I recently started reading about Forex, and i have come across a handful of services, that offers automated trading in one way of another. But when i take a deeper look into them, they dont seem to be profitabel.
Some claim a monthlyreturn of 15-25% but after reading more into forextrading, itturns out that, that is out of the questions. and a more realistic goal would be somewhere around 25-30 a year.
i have taken a look into the following Services.and they seem to have the following problems.
-zulutrade. It seems like the Traders on there is mostly scalpers, and make alot of small trade on a daly basis,with makes it difficult to get the same result beacouse of the different prices from broker to broker, so the trade will not be the same. so small trades is pretty bad if you follow other
-currensee. Alot of bad talk in general, but most of it is old, from when they where starting up, but there is still alot of people who clain the statistics of the traders is not real, and missing trades.
-mql4.com. hard to finde a good trader. and the samedelay as with zulu.when the trader makes small trades.
So i was wondering if there is anyone here who are using any of the many automated or forex money manager services out there, and turnign a profit.
Beware of Zulu and similar sites where the traders are almost encouraged to let their losses run. It does not affect them negatively to do so for the most part as they’re usually not even trading a live account, and if they are it’s a very small one. They generate impressive returns for a short time because of this, but ultimately they go bust when they’re hit with a margin call.
Ask yourself if someone generating thousands of percent return annually - as many of the traders on Zulu are reported to do - would need to trade other people’s capital. If they started off with $1,000 they’d get to the point where they had to worry about fills and moving the market within a couple years.
I’m not saying it isn’t possible to generate those kinds of returns, because it certainly is. But the few traders who can do so certainly wouldn’t be found wasting their time with some signal website. I wouldn’t limit yourself by saying only 25-30% per year is possible. It depends on your system and you, how hard you’re willing to work for it.
Right now i dont have the time, to do too much reading or anythign like that, since i am starting on a new study this summer. so i was hoping to finde some sort of forex service, that i would run on the side line, for the 3,5 - 4 years i will be studying.
Well, there are many people on the Internet who claim automated software to make profits. I’m of different opinion. I don’t think there is a simplest or quickest way to get rich!! You must learn from your losses and adopt different strategies… That’s ma personal opinion !!
yeah, there are many claim that they get many profit, but is that consistent??
I’m not sure about it. Its difficult guys.
I recommend and make your money work for you with opening pamm account of liteforex broker. its very famous and fair broker in the world…
I disagree with you. The results on zulutrade are final with after the rest of the commissions and trading stats. What you see is exactly what you get. of about 30% yearly roi for me personally, is quietly satisfactory. better be save and sound, than loose all in no time.
I recommend that if you don’t have the time to learn about trading, etc., that you don’t blindly follow an automated service. I have been in this business a long time, and can tell you that most services, newsletters, etc. are run by people who shouldn’t be giving financial advice. With such services, you will most likely lose money. Not all are bad (in fact, I do this exact thing), but if you don’t have the time to educate yourself, you probably won’t be able to discern what is legitimate and what is not until it is too late. If you really do want to invest your money, but don’t have the time to learn how to trade (at least the basics), perhaps you should look into mutual funds.
99% of the traders on these sites are small time and don’t really know what they’re doing.
They are motivated to churn trades and earn commission. I recommend finding a provider with a large master account from a reputable broker as evidence they have a lot to lose if things go wrong (just like us!)
I’m following a manual trader with a $130k live account and have been making money for the past few months.
For automated trading, I would seriously suggest to make sure that your internet connection is stable. Your order might not be sent to the market if there’s a single connection failure.
Well, I can reassure you that I have made that type of returns. You can see some of my posts - i posted some performance, old one, but proves returns. If zulutrade, is used properly and utilized to the top - can make totally good returns. Check it out, even on a demo account it is as good as we all saying.
There are some good EA’s with reviews at FPA, I think. Personally, I have tried Myfxbook autotrade, Zulu, and now uses another new EA. Have earned, have lost. If ever you should use one, monitor it closely as these systems come to a point that they will crash (according to statistics). If you think and feel that it’s still working well, go on. But no one can really say.
I agree with Deep Algo, if your target is 25% a year, study the mutual funds companies in your country. Some can even earn more than that, and far safer than forex.
I would like to address one difference here - it is totally another story to be a follower and a trader for that matter, regardless if the same platform is used. So, as far your experience, as a trader is concerned, which social platform you like more?
Hi mate, Had a look at the stats you posted the link to. How do I go about setting up an account to follow this trader automatically? Can the trades be followed using FXCM TSII?
I this is what you looking for subake, try out zulutrade, it is full of profitable traders (with different type of strategies and EAs) that you can follow and benefit from
Most people that run signals or EA’s are using a VPS. I got this off the STVPS.net website explaining how it works:
[I]A VPS stands for Virtual Private Server. As the name implies it is your own private server which is hosted in the cloud/on the Internet. Like any server it is always on 24/7 and constantly online.
Think of your VPS as a personal computer that you rent on a monthly basis. This computer is located within our datacentre based in the UK. You then access your computer through the internet and install your MT4 terminals so they run 24hrs per day.[/I]
I use a VPS and haven’t had any issues with disconnections.
