I have tried copy trading, Here’s what I would recommend you guys-
Research the traders you are considering following: Look into their trading history, risk management practices, and any other relevant information to make sure they are a good fit for your portfolio
Understand the risks: Remember that copy trading carries its own set of risks, including the risk of losses if the trader you are following makes poor decisions.
Monitor your portfolio regularly: Keep an eye on the performance of your portfolio and make changes as needed.
Diversify your portfolio: Consider following multiple traders to avoid risk as even the best traders in the world have bad trades.
Keep learning: Don’t rely solely on copy trading; continue to educate yourself about trading and improve your skills and knowledge.
Copy trading offers a lot of flexibility. You get to choose which experienced and successful traders you want to copy - and there are millions to choose from. Also, you can customise your portfolio and diversify it according to your own goals and risk tolerance.
Copy trading is a good option for diversification because you can follow the trades of multiple experienced and successful traders, rather than just relying on your own analysis and expertise. This way, you can minimise the overall risk and improve your overall trading performance.
@ JannikHofmann Nothing fishy about going about this the smart way. You have to start somewhere, why not be profitable while learning? Or at least soften the losses that come with learning.
There is a smart way to use signals/copy trading to help diversify and increase the likeliness of success. I am leaning A LOT just getting that in place.
@ragtop50 The way you just started shilling for that site seemed fishy tbh. Are you using their signals? What’s the success rate? And, most signal providers are paid. IMO copy trading is a much better option.
@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.
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.
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.
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.
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?
