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Looking to mirror successful trader/signal provider...

dashurik
Dec 04 2016 at 09:42
2 posts
As per title.
I have fxcm account and would like to mirror trade somebody who is pro in his business and have proven track record..Have to be some trial period first and then if all goes well I don't mind paying some fee or some share of my profits..Get in touch.Thanks

TiffanyK (TiffanyK)
Dec 07 2016 at 16:15
427 posts
If you are waiting to find someone here in the section “New Traders” you should have a lot of patience 😁 Go and check the forum section “Experienced Traders” or just search online. Just to add the title and wait for a professional trader to message you is surely a waste of time 😄

Accept the loss as experience
jasonrogers (jasonrogers)
Dec 08 2016 at 07:36
272 posts
dashurik posted:
As per title.
I have fxcm account and would like to mirror trade somebody who is pro in his business and have proven track record..Have to be some trial period first and then if all goes well I don't mind paying some fee or some share of my profits..Get in touch.Thanks


Welcome to the forum, Dashurik :)

While I can't recommend a specific signal provider to you, I can tell you a bit about the approach I personally use for selecting signal providers.

If you've tried a demo of the Mirror Trader platform, you have noticed it's possible to search for signal providers AKA strategies based on a variety of filters. In the past, I have tested strategies based RAR (Risk Adjusted Return) and ROI (Return On Investment). After years of experience with Mirror Trader, I have settled on T-Score as my favorite filter even though the exact formula is kept private as a 'Proprietary Tradency scoring method'. What I like about T-Score is that it takes into account the complete trading history of the strategy while other filters only look back a maximum of 24 months.

My preference is for strategies that have a history of good trading performance many currency pairs instead strategies that have great performance on only a few or one currency pair with bad performance on others. That's because I see great performance on only a few pairs with bad performance on others as possibly due to a fluke.

Keep in mind that past performance is not necessarily indicative of future results. Also be mindful of how much effective leverage you are using. Some strategies open multiple positions as can be seen in the MP (Max Positions) column. I try not to exceed 10:1 effective leverage. That means if I'm running a strategy with a Max Positions value of 4, and I want to trade a size of 30K per position (three mini lots or $3 per pip), then I must have $12,000 deposited in my account (to control up to 120K in open positions).

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