Hello guys,
I am very new to forex trading, and when I say new - I mean it literally. So I am sorry if I’m asking a stupid question. I just got introduced to social trading and really liked the concept of copying someone’s trades, profiting from their success and learning the tricks of the trade from these specialists. I just opened an account at etoro.
However, I just noticed a websites called fxstat.com. Apparently its a website that tracks people’s forex trading performance (by directly linking to their trading account), verifies that the stats are not fake and lets other people copy these trades. If you go to the website and click on ‘Performances’, you get to see the top traders according to their respective RETURNS. HOWEVER, THE RETURNS ARE INSANE! In thousands of percentages! (yearly return) Can you please tell me what exactly am i missing out. I checked and the site is not a scam, it has decent reviews.
I know I am definitely missing out something - but in case it is true then how come everyone is not copying these guys. One of the traders has almost 300% return in 3 months. And its a verified account.
Personally i seriously doubt these sort of figures on anyones account. if these guys were making 1000’s of % at all they would be poached by a BIG Bank and paid 100’s of Thousands (or more) to make that sort of return for them. I’ve read that a true professional (like a hedge fund or traders for a big institution) are doing fantastic when they make 100% per year.
That being said. in order to be successful and profitable trading. what one is missing is not the “Right setup” or mentor to follow. What is likely missing is 1. Experience in the market Learning how to Trade a system and getting used to being in the market. 2. the mindset and psychology to trade a system, this is generally where you take a system (especially one given to you) and second guess it; make mistakes; take profits too early; let losses run; all the emotional issues that take a fine system and turn it to a loser.
Its not really the system if it is tested to be profitable, its often the trader who cannot trade it.
the truth is you need time to learn how to trade markets, consider your account a tuition. at first your Goal should be to not lose it all. (End up at Breakeven). and then any profit is a bonus.
if these guys were making 1000’s of % at all they would be poached by a BIG Bank and paid 100’s of Thousands (or more) to make that sort of return for them. I’ve read that a true professional (like a hedge fund or traders for a big institution) are doing fantastic when they make 100% per year.
I agree. There must be something off somewhere. I just can’t pinpoint it though.
Fixed it for you. You’ll find very few HF’s that make 100% a year and even fewer real investors willing to jump into that kind of return. The risk profile of a fund like that is off the charts, and that doesn’t attract sophisticated investors.
