How would you know the people you were copying where actually any good? There is no independent verification, you only have their word for it and we all know how easily “evidence” can be falsified.
And think about it, if these people were really as good as they claim, would they be wasting valuable trading time selling this service for a fraction if what they could be earning on the market?
Well, I feel copying trading is not bad. Through this you copy the trades of signal provider onto your account and can earn profits also. Like in beginning if you don’t know much about the strategies, indicators and trading methods then you can simply copy the trades and can gain knowledge through the strategies of signal provider. To check the credibility of the providers you can see their performance charts, analyze their profile and ratings on various social trading websites. Thereby, you can choose the trader which you feel suits you the best.
You can earn while learning through copy trades and you can practice this first on Zulu trade & Mql5 by opening a demo account.
Copy trading can be very good if you get the right trader / system but it can be difficult to sort the good ones from the bad ones. In general I would say that if the results look too good to be true then they probably are. The trader may be hiding some bad trades or be using a very risky strategy that could implode at any minute. I personally only consider following traders that have REAL accounts linked to their strategy. This cuts out a lot of the bad ones
Copy trading is an automatic trading technique where you bring together the smartest investors and mirror their performance into your account. This method proves good for beginners as well as experts. By being a follower, a beginner earns and learns, whereas an expert can earn more by working as a leader/signal provider. But the major dilemma faced by each trader is which trader I should opt for. To sort the best signal providers among many is a difficult task. But there are certain profiles which can help you in choosing an appropriate signal provider. You can get a list of signal provider from [B]ZULU, MQL5 and MYFXBOOK[/B].
There are few major parameters that one should look for which are: consistent growth, low drawdown, trades per week, you can also look into its history and try to judge its trading strategy, if its scalping or momentum trading etc
As I see, you are a new Forex trader then I wanna suggest you, please hold on! Don’t go for any automatic trading service! If you want to be a successful Forex trader then you need to learn manually! Without good trading skill, personal success is quite impossible here! But it’s true; nowadays copy trading service is very popular, its actually for the investors and which traders are not interested to learn Forex!
I am never use copy trades, although on my broker also provided copy trades system, and learn manually although on my hardisk there are some kinds robot for automatic trading, sometime I am only like to download robot that might profitable but never try to use it because also not having vps
Copy trading as the name implies is copying the trades of another trader into your own account. It is a signal service provided by Metaquotes. Everything has its own pros and cons. So does copy trading! copy trading can prove to be very helpful for the trader. but you should always be careful I choosing a signal provider. Watch his performance closely and invest a calculated amount at first.
Copy trading was a good and new experience for me, it really works. I learned this art from one of my friend. I get profit through this way of trading. It is not confirmed that you will go positive all the time. Depend on your performance what is in your hand you will get in copy trading.
do somebody trade on forex by using social trading service from liteforex? i would like to try , and i need advice
What kind of advice do you need? Can you write more details here? I don’t use social trading by myself, but I maybe I’ll be able to help you. At least, I know how this thing works.
Copy trading is like jumping steps ahead in the learning system; it is not too safe however as it is not easy to find the right trader to be copying winning trades from. It is safer you carefully build your trading experience as the way up to being a pro. This doesn’t mean copy trading is bad either.
Copy trading is just fooling yourself you have outsourced the risk involved in trading and therefore the trade is risk-free. Good to be aware of and understand how other people trade, good to see their entry points - but that’s all you learn from copy trading and its honestly the least important decision. Letting a stranger decide the level of risk you’re taking in a real trade is, as they say, doolally.
In my opinion copy trading can be a good tool for newbies, but you also need full transparency to see exactly who are you copying by seeing his overall stats, maybe history and make sure he is also trading his own money on a real account. On the other hand you need to have full access to your trades to close them or modify them.
yes, i used this service. good way to earn money if you do not know how to trade. you can copy deals of professionals.
Copy trading is a kind of automated trading in which you can follow and copy the trades of expert traders onto your account. For newbie’s it is helpful as at initial stage they don’t know much about trading strategies and methods so they can simply copy the trades and can learn from the strategies of the signal provider.
You can earn while learning through copy trading, first try a demo on social trading websites like zulutrade and mql5 and then you can go for live account.
Out of curiosity, I want to know; is there no disadvantage to the this method of trading? Though it really sounds promising I must say.
There’s huge disadvantages. The main one, imho, is that you are entrusting YOUR money to the judgement of a complete stranger.
Hi Common,
Yes there are disadvantages too of copy trading. Let me tell you from my personal experience how I burnt my pockets following a PAMM manager. He used to post amazingly profitable statements and as a newbie I got attracted too and decided to give it a shot so I invested a little of $600. Initially, in earlier weeks of his trading, there were profits in my account so I was quite happy thinking that I am making profits and at the same time learning in demo account and that’s why I dint even feel bad paying him huge profit share. However soon the table earned and in one single day my whole account was wiped out. And this my friend is the biggest disadvantage of following a strategy or a trader as you never when it can go against you.
Well I think copy trading is a good option for new traders as they can simply follow the existing experienced traders without going into detailed study of market. The copy trading websites or platforms allow better options for new traders to learn and trade from the experienced traders. Usually copy trading platforms are very profitable but can turn out to be helpful if you follow the right traders with good trading performance history.
Are you sure about that?
I’d love to see some evidence from you