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How to find Great Traders for invest/copy?
JohnRo

Member Since Jul 22, 2019  4 posts JohnRo Aug 26 at 06:10
Many people have some money to invest but don't have the time and knowledge to trade successfully. I see that there are so many traders show their trading accounts trying to get investors/subscribers. Still, many of 'great performance' accounts crash or disappear after a few months.

I have copied several signals that looked great at the time of subscription but only to see it perform badly when subscribed. Some of them crashed after a few months or weeks. Luckily I have unsubcribed them before that.

Just want to have this thread to discuss on how to identify a good trading account up front, not really have to subscribe and then fail with them.

Q_FxTrader

Member Since Oct 08, 2018  141 posts Q_FxTrader Aug 26 at 06:59
The answer is simple. No great trader will ever provide any signal service or trade copy service to retail investors since there are much better options available for a really successful and consistently profitable trader and they easily get funds from large hedge funds or forex PAMM services etc.

Anyone who is providing some service to retail traders has a specific reason for it and his strategy is bound to collapse today or tomorrow and it is just a matter of time when depending on how much amount is being followed by the signal and how much amount the strategy can handle safely without being caught by large players and forex brokers or banks. Because that is how the forex market works since it is a zero sum game.

This is just my opinion and my past 15 years experience in trading and anyone is free to comment on it. But in my opinion the only way to make profit out of signals is by diversification of the funds in small amounts into multiple traders or systems and continuously withdrawing profits frequently either daily or weekly basis to safe the initial deposit and the profits and maintaining a fixed mt4 account balance always.

Anyone who is adding up the money in his account by profits without frequent withdrawal is bound to loose in long run whether he is making 5% per month or 50% per month or 500% per month.

If the every month % return of a system is at least 2 to 3 times more than the drawdown %, then it might be worthy to follow if the starting balance is low since it can be recovered within 1 month if maximum drawdown reaches there. Otherwise, just stay away from the signal irrespective of how popular it is and especially, if a strategy doesn't use stoploss, then definitely stay away.

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marco_mmbiz

Member Since Jul 20, 2019  26 posts marco_mmbiz Aug 26 at 07:47
You need to look for consistent trading accounts, I mean accounts making steady profits for more than 10 or 12 months already. You'll see that there are not that much out there who can show you consistent results. Also the accounts have to show you that they're fully verified by MyFXbook and show you all the details you'd need (history, deposits, drawdown, withdrawals, profits and so on).

patience is the key
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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.