Been copy trading for a few months now but results are mixed. Some traders look good on paper but then blow up their accounts.
Wondering what platforms actually work for consistent profits instead of just flashy marketing.
Social trading can help you learn, but it’s not a guaranteed income.
Many good traders quit sharing their strategies when they become successful. Others may take unnecessary risks with their followers’ money.
When I began, I used several platforms to gather ideas. However, I’ve found developing my own trading system is far better than relying on someone else’s approach.
Copy trading often leads to losses long term
Always check a trader’s drawdown history before you copy them. Platforms love showing off high win rates but they’ll hide the big losses. Find traders who’ve been profitable for at least 8 months with monthly returns under 20%. If someone’s promising 50% monthly returns, they won’t last long. Set your own stop losses on copied trades. Don’t let the signal provider handle your risk. Most people blow their accounts because they copy everything without watching position sizes.
Used eToro and ZuluTrade for 18 months. Main problem? Profitable traders get cocky and blow up their accounts by taking bigger risks.
I had better luck following traders with 12+ months of consistent performance and drawdowns under 15%. Always start small when copying someone - their real performance often doesn’t match the flashy stats.
ZuluTrade’s risk controls saved me when traders went nuts with position sizes.
But honestly? I make way more trading myself now. Social trading taught me some solid strategies, but depending on other people long-term was a dead end.
Copy trading can work for a while, but many traders take risks that end poorly. It’s tough to rely on others long term.
Tried MT4’s social trading signals a few years ago. The lag killed it - by the time trades hit my account, all the good entries were toast.
MyFXBook AutoTrade was way faster. Found some solid traders who didn’t blow up after 6 months. This German guy pulled 8-12% monthly for almost a year before he got greedy and crashed.
Stick to 3-4 traders max, 2% risk per trade. I’d split money equally between them and rebalance monthly.
Quit eventually because babysitting all those positions was more work than my own trades. Fees and spreads ate up most profits anyway.