Hey guys,
I’m new to Forex, I haven’t started yet but it seems complex and time consuming,
so I was wonering if I can just mirror someone else’s trades who has a lot of experience obviously he would be much more likely to be profitable and I don’t have to waste time?
yes i think up to an extent you can be successful but, my opinion is that you need to have something which belongs to you. that is how will be able to understand the Forex market and you will be able to know the things which you have done wrong and rectify them.
why are you treating forex like a gambling system? If you are new to the trading, my suggestions are: learn how to trade. You may get this knowledge from free e-book or videos. Practice with demo account until you are sure how you can minimize the lost. If you are copying others in trading, you are not trading, but just copy paste. I won’t like to follow other even if I am not earning as much as him, I prefer to practice, and surely one day I will earn much. Because sometimes people do make mistakes. Same as robot trader.
Bro…let me be straight with you here. Success at this game is 90% psychology. The attitude you’re bringing to the table reveals that you have underlying thought patterns which are going to prevent you from seeing any type of long-term rewards.
Most people turn to Forex in hopes of getting rich quick. I’m not against that idea as there are just as many people who’ve gone from zero to hero in a relatively short span of time as there are who have slugged it out over years and years so that they can barely enjoy the fruit of their labors in their glory years. Also, when you go to the bank they don’t ask you if your cashing a “slow money” check or one that came from a get-rich-quick activity. There is no bonus for slow money. So I totally believe that large sums of cash can be made in short periods of time.
That being said, the idea of not only getting rich quick…but getting rich quick with no time investment at all is the foundational thinking of a gambler. A shrewd trader and a gambler are both hoping to fill their pockets with large sums of cash in short periods of time, but that’s pretty much the extent of the similarity between the thinking of these two very different types of individuals.
If you think that you’re going to be able to sit at home playing xbox and make a mil in a couple years riding the coat-tails of a Forex super-star…well you’d better think again. Playing the lottery has the same goal in mind, but it requires less of a time commitment. Both approaching to getting money are probably about as likely to succeed.
Sure, there ARE services like[B] Zulutrade[/B] and [B]Currensee[/B] which allow one to open a broker account and clone the trades of top performers for a fee. The trick with these things is that you STILL have a modicum of control. You can still screw it up. Here are some examples:
Position Size - if the signal provider advises that you only use 0.1 lots max with his systems and you double it to try and speed up gains, you’ll most likely margin call the account during a particularly large floating drawdown that was factored into the providers signal at 0.1 lot but not at double that risk.
Early Withdraw - in most cases, signal platforms allow individual account holders to terminate open trades at will. If a signal provider is going through a phase of losses, one might be tempted to pull out of losing trades early before it “gets worse” on another trade only to see price move back into the profit zone which would have made up for previous losses if one had kept the faith. Alternatively, one could pull out of profitable trades early instead of letting winners run and thus not have the available profit to overcome past or future losses because of the interference.
These are only two examples. There are dozens more, I’m sure. Letting someone else trade your account doesn’t absolve you of the responsibility to develop the thinking patterns of a winner. If your thinking is on a losing wavelength…then you cannot win because, psychologically, you won’t LET yourself win.
Read what you originally posted all over again as if you were reading the words of a someone else. What you wrote doesn’t come across well. They didn’t come from someone operating from a winning state of mind…which can only mean one thing. And it’s not good.
Here is one more thread for you to review:
http://forums.babypips.com/newbie-island/48835-trade-copying-does-make-sense.html
‘Waste time’ on something you expect to generate income for you?
If you wanted to be a carpenter, would you consider learning about the different types of wood and their qualities, and learning how to work wood a ‘waste of time’?
There is no free lunch, especially not in forex.
Cheers,
P.
There are no secrets to success. It is the result of preparation, hard work, and learning from failure.
(Colin Powell)
Marcus,
Some posted already good remarks. But I like to imprint a thought in to your mind.
Yes, you can do it the Lazyman’s way by just following experienced traders, but I wouldn’t quit my dayjob doing that.
obviously there is no free lunch everywhere. and in forex.
the point is to get the closest posible to what you need and if you are not gaining unreasonable high level of monet to least have a moderate level of wins with moderate risk over a longer period of time…
this is what i am doing with zulutrade.
So how does it work? Is it a case of receiving a text or email with the entry points?
no, you have an account in their webpage - you log in and see the traders that you have followers (copied) as if you have placed them with your own level of equity of course.
open a demo - its free and see for yourself.
Ok cool…any recommendations…I hear Zulutrade is quite popular…worth a go??
You’ve heart right my friend totally worth it!! ive been getting many pips for the past year and so from following.
open a demo and see for yourself - demo is for free and gets u virtually anything except for slippage but this can be simulated so no prob in that area 
Is zulutrade legit? The name kinda sounds like a nigerian scam lol. Btw is it compatible with best rated trading robots?
well, i’d tell you one thing and it speaks for itself - it is NFA registered, and as you know they do not joke about making forex business, will fine you for every little thing that exists…last week they billed 3.3M FXDD for ‘wrong’ equity calculation - i put it in quotes becase first the method was approved,t hen they (NFA) changed it, and then they fined …read it it’s all over the news
as for robots compatability, as far as i know - and this is little as i am a follower, not a trader, the EAs should be already implemented in your mt4…but ask support they will know better!