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| Where to find good traders to copy? https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=1119 |
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| Author: | jm34 [ Tue Nov 20, 2012 2:11 pm ] |
| Post subject: | Where to find good traders to copy? |
I'm looking for a good copy trading network , from what i've heard there are 3 main competitors , currensee tradency and zulutrade , with the last one beeing more popular than the other two. Which one would you reccomend? Zulutrade also is starting to release its new website which is still in beta and it looks great. |
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| Author: | garyfritz [ Tue Nov 20, 2012 7:38 pm ] |
| Post subject: | Re: Where to find good traders to copy? |
The same reason successful traders open hedge funds and CTAs -- more money. Many of the traders around here have extremely limited funds. Even if they developed a skill or an EA that could return 100% per year, that won't help them much if they can only scrape together $1000 in their trading account. But if they can show a track record of producing steady consistent results, they can sell subscriptions and make FAR more than they could have on their micro account. If you've got $1M in your trading account, then sure, 50-100% per year will make you plenty of money for a lavish lifestyle. But most people don't have a spare $1M lying around, and even at 100% growth every year it takes 10 years to turn $1000 into $1M, assuming you never withdraw any. Most people don't want to wait that long. Subscriptions are a viable way to increase your income NOW. |
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| Author: | jm34 [ Thu Nov 22, 2012 2:27 pm ] |
| Post subject: | Re: Where to find good traders to copy? |
Rjo what was the name of the copy trader that you have tried in the past? Also i would agree with garyfritz , that there is a logic behind succesfull trader sharing his signals with other...more money and commisions that he will get doing that. |
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| Author: | jm34 [ Tue Nov 27, 2012 3:07 pm ] |
| Post subject: | Re: Where to find good traders to copy? |
I see what you mean , it's just i've heard many traders praising this Zulutrade platform and giving it a high recomendation ,traders along with those that do copy those traders there , and from me demo resutls it doesnt seem to be bad at all. |
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| Author: | garyfritz [ Tue Nov 27, 2012 8:59 pm ] |
| Post subject: | Re: Where to find good traders to copy? |
RJo, have you looked into the legalities of NFA registration vs. signal providers? I **think** it's OK, but I'm not sure. http://www.nfa.futures.org/nfa-registra ... index.html sez: A CTA is required if "for compensation or profit, [you] advise others as to the value of or the advisability of buying or selling futures contracts, options on futures, retail off-exchange forex contracts or swaps." The possible loophole is: "Registration is required unless: ... You are providing advice that is not based upon knowledge of or tailored to customer's particular commodity interest account, ... such as, for example: ... You make recommendations, such as advice to buy or sell specific futures contracts should a particular price level be reached, through newsletters, books and periodicals. The advice includes specific recommendations and the recipients of publications all receive the same advice." We can say "we don't manage customer accounts, we just publish signals" all day long, but what we say doesn't mean diddly. The NFA can make your life very unpleasant if they decide you're not following their rules. Whether you are or not. |
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| Author: | garyfritz [ Wed Nov 28, 2012 6:50 pm ] |
| Post subject: | Re: Where to find good traders to copy? |
I suspect a depressing number of signal providers do just about that. The lovely equity curve lures in the unsuspecting, the signal provider vacuums up the marks' subscription fees, and everyone's happy until the Martingale blows up. Then the signal provider walks away, starts another trading history on another demo account, and entices a new crop of victims. |
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| Author: | jm34 [ Thu Nov 29, 2012 2:39 pm ] |
| Post subject: | Re: Where to find good traders to copy? |
Surely there will be guys like you describe above that will only care for their commisions , but firsty as far as i've read about them Zulutrade has some rules , and one of them states that if a trader will not have a profitable month , then he wont get paid for that month. And secondly , they have like 70k of traders there , and i seriously doubt that every one of them will be a joker , there simply has to be a good amount of serious and profitable traders too , that are trading on real account and not only on demo's. |
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| Author: | garyfritz [ Thu Nov 29, 2012 4:22 pm ] |
| Post subject: | Re: Where to find good traders to copy? |
Yes jm, I never said ALL 70k ZT traders were bad. I said "a depressing number" do it, and frankly I think any number > 0 would be depressing. "No pay for unprofitable months" would actually *encourage* Martingales. Any "normal" trader is going to have up months and down months. CTAs paid by incentive fees only get paid when they hit new equity highs, but they get paid for the full gain when they get out of drawdown. If a trader gets NOTHING for down months, then he's very incented to make sure every month is profitable. That's what Martingales do. Until they blow up. I can't find a clear description of the ZT pay scheme, though. Are you sure about the "no pay for unprofitable months" ? All I can find is "0.4 pips per lot." |
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| Author: | jm34 [ Fri Nov 30, 2012 1:48 pm ] |
| Post subject: | Re: Where to find good traders to copy? |
Yes garry i'm preety sure that i've saw that info on other forums when members were discussing Zulutrade signal provider rules , that if an SP will have a negative monthly performance he wont get any commisions for that month. I'm not sure that this could lead to Martingale systems as any system becoming a Martingale will automatically loose 90% of its copiers. Though exceptions are always present , i doubt that the majority (of the succesfull systems that do have a good amount of followers) would go martingale in order to try and get their monthly commisions. |
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| Author: | garyfritz [ Fri Nov 30, 2012 4:19 pm ] |
| Post subject: | Re: Where to find good traders to copy? |
I don't know how savvy the typical ZT subscriber is. Would they recognize a Martingale if they saw one? Would they be smart enough to run away if they did? Heck, a lot of people here voluntarily trade EAs they KNOW are Martingales... |
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