How did copy trading work for you?

Beginner Questions
1

Helloooo! :blush: I was just reading posts and I came across one about copy trading. :smiley: I’ve tried it before, but it didn’t really work for me. :open_mouth: But, my experience could be very different from the others! :smiley: Have you had any experience with copy trading? :thinking: How was it? :blush:

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2

No not great at all. I learned nothing and lost money. Part of my journey but something I would still change if I could go back.

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3

I am not providing a copy trading service, but I do share signals. Maybe this will work better for you?

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4

Was it like a subscription type of thing? :open_mouth:

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5

Ooooh! :blush: Interesting! :smiley: I’d definitely check it out since the signals you’ve been sharing have been very promising so far. :thinking: If you don’t mind, do you use any indicators?

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6

Thank you! I use no indicators.

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7

Oh! :open_mouth: Okay! I guess it’s common for more experienced traders to sometimes trade with no indicators. :blush:

8

The only indicator needed is price.

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9

Yeah paid monthly towards the start of my forex journey and it was a flop. Was part of paying my early dues as I say.

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10

Thanks for that! :blush: I definitely need to put in much more work to be knowledgeable enough to not rely on indicators in any way. :sweat_smile: But any tips would be much appreciated! :blush: Right now, I use MAs for my trades.

11

That’s interesting. :confused: I guess their marketing was really convincing enough for them to have you subscribe to their services? :open_mouth: I wonder where you found them. I think there are a lot of those on telegram? :thinking:

12

Not really, it was someone that I kinda knew who was offering it and I was wet behind the ears and thinking of making money too much so jumped at it and got burnt. Lesson learned there. It’s why I’m so keen to promote the idea that there are no shortcuts in this business.

13

Oh no. :confused: It must have caused a strain in your relationship. :confused: Somehow, I understand why you’d be interested in it though, especially since you have trust in this person who was offering it. :open_mouth: Have you ever met anyone who has had positive experience with copy trading?

14

Online acquaintance so no real drama. Not long term no, in the same way I haven’t with signals or EAs

15

Copy-trading became so popular nowadays, but most of the copiers still do not realize the risk they expose themselve to. In the past, just out of curiosity, I’ve been part in some groups providing signals, but personally never entered any of their positions at all. The long-term results were absolutely terrible.

I’d never put my money at risk in other’s hands because no one will ever take the full responsability in case of a huge loss. Signal providers promise a lot, but I think that anyone who’s having basic knowledge about trading in general avoids them as everything sounds too good to be true. There are enough videos on YouTube that attest this statement.

16

Never used it but interested to see how others got on with it .

17

Successful copy trading can take as much effort (especially initially) as manual trading. You need to do hours of research and planning, just as you would with any portfolio.
I have been very profitable copy trading over the past few months. I am diversified among 7 different traders with varying degrees of risk associated. I constantly monitor the accounts and do maintenance to move funds around or remove/add traders as needed. I think people put themselves at too much risk and jump in with just one trader without doing much research. They see the possibility of growing their account 50%+ per month and they jump right in.
Another reason I think copy trading gets a bad reputation is often the ones using it are new traders with limited market knowledge in trading, and I think this is required to be able to recognize and select quality traders.
Done right, copy trading can be very successful and very profitable, but not without putting in the work to plan and research.

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18

I never used copy trading service, since it looks like depending on others! Manual trading is the best!

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19

Yes, copy trading sometimes works well for me, although it doesn’t increase my knowledge. To become good traders, we should clear the concept of using indicators properly on the market.
Not all indicators perform well so we have to be selective even here. Traders have to learn how to use these tools to analyze the market.

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20

I don’t appreciate copying others’ trades unless they don’t leave you any lesson to learn. Spen more time in market study.

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