You have undoubtedly contributed all you can reasonably afford to your employer provided savings plan and are thus wondering where you will find any additional money to invest in another account. The CARES Act makes it easier to withdraw funds from your 401(k) and contribute them to a Self-Directed Brokerage or ROTH IRA Account. https://static.s123-cdn-static-d.com/uploads/3102910/normal_5ee852b20fcef.pdf

STEP 5  REVIEW RECOMMENDED OPTIONS INTRO ONLINE TUTORIALS & MATERIALS

Trading Options in a thinkorswim® paperMoney Account

https://www.youtube.com/watch?v=PZrVWnRVfYU&t=63s

Tastytrade Trading for Newbies 14 Episode Video Series

https://www.tastytrade.com/tt/shows/trading-for-newbies/episodes/trading-for-newbies-intro-to-options-01-23-2018?_sp=c21d2525-5096-45bd-9cc0-31a5b3ea905b.1599714631257

STEP 6  START COPYING OUR TRADES!