It is important to ask yourself - do I take trading seriously, and is this market for me?
Those who have heard or seen Forex traders lifestyle videos tend to view it as a quick way to get rich quick, They don’t take it seriously, and their mindset is not 100% market-oriented.
No I do not.
In Forex, it is important not to continue trading and not to continue losing your deposits when a trading strategy is not working well. Here it is important to constantly improve it, analyzing unprofitable transactions and finding the causes of losses. After which you need to change something in your strategy. Otherwise, you can lose your deposits forever.
I started copy trading about a year ago and at first, I wasn’t sure if it would work for me. But now, I’m glad I tried it out. When it comes to choosing the best expert to copy, initially, picking the right ones to copy from was a bit of trial and error. I spent some time researching and analyzing various traders’ performance. The best part on zulutrade is that they openly show traders performance data. I mainly look at the level of risk in their strategy, their past performance, the overall profit from copied trades and their maximum drawdown. I also like to see if they’re active in the community and interact with other traders.
That’s my approach, but I’d recommend doing your own research before copying a trader. And it’s important to keep an eye on the performance of the traders you’re copying and make adjustments as needed.