It differs from platform to platform. For instance, in ZuluTrade, the trader is paid 0.5 pips per standard lot (5$), for each closed trade executed on a real account whereas if you have Iron account type with Naga you will earn $0.12 per copied trade.
When you have a live follower on Zulutrade, you receive an email notification and incase you don’t receive one then the follower is a demo account user. And autocopy feature with Naga is available only for live account. So any trades that will be copied will be from real accounts.
I don’t know about the email-notification but in Zulutrade there is a specific section in trader’s profile where they can check all the information about the investors who have subscribed to their strategy. It is also mentioned on the performance page of a trader. You can check how many total investors are following a trader, how many of them are real and who are they.
I think this whole copy trading thing is a very interesting way of increasing ones profits. Can somebody explain if you can keep your broker or you have to use a trading platform of the copy trading site? I would never change my broker for this.
I was on the website of the above mentioned copy trading site but i couldn’t find a broker list or such a thing. Has somebody some inside knowledge of how this works?
Yes, copytrading is a great way of earning. But it doesn’t mean that you should just subscribe to the trader and that’s all. Examine the trader’s statistics which you want to follow, explore the market a little & then only everything will work out. As they say, “Learning is the key”.
Some copytrading platforms like Zulutrade and Pelican offer a list of brokers you can choose from and you can only use their copytrading services if your broker is listed.
While others like Avatrade and etoro have their inhouse copytrading platforms. You cannot connect their platforms with other brokers.
Such as a desperate mindset? I’ve traded like that so many times. I’ve taken trades that were not strategic at all, but I just thought SOMETHING was gonna happen. I had no clue if price would go up or down. I had a 50/50 chance.
Somehow, I lost every time. I think a healthy mindset is ¨how can I improve?¨ It’s ok to have losses. Even if you blow your account. Ok, fine. Upset? That’s ok. But once the anger dissipates, you gotta ask yourself that question. Analysis of past trades is so important.
Your loss in copytrading will be directly related to the trader you are following, but losses are inevitable in trading and even experienced traders face them. Personally, I try to embrace my losses because they provide an opportunity for growth & learning.