Forex trading is definitely risky. Some people take time to understand the market and how it works, but still many people do not understand its concept or simply lack the time to trade on their own. So, for them copytrading is a really good option for learning. What's your take on this?
Forex is already difficult beast in itself and following someone who can draw few chart lines on the screen, doesn't sound as a recipe for success. After first crypto crash in 2018, 99.5% of the the ,,leaders" were gone from eToro platform. The remaining few were unprofitable. But the returns & stories explaining their genius, were really nice.
I always wondered on how people pick traders to copy. Would you pick someone that had a good streak of winnings believing that they can do it again? Or would you rather pick a sore loser counting that eventually they'll have to win something out of pure luck?
I seems like a recipe for disaster to me. What if you have a different type of risk tolerance than the person you're copying? You'll end up saying "Why is their stop so wide?" Or "Why did they stop out so quickly? The trade still looks viable to me". Which begs the question, why are you copying someone when you can recognize what a viable trade looks like? You can pick up nuggets of great info from others when it comes to strategy and tactics, but I think it's crucial to embrace the patience and the pain of putting in the time and hard work to compile those nuggets into a method which embraces your own personality and follow your own path. It's worth it in the long run.
It could be profitable if you chose someone with a great looking equity curve. But remember, when you lose money it's not their fault.
Idiot! It's never anyone's fault but your own when you take a trade and loose money. If you take someones market call,..for instance, yours on BTC going back to moon,..well that would be their own fault for following fools like you. Now go sit in the truck
Mr. traderjoe200, I think you'll find the correct spelling is lose. Not loose. Proofreading before posting is encouraged. Also, I think you'll find hostility never works on this board. It always leads to bullshit. Finally, Tokenz was only illustrating your point that everyone is responsible for their own results. You didn't seem to see that. Perhaps Tokenz likes the company of his truck. I can't imagine the company you would enjoy.