Copy trading in forex trade

Please my people, what is copy trading in forex. Is it authorized or it belongs to a group of people. Help. God bless.

Be very careful of following trades by people whose expertise you can’t check.

Bear in mind that about 80% of currently active traders are losing money.

If you have to pay for such a service, you should wonder why if these traders are so good at trading that they need to bother with selling information to new traders.

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Hi
Copy trading is a shortcut to the land of nowhere , if you really like this business do the hard work , fall forward , be smart ,
And take the right way to succes!!

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There is a reason why the successful traders don’t offer copy trading services, They too busy making money. I agree with you.

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Couldn’t agree with this more. :open_mouth:

When I was just starting out, I thought that copying trades would be such an easy way to make money in forex. :confused: But it’s a good thing that I got to know more about other people’s experiences with that, and decided to really just learn forex for myself. :open_mouth:

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Copy trading is where you copy experienced traders’ trade. There’s a possibility to earn money from it but you should be willing to take the risk.

You can use such signals, but only in the case then you understand what you want to sell and what you want to buy. If you aren’t sure it will be better not to open such positions

I agree with this. Maybe it is better if we do our own analysis to see whether a signal is correct or not. At least to be sure a little bit.

Of course, it is important to each trader to be able to conduct his own independent analysis and make his own trading decisions based on the results of such analysis. At the same time, information on trades made by other traders sometimes could be also useful. For example, newbie traders could analyse trades made by experienced professional trader to understand the main principles and approaches used. For sure, in this case they should not just simply copy his strategy, but to search for something that could be used to create their own trading systems.

Now we can easily find a huge amount of trading signals providers both free and subscribtion-based and it is very difficult to find out those which would be reliable and profitable. At the same time, there is an interesting and a bit unusal approach - to perform reverse trading. The only thing you will need is to find the worse singals provider generating losing signals for most of the time (actually, it would not be too difficult) and then execute opposite orders each time receiving new signal. There are even special tools allowing to automatize such process, like Forex Copier (one of its versions provides such feature). Reverse trading is very interesting, because in this case you will act against the majority of the trader while according to the official ESMA statistics most of the traders lose. Thus, such approach gives you possibility to benefit from wrong losing signal or losing strategies in general. At the same time, it could be very risky, so it should be previously tested.

Anyway, it is necessary to learn the trading basics to use any of approaches available, and also to be able to find your own new ways in trading.

Couldn’t agree more!

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copy trading is a good source to bring profit from Forex , its a policy to copy from an experience traders “trade”. but real traders right now difficult to found in practically.

Policy? Lol , fear to lose I guess…

Like everything - there are good and bad examples. There are so many platforms to search for traders to copy. I provide a copy service on SignalStart and MQL5 and have had success on it of late. I’m winning and so are my followers. Both SignalStart and MQL5 platforms show you the performing statistics so there’s no hiding. You need to be mindfull of the ones who get e.g.1,000% gain in a month!!! They are usually the ones that blow your account the next week! Month by month consistency is often a good indicator.
The more honest trader also displays their account history on myfxbook, often enough.

I am not sure about other traders but copy trading has proved to be a great learning tool for me over and over again. More than being a chatty diversion, it is a great way of educating yourself on trading. But you should not consider it as a way of making passive income because that’s not what it is for.