Forex Copy Trader

[robertbanking]

Hello you very intelligent and amazing people. I do hope you are ready for another week and i do hope you are continuing to be successful with your trading.

I have been learning how to do Forex trading with a few online courses and reading books on this subject. I have ben practising in a demo account my trades. I kindly wondered please if anyone knows of any traders that offer Copy Trading please for Forex? To get started i would love to put a small amount in a Copy Trading protocol. Further what programs are used for this Copy Trading please? If anyone kindly had any advice on this i would be forever grateful and i would appreciate it, more than you may know.

Wishing you all the very best and keep smiling. Thank you very much for reading my post and any advice you may be able to give. Take care.

 

[flashman57]

Hello @robertbanking. First, forex copy trading is notoriously rife with scammers, to the extent it is even mentioned on the wikipedia page: https://en.wikipedia.org/wiki/Copy_trading. The only legitimate broker that still offers it is eToro I think.

IMO, copy trading makes not much sense because if you don't know enough to trade for yourself, how would you know enough to chose someone to copy from - you can't see their strategy or know what risks they are taking.

 

[charles2]

If i was just starting out on a my trading path, i would not start by copying a strategy provider and copy his/her trades trying to work out how they trade (and people do) i would use my time starting my trading apprenticeship

I would cut my teeth learning the trading business ,and it is a business from the start.

On the other hand if i was an( investor ) but didn't have the skills /time /inclination to trade but interested in spreading my risk by copying different strategy providers

that is a different story.

As flashman57 says there are many Strategy providers out there who are only out to scam, but there are many competent traders out there where you can make a steady monthly income% if you use due diligence.

Time trading
Draw down
If they hide open trades
Make sure SP only charges performance fee and not Volume fee
and more.