Been copying 2 for almost a year now. And that’s after going through thousands of traders from everywhere. Both are not from mainstream platforms like Zulu or etoro. You really got to do a bit of digging to find the good ones. Don’t mind sharing if you want to know, just don’t want to do it here in case I get accused of promoting stuff. Eyeing a few on Signalstart (run by myfxbook) too, might sign up with them at the beginning of the next year. Probably a good idea to diversify the funds between 3 to 5 traders.
You also want to make sure you’re using the same broker as the trader, and that’s especially true if you’re copying trades from a scalper.
So you are not a noob…
I started my journey as a copier 8 years ago on etoro, you can still find me there.
Unfortunatelly finding true traders is as difficult as being a true trader, 1 in one thousond makes it.
Plenty of charlatans and lucky survivors.
After 8 years of social trading I can tell you that the main feature of true traders is a long trackrecord.
I agree with you about replication issues, that is the reason I always avoided non integrated solutions.
I would consider only etoro, Darwinex and AlpariPAMM.
I started trading over 10 years ago. Really got into it at the beginning but didn’t find much success. 10 years down the road it became clear to me that the future is bot and social trading. AI takes the workload and emotions away, and social trading means that any competent trader, even without a large sum of capital to start with, can now become a fund manager who works from home earning decent wages.
As a beginner, copy trading helped me so much when I couldn’t find an effective strategy to work for me. It helped me in limiting my potential losses and I also got to manage risk more effectively. I also got to learn a lot of strategies that I still apply when trading myself.
Step forward now two years, and I am curious if others are finding more/better success with copy trading?
I have learned the process of setting up a well diversified portfolio of copy trading takes a lot of work, and the lack of this due diligence is probably why there are failures in copy trading. I have diversified out among 7 copy traders over a couple of different platforms and so far it has been very profitable. Just like you would do with any portfolio, some are aggressive (20-30% month) and others are more moderate to conservative. My plan is after building a base to start putting the profits into something more conservative (4-5% month) and let that grow. The goal is for the percentage that is in the more aggressive/risky trading continues to get smaller. That way, the money being used for the more aggressive traders would have less impact on the overall portfolio if something were to come off the rails.
I think now there are many more quality choices available to copy on platforms like MQL5 and SignalStart.
If you have reasonable expectations and put in the many hours of research and planning, it can be very profitable and even very reliable.
I would love to hear others success stories and what you are doing to be successful in copy trading.
More money than you can afford could be lost. The worst part is that if you follow another trader blindly, it’s possible that you won’t know why things went wrong and you won’t be able to learn from your mistakes. In summary, copy trading can be quite risky, especially for rookie traders who lack the experience and knowledge necessary to make wise choices.
Copy trading isn’t a new idea but till now this is not successful; you got the answer! Actually, traders performance not remain the same when they provide copy trading service!
Copy the strategy, don’t copy the trade. If you can work a strategy you will have no need to shoulder the additional risk of copying someone else’s trades.
Copy trading may help you in gaining profit but it won’t enlarge your trading experience. S, to enhance your trading experience, you have to learn how to analyze the market.
I’ve been copying the trades of professional traders on Zulutrade and learning a lot from them. I always try to choose traders whose trading goals align with mine and overall, it seems to be going quite well.
