I am using stocktwitts and “wall street birds” with some success on EURUSD 15 min and 1 hour. Mainly using the free daily graph on wallstreetbirds - not a paid account. Is anyone else using either site for fx trading?
Do u mean Copy Trading? :19:
I actually use the copy trading website zulutrade , which basically let you copy other fx traders , and i must say that i works preety well.
No, I use wallstreebirds mainly as a guide. When that free chart is going up, I only take long positions and only short when going down.
Just asking guys… no axe to grind here, but is it really wise to blindly follow where others lead?
I hear through another thread that a ‘big wheel’ on Zulu took alot of people down when his past great trading history took a nose dive with his refusal to accept he was wrong on one particular trade and cut his losses? Again with the big pundit forcasters… whats their agenda? Not knocking it guys, just been around awhile and have come to the conclusion there is no free lunch is all. :13:
in that case, it was free lunch but then it turned into paid lunch x 100
You dont follow them “blindly” , there is the performance history , the backtesting tool , now the newly zuluguard that protects you from traders who suddenly change their strategies.
[I]“Just asking guys… no axe to grind here, but is it really wise to blindly follow where others lead?”[/I]
Place your trust and fortune in the hands of a total stranger on a website without knowing what the heck you are doing, or he is doing, and then call yourself a trader. What could possibly go wrong?
You’re right and stocktwitts and others possibly could be manipulated, but derwent capital and wallstreetbirds type of systems read through millions of twitter messages every hour. Not about trading advise, but just to see what kind of “mood” the world is in. it’s a bit different than stocktwitts. It’s based on this white paper: Johan Bollen; Huina Mao; Xiao-Jun Zeng (2010). “Twitter mood predicts the stock market”. Journal of Computational Science 2: 1–8. Not sure where the PDF file is on the Internet but it was out there for awhile.
Copying a stranger on a website, neither make you a trader nor it helps you becoming a trader. It is just making a nice painting on an ice cube.
Well for some it’s not about trading but about making money. If following a stranger helps make them money then they are good.
exactly!! plus keep in mind that some can never become traders in the real sense of the word, and trying to become as well, this would make them loose money and time…why do that when there is an actual viable option, right…?