Recently, I have been reading a lot about copy trading and some of its platforms that have good reviews. Copy trading is now even more fascinating to me after I started with the Babypips school of pipsology. I would like to know which platform is your favourite when it comes to copy trading and how's it going so far?
Copytrading is probably a bad idea because: It can lead to over-reliance on the strategies and decisions of other traders, rather than developing one's own understanding and skills in the markets. It can be risky because the person or algorithm being copied may not have a consistent track record of success, or may not have the same risk tolerance as the person copying them. The past performance is not indicative of future results, so following someone who has had success in the past does not guarantee that you will also have success. Copytrading providers may use a variety of tactics to trick traders into signing up for their services or continuing to use them like false or misleading performance claims, hidden fees and charges, pressure to deposit more money, lack of transparency and lack of regulation. Traders using copytrading services may have little control over the trades that are being made on their behalf, which can be a problem if the copied trader or algorithm starts making poor decisions. Divergence in risk tolerance, market conditions, lack of understanding and social proof bias. In case the copied trader stops trading, the copy trader will be without any strategy.
I don't know, when I make a mistake I want that mistake to be my own mistake. I don't ever want to think that it was my mistake that I trusted someone else with my money and their mistake became my mistake. That copytrading is for gamblers and traders who are lazy to learn
You got nothin' to worry 'bout. You are good in this department. You've made lots of mistakes, and they are most definitely your own.
Actually, I have a pretty good track record. I have kept of record of every mistake I have made since October 18, 2002. I use an Excel spreadsheet. 98.32% of my mistakes are due to the fact that someone gave me bad advice.
Yeah well you haven't even seen my record. And I've made more in 1 year than a day trader makes in 2. You automaticly assume I am a bad trader since we have dissagreements. Pretty shallow way of thinking...
Who cares about my opinion either, but you're both just jumping to conclusions and making blanketed statements. Your statement basically reads that if you can't trade for yourself, than you can't make money via trading, which is obviously not true. Even if you counter with that's a small minority ok? it's also a small minority of day traders that consistently make profits, so not like that's a great counter. Other dude talks about "his mistakes" "98%" it's all his mistakes, if he made the decision to follow someone else, that's his responsibility no one elses, it's still his mistake. Come on guys.
Yeah well the question is, who are you copying? What is their equity curve? How do you know they are the real trader they say they are? How do you know their equity curve is real? The biggest question is, Do you want to live life making money from other people's shadow? Or do you want to find answers yourself and be a better trader and make your own money? I'm sorry if I have dignity, but that's the way my life is.
This was pure satire. I don't have a spreadsheet, and I don't keep track of my mistakes LOL Yes, I have sometimes made decisions based on bad advice. But that means that I made a mistake when I chose to follow that advice.
Best performing traders to copy https://www.elitetrader.com/et/threads/interesting-search-terms.365486/page-10#post-5746625 favourite when it comes to copy trading https://www.dogpile.com/serp?qc=web&q=favourite+when+it+comes+to+copy+trading