Reply

Topic

[KopyKatTrader]

This page says it but you almost can’t say it enough, go in with your eyes WIDE open.

You can lose money even when you pick a so-called ‘Winner’. They’re not Warren Buffet so don’t expect they’re going to make you a millionaire overnight.

It’s like any investment really, do your homework, start small, and get out while you’re on top.

That’s my advice anyway from years trying to crack the trading industry and copy trading more so in recent times!

Reply

[AlwaysTrading 24/7]

Copy trading is how I got started. It’s true it’s a good way to learn about the markets etc, but defo important to find traders that share the thinking around their setups, why X instrument, why Y timeframe, the risk management tools they use etc. If they don’t share that it can be tricky to learn. Social trading networks are good here, the likes of eToro as good ones on there often share a lot of their thought process and details about their portfolios.

Reply

[Steve]

I agree about following multiple traders – a good way to spread risk 👍

One important thing I’d add is to always look at a master trader’s returns over a long period, ideally a year but at least six months. That’s a more reliable indicator of a genuinely good trader in my book and someone worth putting your money with.

Reply

[KopyKatTrader]

Definitely sensible because it gives you a more complete picture of a trader’s ability and performance. I’ve had it before where a trader looks like they’ve had really strong returns on the platform’s dashboard but then you change the time settings to a year and it suddenly falls.

Reply

[DamoYouKnow]

100%. Lots of platforms like eToro make it easy to see returns over an extended time horizon these days so it’s a no brainer.

Reply

[Timo S]

I would be interested to know more about solutions like eToro compared with external providers like DupliTrade. I have thought about copy trading myself and my broker (Ava) supports DupliTrade but the minimum investment is nuts at like 2k and I don’t know if I’m happy risking that much straight off the bat.

Reply

[Steve]

I have thought this myself and would be interested to know the results of any tests the guys do.

Reply

[Maximus@GoldTrading24]

DupliTrade is better if you want something that can be integrated with MT4 but you will need a partner broker like Axi or FxPro. And if you’re willing to invest more to start with, which will likely put off lots of beginners.

eToro is better if you want the community element. Its social feed is heaving with activity – I see people sharing market insights and trading ideas throughout the day.

Reply

[Mike]

Copy trading is just a lazy way for beginners to try and make money without putting in any effort to learn proper trading strategies.

It promotes dependency on others’ rather than taking any responsibility for your own trades. It won’t get you far in the long run.

Reply

[AlwaysTrading 24/7]

Ermmm I hardly think that’s fair. I got into the markets by copy trading and now I research, run and manage my own trades and I don’t know if I would have had the confidence if I hadn’t got my start by learning from others.

It is true if you blindly follow you probs won’t learn much but some people do make the effort. It’s a bit of a broad statement that.

Reply

[Steve]

Pal I’m not sure that was the most diplomatic of comments, to call people “lazy”. I think something more constructive could have been more helpful.

Reply

[James BarraModerator DayTrading.com Team]

Mike,

It’s great to have different views involved in the discussion but I politely ask that you try and frame your comments in a more considered way for the different types of traders that may engage in this forum, from beginners through to experienced traders. We want to promote a productive dialogue.

Thank you.

Reply

[Christian HarrisParticipant]

With all due respect, that’s not true. Only a small percentage of people want to be traders or investors, but they want to invest money in the markets. Learning to be consistently profitable takes a lot of time and patience.

Copy trading can be very profitable if you choose the right platform and strategies to copy.

In addition, like some other comments here, if you are new to trading, you can learn a lot from copying successful traders.

When I started trading over five years ago, I learned a lot from strategy providers on multiple platforms (the good and the bad), which I believe has made me a better trader.

One thing is clear, though. You will only get out what you put in.

Reply

[Steve]

Well said Christian 👍

Reply

[Author]

Replies