What factors to consider when picking traders on copy trading platforms?

Josse078 posted:
I'm really confused about how to choose traders. There are so many options to choose from, but I can't seem to find the perfect one. Looking for some tips on how to follow good and reliable traders. Does anyone have any insight into this?

Sharing some tips to follow good and reliable traders while copy trading:
1. Research the trader: Look at their trading history, their wins and losses, and their overall strategy.
2. Check their performance: Look at the trader's returns over a period of time and drawdown percentage.
3. Diversify your portfolio: Don't rely on just one trader, instead follow multiple traders to minimize risk.
4. Follow base- Determine the number of followers of the trader before copying them.

Btw, which platform are you using?

Let me post some advice that goes a little beyond the scope of the conversation. Don't rely on copy trading. Try to study the market on your own and learn from the best. Even if you never open your own trade, this will help you make decisions much more effectively and identify profitable accounts.

Building your own trading system is the perfect option.

Here are some tips for picking a good trader to copy on copy trading platforms:

- Check the trader's trading history on platforms like MYFXbook. Look for trades that have won at least 20 points and avoid traders who make quick trades that end at only a few points difference.

- Take some time to learn about the trader's trading strategy. This will also help you understand how they handle stop losses - whether they use fixed stop losses or not.

- It's important to know how much money you should allocate to copy a particular trader, based on your account size and the type of account you have (such as ECN or Cents) and the leverage you use. If a trader uses 100k with 500 leverage, you should adjust your volume size accordingly.

- It's best to match the broker and account type with the trader you want to copy to ensure that you trade the same spreads and commissions.

I hope this helps. Let me know if you have any further questions.

I am looking for trader that I can copy on copyfx. I have pro cent account. Can you send me links of traders rating, of yours accounts or accounts of trader that you copy. Thank you.

Not acquainted to copy trading that much so I wanna know if it is possible to customize my risk tolerance and investment goals on copy trading platforms?

Acc to me when selecting traders to follow on copy trading platforms, consider factors like performance history, risk management, trading style, trading frequency, and transparency. By considering these factors, you can find a trader who matches your investment style, goals, and risk tolerance.

Alyona5 posted:
I follow these point before picking traders on copy trading platforms:

Track record: We should look for traders who have a proven track record of consistent profits over a period of time. Check their historical performance, win rate, and drawdown to get an idea of their risk profile.
Trading style: Different traders have different trading styles, such as scalping, day trading, swing trading, etc. Choose a trader whose style matches your risk tolerance and investment goals.
Risk management: A good trader should have a solid risk management strategy in place. Look for traders who use stop-loss orders, manage risk through position sizing, and have a clear risk-reward ratio.
Market knowledge: The trader should have a good understanding of the market and the instruments they trade. Look for traders who have a deep understanding of the market, and can explain their trading decisions in a clear and concise manner.

Thanks for the tips buddy! Can you recommend some reliable platforms for copying trades?

Copy trading platforms are a popular way to automate your trading and follow the trades of successful traders. When picking traders on copy trading platforms, here are some factors to consider: Performance history, Risk management, Trading style, Communication, and Fees. Remember, no trader is perfect and past performance is not necessarily indicative of future results. It's important to do your research and select traders based on your own goals and risk tolerance.

derrik_56 posted:
Copy trading platforms are a popular way to automate your trading and follow the trades of successful traders. When picking traders on copy trading platforms, here are some factors to consider: Performance history, Risk management, Trading style, Communication, and Fees. Remember, no trader is perfect and past performance is not necessarily indicative of future results. It's important to do your research and select traders based on your own goals and risk tolerance.

How can I check the authenticity of traders results on copy trading platform?

First of all look at his trading history. How much experience does he has in years? The more experienced the trader, the more chances that you will be able to make good money with him.
But really try to learn yourself.

Erse_Smith posted:

derrik_56 posted:
Copy trading platforms are a popular way to automate your trading and follow the trades of successful traders. When picking traders on copy trading platforms, here are some factors to consider: Performance history, Risk management, Trading style, Communication, and Fees. Remember, no trader is perfect and past performance is not necessarily indicative of future results. It's important to do your research and select traders based on your own goals and risk tolerance.

How can I check the authenticity of traders results on copy trading platform?

To check if a trader's results on a copy trading platform are real, you can look at their profile and see their experience, performance history, and strategy. Look for traders who are transparent about their trading style and are willing to answer questions about their performance. Some platforms like Zulutrade even verify traders' data through brokers which ensures their authenticity. And be wary of traders who rely on risky strategies, such as high-frequency trading or excessive leverage.