I’ve got experience trading Forex and did well but I’m too busy with other stuff to do it again. I wanted to dip my toes in the water on Copy Trading but as far as I can tell, for US Clients, the only option I can find is ZuluTrade using Oanda USA as the broker. EToro doesn’t have Forex Trading for US Clients. But the fee structure of ZuluTrade of $30 monthly subscription and 25% of profits only makes it so you have to either being copying a very high frequency trader or be trading like at least 0.25 standard lot sizes. (I imagine for many, giving 25% of the profit away is not stomachable unless you feel it’s worth having someone else do all the work.) I don’t want to copy a scalper. I’ve got $10K of my portfolio I’m willing to devote to Forex. However I want to gradually increase my capital investment over several months starting at a conservative $500. If I want to risk 1-2% a trade, the monthly subscription fee and 25% profit commission is going to pretty much nearly erase any realistic monthly profit expectation.
I’d also be willing to signup for trade alerts from a seasoned low-frequency trader with a good track record, but obviously the complete hands-off, set it and forget it, fits better into my busy life, if possible.
What are my other options, if any, or do I just have to jump into the deeper end of the pool and take larger positions from the start when copy trading on Zulu if I don’t want to see a HUGE portion of my profits erased?
A very large if not the majority of investors in the world invest in some sort of product that has some sort of degree of management. Also the majority of people in the world don’t invest for a living. They have an other job than investing but they still have money to invest. Surely you are aware of that. So just like people invest in say, a Stock Mutual Fund or a Hedge Fund that is managed by a professional, why not use a manager to invest in Forex?
You seems to have a very narrow view of the investing world as if everyone on this forum is investing in Forex for their job. What’s the problem with say subscribing to ZuluTrade Trader or an MT4/MT5 signal provider that is Forex Trader with several years of experience and very good track record? About 75% of all investors that try to trade Forex, lose money. Why do you think that is? Because those 75% are undercapitalized/taking too much risk per trade and/or unknowledgeable. So why not put your money with someone in the 25% and save a lot of time (and loss) ???
I know for some this is not only a job, but also entertainment, like going to the Casino. Not me. And not a lot of other people.
I think you have to a lot more to learn about trading methods, just because someone on ZuluTrade or MT4 / MT5 signal provider has a high winning trades ratio does not mean their trading model is suitable for tracking. I have seen many traders with what they claimed to have many years of experience who sent very risky in my opinion trading signals, and yet they had many followers, it always ended in the same way, a huge drop in value. A good result of a trader (as you can see means something different to me and to you) and not in every case is a determinant of choosing the right trader.