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social trading
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SpacePower

Member Since Jun 21, 2018  8 posts SpacePower Jul 01 2018 at 12:43
The tips above are very good. One general piece of advice I would give is to not go for the accounts that look too good to be true. Those 1000% increase accounts are high risk martingale strategy and will fail. Look for more steady long term gain

LongVision

Member Since Apr 06, 2018  216 posts LongVision Jul 02 2018 at 06:25
OutsideTheBoxHK posted:
maria_taylor posted:
maria_taylor posted:
Is social trading actually profitable and which platform do you use for social trading?

Hello,
Thanks for the quick response. First of all it is very difficult to find a good trader. Mainly i watch their trading history, maximum draw down, worst trade, best trade, overall performance. But even after looking all these factors i followed few 3 traders (demo account) , there winning trades were above 90 percent, still i am in loss.
can you please suggest me the best way to choose a profitable trader.


I have 14 years trading experience, only now am profitable consistently.
And even that we shall see if it lasts, if I can gain enough knowledge, control over emotion, and discipline in order to control risks, my trading strategy, and the day in day out slog of the ever tricky markets.

Here is my list of winning at social trading:

1. Start with a reputable broker: Halifax, Pepperstone, AxiTrader, and HotForex is ok too
2. Look for traders with track records over one year.
3. Drawdown under 40%, and more importantly Growth-to-drawdown ratio over 10. This is the key metric to me.... ratio of profit to possible drawdown.
4. The risks must be controlled for a strategy to succeed over time. Give it enough time and the real winners always keep profiting and even their periods when their strategies underperform don't knock them out because they limit their losses so that they have capital with which to launch the next growth spurt. Normally once they've re-assessed, taken time out to rest and reflect, and waited for the markets to change or settle out of the dynamic that perplexed their strategy in the first place.
5. MAE/MFE is a very overlooked statistic but it also will tell you a lot about the decisions of a trader. Are they holding on to their losers too long? Do they cut their winners short?
6. Sharpe ratio does a good job of picking winners (but it is calculated differently across the industry - so you can only compare apples with apples when using this statistic)
7. If you are trade copying for monthly price, always withdraw as many profits in the beginning as possible, and recover your initial investment as soon as you can. Then you are investing with profits only.
8. If you are following a strategy with High Water Mark Performance Fees, invest a relatively small amount for 3 months, and then add to your investment as your manager proves his skill.

Nice advice.

The market will trade through it’s path of least resistance .
sarahlawrence

Member Since May 30, 2018  20 posts sarahlawrence Jul 02 2018 at 10:29
OutsideTheBoxHK posted:
maria_taylor posted:
maria_taylor posted:
Is social trading actually profitable and which platform do you use for social trading?

Hello,
Thanks for the quick response. First of all it is very difficult to find a good trader. Mainly i watch their trading history, maximum draw down, worst trade, best trade, overall performance. But even after looking all these factors i followed few 3 traders (demo account) , there winning trades were above 90 percent, still i am in loss.
can you please suggest me the best way to choose a profitable trader.


I have 14 years trading experience, only now am profitable consistently.
And even that we shall see if it lasts, if I can gain enough knowledge, control over emotion, and discipline in order to control risks, my trading strategy, and the day in day out slog of the ever tricky markets.

Here is my list of winning at social trading:

1. Start with a reputable broker: Halifax, Pepperstone, AxiTrader, and HotForex is ok too
2. Look for traders with track records over one year.
3. Drawdown under 40%, and more importantly Growth-to-drawdown ratio over 10. This is the key metric to me.... ratio of profit to possible drawdown.
4. The risks must be controlled for a strategy to succeed over time. Give it enough time and the real winners always keep profiting and even their periods when their strategies underperform don't knock them out because they limit their losses so that they have capital with which to launch the next growth spurt. Normally once they've re-assessed, taken time out to rest and reflect, and waited for the markets to change or settle out of the dynamic that perplexed their strategy in the first place.
5. MAE/MFE is a very overlooked statistic but it also will tell you a lot about the decisions of a trader. Are they holding on to their losers too long? Do they cut their winners short?
6. Sharpe ratio does a good job of picking winners (but it is calculated differently across the industry - so you can only compare apples with apples when using this statistic)
7. If you are trade copying for monthly price, always withdraw as many profits in the beginning as possible, and recover your initial investment as soon as you can. Then you are investing with profits only.
8. If you are following a strategy with High Water Mark Performance Fees, invest a relatively small amount for 3 months, and then add to your investment as your manager proves his skill.
Helpful points. Thanks.

yellowman94

Member Since Oct 09, 2018  41 posts yellowman94 Oct 29 2018 at 13:19
OutsideTheBoxHK posted:
maria_taylor posted:
maria_taylor posted:
Is social trading actually profitable and which platform do you use for social trading?

Hello,
Thanks for the quick response. First of all it is very difficult to find a good trader. Mainly i watch their trading history, maximum draw down, worst trade, best trade, overall performance. But even after looking all these factors i followed few 3 traders (demo account) , there winning trades were above 90 percent, still i am in loss.
can you please suggest me the best way to choose a profitable trader.


I have 14 years trading experience, only now am profitable consistently.
And even that we shall see if it lasts, if I can gain enough knowledge, control over emotion, and discipline in order to control risks, my trading strategy, and the day in day out slog of the ever tricky markets.

Here is my list of winning at social trading:

1. Start with a reputable broker: Halifax, Pepperstone, AxiTrader, and HotForex is ok too
2. Look for traders with track records over one year.
3. Drawdown under 40%, and more importantly Growth-to-drawdown ratio over 10. This is the key metric to me.... ratio of profit to possible drawdown.
4. The risks must be controlled for a strategy to succeed over time. Give it enough time and the real winners always keep profiting and even their periods when their strategies underperform don't knock them out because they limit their losses so that they have capital with which to launch the next growth spurt. Normally once they've re-assessed, taken time out to rest and reflect, and waited for the markets to change or settle out of the dynamic that perplexed their strategy in the first place.
5. MAE/MFE is a very overlooked statistic but it also will tell you a lot about the decisions of a trader. Are they holding on to their losers too long? Do they cut their winners short?
6. Sharpe ratio does a good job of picking winners (but it is calculated differently across the industry - so you can only compare apples with apples when using this statistic)
7. If you are trade copying for monthly price, always withdraw as many profits in the beginning as possible, and recover your initial investment as soon as you can. Then you are investing with profits only.
8. If you are following a strategy with High Water Mark Performance Fees, invest a relatively small amount for 3 months, and then add to your investment as your manager proves his skill.

amazing points! thanks for sharing!

Adribaasmet

Member Since Aug 27, 2017  739 posts Adribaasmet Oct 30 2018 at 09:28
SpacePower posted:
The tips above are very good. One general piece of advice I would give is to not go for the accounts that look too good to be true. Those 1000% increase accounts are high risk martingale strategy and will fail. Look for more steady long term gain


No doubt on it! Basically, money management is more than having an outstanding trading system!

Sevinj

Member Since Oct 16, 2018  8 posts Sevinj Oct 30 2018 at 13:16
money management is a key part of any strategy. You cannot be a millionaire with money management alone but without it you will surely fail, no matter how good the strategy

AniLorak

Member Since Apr 18, 2017  813 posts AniLorak Oct 31 2018 at 08:29
Sevinj posted:
money management is a key part of any strategy. You cannot be a millionaire with money management alone but without it you will surely fail, no matter how good the strategy

Absolutely! Basically, there is no guarantee in Forex! So, we can’t rely any specific trades only by using high trade volumes.

Sevinj

Member Since Oct 16, 2018  8 posts Sevinj Oct 31 2018 at 11:57
On the subject of social trading, has anyone tried Darinex? The seem interesting but it does look like a 'black box' trade copier

TiffanyK

Member Since Feb 12, 2016  427 posts Tiffany (TiffanyK) Nov 02 2018 at 09:37
Sevinj posted:
On the subject of social trading, has anyone tried Darinex? The seem interesting but it does look like a 'black box' trade copier

To be honest I heard a lot about Darwinex :) and only positives reviews. However, you should be careful when selecting a strategy to follow – there are some hidden milestones.
The Broker that I’m currently using presented similar solution with minimum deposit 500 c u, but you can’t achieve the same results as listed. Simply because the strategy started with far bigger sum then that.

Accept the loss as experience
Hannibal55

Member Since Nov 02, 2018  7 posts Hannibal55 Nov 04 2018 at 07:35
What are the 'hidden milestones' that you talk about? I checked out Darwinex and they look ok

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