Hello there, I’ve been trading for a few years. There has been a lot of buzz about copy trading. I was wondering if copy trading could help an experienced trader. If yes,
its depends but i think no one can say it with certainly.
Considering that most traders are currently losing money, I think you’re starting from the wrong basic point if you want to judge your trading plans from the pick-up rate of your trade signals.
With all due respect to new traders, you’re basically asking for approval of a group of people, 80% of whom don’t understand what they’re doing, let alone what you’re doing.
That depends on how you set up your business.
You can’t, if you post signals publicly. You’d have to share them privately via a service. Once you share online, private or public, you no longer have control over what people do with them.
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.
When I tried copytrading & followed the trader I liked, I was amazed at how easy it was.
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.
Yeah, I second that. Forex has never been known for quick profit without any learning.
Have you ever copy traded and made a loss?
Dude he asked a specific question, therapy is another website.
I have realised with the passage of time, losses are a part of trading…just try to learn from your mistakes and do not repeat the same mistake again.
Most losing trades are not losers because of mistakes in identifying the set-up and entry and in the execution of the trade itself.
The worst mistakes come much earlier than that, at a strategic level, before a position is even opened.
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.
I’m hoping to get some advice here.
Read this thread, got some info about copy trading and now i am wondering where to take my journey next, ‘cause I want to do more than just trade.
So what should I do? Should I start sharing my strategies?
@Darryl_7 If you have been consistently profitable, you should definitely think about it. There are many traders who are interested in copying traders with good track records. I’ve been doing it myself on Zulutrade. Would love to see you there.