yes, i used this service. good way to earn money if you do not know how to trade. you can copy deals of professionals.
Copy trading is a kind of automated trading in which you can follow and copy the trades of expert traders onto your account. For newbie’s it is helpful as at initial stage they don’t know much about trading strategies and methods so they can simply copy the trades and can learn from the strategies of the signal provider.
You can earn while learning through copy trading, first try a demo on social trading websites like zulutrade and mql5 and then you can go for live account.
Out of curiosity, I want to know; is there no disadvantage to the this method of trading? Though it really sounds promising I must say.
There’s huge disadvantages. The main one, imho, is that you are entrusting YOUR money to the judgement of a complete stranger.
Hi Common,
Yes there are disadvantages too of copy trading. Let me tell you from my personal experience how I burnt my pockets following a PAMM manager. He used to post amazingly profitable statements and as a newbie I got attracted too and decided to give it a shot so I invested a little of $600. Initially, in earlier weeks of his trading, there were profits in my account so I was quite happy thinking that I am making profits and at the same time learning in demo account and that’s why I dint even feel bad paying him huge profit share. However soon the table earned and in one single day my whole account was wiped out. And this my friend is the biggest disadvantage of following a strategy or a trader as you never when it can go against you.
Well I think copy trading is a good option for new traders as they can simply follow the existing experienced traders without going into detailed study of market. The copy trading websites or platforms allow better options for new traders to learn and trade from the experienced traders. Usually copy trading platforms are very profitable but can turn out to be helpful if you follow the right traders with good trading performance history.
Are you sure about that?
I’d love to see some evidence from you
Same with me, I am also curious with these evidence if follow copy trading is profitable as always
In my opinion also will depending with trader that followed, there are many copy trade also fail and the cause of loss
I see quite a bit of negativity in general advising people away from copy trading. Mabe due to some bad experience. Maybe due to trying to copy those who make 1000% gains in a month, which of course will eventually burn your pot. To me, if you are not a trader, then copying someone who is a trader makes perfect sense, so long as you copy a good one, of course!! As with most things in life, there are good and bad examples. One comment in here claims that you need to take the trader’s word on how good they are. I say, on the contrary - you can often see their trade stats on e.g. myfxbook, SignalStart, MQL5 to name but of the few, I’m familiar with.
I offer my ‘Ready Steady Pips’ trading system for people to copy and I only have a small number of followers so far as I don’t advertise it anywhere, but not one of them have left after starting to copy me. I am profiting and so are they, and I am very confident that things will remain that way.
I often see the comment - if they are good at trading then why do they offer a copy service…and that the trader must be bad, therefore. Well, I can at least attempt to answer that from my perspective. I make money from my trading strategy to top up my monthly wage. To make more, I’d have to increase my risk and to do that I’d have to put more in the pot, but I am a more careful trader than many, and whilst I am very confident in my strategy, I understand that nothing is bulletproof. So offering a copy service allows me to get a little bit more, without risking more of my own money, and of course, I get to make some people happy which is just a rewarding as money itself. I make more from trading my own money than I do from the copy service. Two reasons: a) not many are copying me b) I’m very generous on the monthly fee, as those who copy me break-even in just two days.
The above is the other side of the coin, to shine some positive light on copy service, but of course- do your research and only risk what you can afford to lose is the usual advice. I’m not sure if “learn to trade” is the best advice when more than 80% of retail traders apparently lose! Being a good trader does not happen overnight and does not come easy, so at least try copy service in the meantime, is my advice. Look for steady and consistent growth from whoever you copy.
Hi,Which traders you can be reccommended for copy trading?
the result of copy trading its just all about for very short time and we should be depend on manual trading , in online most of the traders who offers copy trading are found to be scams,
I think copy trading is a great way of making profitable trades for beginners. But you must make sure that you choose the right person to copy trades from. If you choose the wrong person, you won’t get anything more than losses. Be wise about the decisions that you make.
You should first focus on completing your course and then jump into trading. Meanwhile copy trading is not a bad idea since it is automated and will help you learn.