Anyone use Social Trading systems

I’m not a huge fan of social trading. Sometimes people pitch it as the magic bullet to being profitable in forex. It is not. A few traders that I know use Currensee though.

I know im preforming a bit of forum necromancy here but it seems most people were confused about what social trading is. maybe now in 2014 anyone care to share their experience with social trading?

If you dont know what social trading is best place you can go and try is zulutrade - this is all what social trading is about.

I know what it is good sir, I just never tried it. I want to know about peoples personal experiences

I have searched for a video tutorial that explains social training but couldn’t find one. Can anyone please post a link if there’s any?

im noob but I am highly inclined to think this is social trading

I don’t think people were confused, but the majority do not like it. I think it is a bad idea and if you really want to trade you need to learn and not depend on others.

If you dont know what is why dont you open a demo account with zulutrade and then follow couple of good traders and then see for yourself what social trading is. simply as this.

Eh I’ll give it a try and see what’s up.

Very interesting. May be I will give this a try.

i like to say again… “I know what it is good sir” “I want to know about peoples personal experiences”

Zulutrade is not the broker for me. EToro might but they dont accept US Clients. Sadly I have only one choice of broker within my needs and has only pramm not even a reputable pramm so im on my own… Aside from babypips ofcourse

Not bad so far for the first day on demo account. Some of the traders seem to be doing good. Some not doing so well. But will see at the end of 30 days to see how they come out.

BTW! got a question if anyone knows, I know that traders are making commission off followers. How about ZuluTrade? What do they get out of this, other than being part of one of the Broker? Just wondering.

I think it is not bad to learn from the experiences of other traders, even though you have to generate your trading style…But every once in a while you can learn from others, and social trading can be a good platform to do so.

How on earth did you manage to read that, it has to be one of the worst websites I’ve ever seen, I couldn’t bring myself to read more than a few words.

He used the word fundamentals to describe technical analysis. He talks about how a demo account was not worth his time because it wasn’t emotional enough and he opened a standard account with a thousand dollars. It really doesn’t sound like he ever succeeded as a new trader.

I agree, the ideas are just everywhere. If you’re just new into Forex, I’d say there’s a 95% chance that you’d get lost at some point.

Not bad at all, after 9 days with ZuluTrade (with ups and down, and also my own open trades). My Demo Account is moving into the green. Currently at 4% ROI. Weeded out most of the top traders down to 5 traders that I trusted. (kind of, since they stayed on the green most of the time)

I created a live account this past Monday, but after weighting on all the pros and cons (with mini lot account). I didn’t think it is worth it to pay $1.00 per round turn. So I am backing out of it.

Of course, if it is a bigger account size the pros will out weight the cons. And that, I am currently will not take a chance in with the luck I am having.

On my other account, as of this morning I already lost 5.45% on the trades I opened. And there is one pending loss that I am waiting to see if I will cut the lost.

I won’t recommend ZuluTrade as it’s them only who is really making money. Even top Signal Providers can’t make a decent $ because then they would need to overtrade - they are only being paid for volume, not results!

I recommend everyone checking ForexSignals or ConnectForex by SimpleTrader.

Espipionage wrote an article a little while ago you could have a look at-
Forex Social Trading: What’s Hot and What’s Not

I hadn’t looked at eToro for about 3 months, but after seeing your thread I went back to have another look around - nothing much had seemed to change since I wrote my little piece in response to Espipionage’s article. I’ll just copy & paste it here-

"I can only really talk about my own experience of eToro, one
of the most popular sites I think.

I’ve been on there for about 4 months now. When I first
started looking at Forex, I thought it might be a good idea to follow &
copy other more experienced traders. As mentioned in your article, you can ask
questions of the traders, & I think the site themselves encourage this
interaction of trader & copier.

I must’ve followed & (virtually) copied about 30 of
their best rated traders, & I think I can safely say that without exception
they are poor. I must say, I’ve been really disappointed with the standard of
trader. If eToro was representative of retail trading as a whole, it’s very
easy to see how 95% of traders fail.

I’ve looked at maybe another 150 traders on there, and they
are either classic martingalers (lots of small wins wiped out by 1 big loss),
or they hide huge amounts of ongoing losses in their open trades. With most of
them, all you need to do is click on ‘Open Trades’ – this will be all red, then
click on ‘History’, this will be all green. The losing open trades can go back
for months on end.

In 1 of my first conversation there, I got the advice ‘Look
for traders with 100% win records’.

There is constant adding to losing positions, and Stoplosses
being widened. I’m certainly no expert, but you can tell that a lot of people
on there trading (and I’m talking about people with hundreds of people copying
them) really don’t have a clue.

I’d say though it’s been useful in seeing how most people
seem to trade, as much as ‘what not to do’ as anything.

These are my observations anyway, but I am quite new to
forex also, so maybe these practices are used by everyone, even successful
traders, though I doubt it.

And maybe eToro isn’t representative of most forex social
trading sites, as they do seem very geared towards the social aspect, maybe
more than some of the brokers you mention above."

That’s what I felt 3 months ago, & nothing much has changed my opinion after having another look around this week.

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The best person to teach u how to trade is yourself. Like my father said ‘’ Man is the best servant to himself ‘’

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