@JannikHofmann This is copy trading, and success rate depends on selecting quality signals. There are a lot to select from. You can’t communicate with the provider/trader to ask questions (which is a negative), all you have is their performance stats, trade history, and description of their strategy. I have diversified out among about 7 signals (some from MQL5 as well) but the ones I have selected from Signal Start are the most profitable so far. That doesn’t mean Signal Start is better, I just may have selected better signals from them. Yes, these are paid signals of course. SignalStart is part of myfxbook.
I have a very methodical way of ranking these signals and selecting them, almost a maddening process 
In the meantime, I am working on my strategy for manual trading and even working on an EA for the strategy. We will see who is better, me or the EA 
As far as I know, there’s a difference between mirror trading and copy trading so I want to know what exactly will be different between mirror trading platforms (Mirror Trader and Duplikum) and copy trading platforms (Zulutrade, eToro, myfxbook). I would be more comfortable if I can make adjustments as and when required and not give up total control!
Also, Is Mql5 a signal service or a copy trading platform?
I am using ZuluTrade for copy trading and there, I can communicate with traders. It’s nice to have some meaningful interactions with them which is a plus for me.
I’d like to know how successful copy trading platforms are. What’s the success rate? Can I actually make money?
Yes, it is possible to make money via copy trading but success rate is not guaranteed. You’re probably a lot closer to it if you follow an experienced trader who knows how to catch profitable opportunities.
Are there any copy trading platforms where I can interact with traders?
MQL5 website has signals where you can message the trader.
Zulutrade and etoro also let you interact with other traders.
I have heard a lot about these platforms and was thinking of giving them a try. Can you give me a rundown on the main differences between the two?
Both zulutrade and etoro offer copytrading, but the biggest difference is that zulutrade gives you the flexibility to choose the broker of your choice, while with etoro, you don’t have such an option. You are restricted to copy trading with them only since they are a broker, unlike zulutrade which is solely a social trading platform.
Thanks for the info buddy!
How likely is it that you will make consistent earnings by copy trading?
The ability to make consistent earnings through copy trading depends on a variety of factors, such as the performance of the trader being copied, the level of risk associated with their strategy and the overall market conditions.
To improve the chances of consistent earnings when copy trading, investors can take steps such as carefully researching and selecting the traders to copy, diversifying their portfolio to spread risk, and using risk management tools to limit potential losses. Additionally, it is important to stay up to date on market trends and news and regularly review and adjust trading strategies as needed.
That’s insightful! May I know for how long you have been copy trading and on which platform?
I’ve been copy trading on zulutrade for about 6-7 months now.
There are some doubts in my mind regarding trading strategies of a trader on a copy trading platform. I want to understand their strategies a bit better before deciding who to follow. Is there a way to communicate directly with these traders to gain a better understanding of their trading approach?
Yeah some copy trading platforms do have the option to communicate directly with the traders. Like, Zulutrade has a social feed feature where novice traders can interact with the traders and gain insights about their trading approach.
I also use the social feed feature. It’s like having a trading community right at your fingertips, where you can connect with other traders and get insights on market trends. It makes trading a lot more fun and interactive!
The idea of copy trading sounds too good to be true, it must have some downsides. Could I be right?
If you don’t have time to analyze chart.
you can start trading by copy the strategy of successful trader in copytrading.
so copytrading is good