Going offshore to escape the CFTC

@sharpforextrader Yes…I have been using CopyRack, its a pretty seamless user experience. Their platform is quite intuitive, very refreshing and customer support is good.

same here. so far, nothing to complain about with plexy…

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An interesting topic has been raised here. I have completely paused trading myself and moved over to Copy trading. There are very few social copy trading platforms but I think this is the future of trading. Lets face it, all cannot be excellent traders, or have the time and capacity to do trading themselves and that too profitably (overall). But copy trading makes it safer and more reliable.

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1broker was my only experience with copy trading and it was a good experience. You could watch what other traders do, even if you didn’t put your own money in. One of the (maybe #1) most popular trader called himself Snortex. His bio said something like, “degen gambler. don’t copy me, ot you will lose everything”. But he had insane profits.
He must have already been crazy rich, because he would go all in on trades constantly. Account would bounce from nothing to huge repeatedly. Then, there was another trader that couldn’t miss for like 2 months and got a huge following. It turned out to be luck, because the dude lost everything and had a huge group of people angry. Of course, it was the people that followed him’s own fault!

Then there was one user that had small steady gains for a very long time. He would load up on stock pullbacks on daily trends and scale in slowly. He never hit huge wins, but made much better returns than any CD or investment would.

I would never give up solo trading. I mean, even if you follow someone awesome they might retire or lose their edge!
Still, there is definitely huge value in watching other traders. Learn from others’ mistakes and success.

If there is a platform out there that lets you watch what other traders are doing, I’d check it out.

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Glad to hear (finally) that there are some others here who are interested in copy trading. That’s all I have been doing for about 6 years. Tried first with mql5, but found their system too cumbersome and switched to Signal Start, which provides signals for a flat monthly fee; they can be copied to any broker running MT4 or MT5 (your account does not have to match the trader’s—you can pick MT4 or MT5).

Just funded my Lirunex account—they are definitely accepting U.S. clients and should be added to our list. Opening the account was easy. They are not good at answering questions, but opening the account and funding it went very smoothly. They confirmed my deposit of USDC 6 minutes after I sent it, and they didn’t charge a cent for the deposit.

Once I opened my account, I looked around the Lirunex site and discovered they offer a number of signals that can be copied, as well as PAMM’s. These strategies all have performance fees, typically around 30%, so they cost a lot more than Signal Start signals (typically $50 for the signal plus $25 monthly for each account to which you copy one or more signals).

There is an American trader, Cory, who reviews quite a number of copy trading systems and PAMM’s on his website, (Go to https://traderslanding.net/cryptolanding/ and scroll down to Platforms I Am In.) If you use his link (https://landing.global/Lirunex) to open your Lirunex account, he is designated as your Introducing Broker, which gives you access to many more copy-trading systems and PAMM’s. I had already opened my account when I discovered his website, but I got Lirunex to change my account settings so he is now my IB.

Something that may interest others here is that Lirunex offers prop trading.

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Sorry guys I missed updating here as I got really busy…So I received the withdrawal within exact 7.25 hours from Copyrack. It was mainly profits. I like the platform and what I also like is that they have live customer support agents, rather than bots.

The key is to know that Copy trading is not to be done blindly. eToro has been doing great from many years, but of course does not accept US clients. Copyrack does accept US clients. I also believe that we should always be skeptical, keep an eye on all open positions, make sure that the trader who we are following is not going overboard with risk. We always have the option to stop following the trader or alter our positions in our account. We can also make some hedges manually. Trading is all about discipline. Copying someone does not mean that we should become complacent. Being diligent is very important. Having said that, Copy trading does add a sense of ease and comfort, I find it better than a PAMM account because you get full control over the trading account. In a PAMM account, you just get read-only access. I can’t keep looking at my trading account helplessly lol. So I am all in favor of copy trading with full control.

I’ve been copy trading recently as well, I stack a few signals at a time to mitigate risk so if one loses a trade then odds are another will profit… I only use signals with great win rates. I aim for 25% a month for the signals combined and try to match that with 25% in manual trading… it’s been working great so far. I really wish there were more copy trading platforms for US traders though…

It might be cool to make a private discord group to share successful signals we’ve all been watching.

This is a really good point. Some of the strategies on Lirunex that I am looking at are available both as PAMM or copy trading. With many PAMM’s you can only get out at the end of the month, which means you’re stuck if the trader is trashing his own account. But I didn’t think about your point that if you are copy trading you have alternatives besides just getting out of the strategy altogether—you could open hedging positions, you could close some positions while leaving others open.

If you set up such a group, I’ll join.

For years I’ve been picking signals myself, without anyone to bounce ideas off. Different people might pick up different “warning signs” about a particular signal.

I absolutely agree with you that we need to diversify. Twice I’ve lost everything I had in forex because I had it all in one signal. One time it was because the trader who had had fabulous gains for 3 years was doing so much better than another trader, so I moved all my funds to follow the first guy; the second time I think I was having trouble finding other signals I thought were worth following.

One reason I’m glad I found Lirunex is that it opens up more signals besides what I find on Signal Start. I’m thinking of following about 6 altogether.

Sounds like you have just started using Copyrack, and so far, so good.

Has anyone else used this platform? Do we know how long they have been in business? The only review I could find is a single review on Trustpilot, which was a complaint that the person could not figure out what to do after making a deposit. That was a 1-star review. Overall rating is 3.2, so there must have been others who rated Copyrack without leaving a review.

Looks like they are a broker who could be used for self-directed trading, but they have chosen to focus their marketing on copy trading.

“big difference” meaning what?

@sharpforextrader,

How much does CopyRack charge for copying a signal? Can’t find anything about that on the website—not without opening an account, I guess. Do they charge a performance fee (%-age of profit) or a fixed subscription fee per month?

As I said, CopyRack hardly shows up in web searches, which made me feel it is not well-established. Since there is so little info about this broker, I looked up when the domain name was registered:

Dates

  • Registry Expiration: 2024-09-02 23:50:50 UTC
  • Updated: 2024-05-15 14:54:46 UTC
  • Created: 2021-09-02 23:50:50 UTC [emphasis added]

Source: icann.org

Assuming some time between registering the domain and actually starting business, I’m estimating this broker has been in operation perhaps 2 or 2½ years. I don’t think I’ll sign up anytime soon.

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1broker let everone see traders’ stats without paying anything.
If you chose to follow, you could set limits, take control back at any time, and only had to sacrifice a really small percentage to pay the person running the trade.

I only found a handful of traders’ stats interesting and I shared here what they did. Only one was worthy of follow IMO.

If its pay to even see what signals are available, I would not be interested because too high of a chance of wasting money and time on nothing useful. My 2 cents… sometimes I am wrong and ok with that too! Interested to hear others’ experience.

Its mainly 25% profit sharing with the leader, while 75% stays with us. Found this page, have a look Copyrack

Absolutely…that is why I think Copy trading is better, of course if done with intelligence :slight_smile: