How to copy successful forex traders and make money

Do you want to know more about Expert Advisers and social trading? Watch our latest video to find out how to copy successful forex traders and make money.

how to copy successful forex traders and make money – A simple but effective Introduction

There are several ways to copy other traders, and as a result I can only give you a general overview as to how this works. You can get trades via SMS, expert advisors in your MT4 trading station, websites, newsletters, videos, and even social trading sites. Because of this, there is a plethora of ways to copy other traders around the world.

The biggest problem of course is that not everybody is profitable over the longer term. After all, most retail traders lose money over the longer term, so you have to be careful about who you are copying. One of the easiest ways to get into this is that you simply do not make money on your own, so therefore you are looking for somebody who is better at trading than yourself.

However, you have to make sure that the trading record is verifiable. There will be plenty of people willing to sell you their trading signals around the world, but the problem is that most of them don’t make money over the longer term. With that being the case, make sure that there is some type of verifiable trading record before you give anyone money.

Typically, any trade copying system or signal service is charged monthly, as it’s difficult to pay a person is like you do with managed Forex or futures. After all, they do not have access to the money in your account, they just simply give you the trades that they are taking. This can come in the form of an expert advisor that automatically trades for you, or one that sends the signal and you decide whether or not to follow. All of the other methods of course have no way of placing trades for you, so for the most part you do have the ability to override the decision.

One of the biggest problems with these services is that typically they are smaller traders. When you look at big firms, they have risk managers who control the traders and allow them only a certain percentage of money to trade. The smaller trader doesn’t necessarily have that luxury so you do have to keep that in mind. Quite frankly, I’m an average in of learning how to trade first and then deciding whether or not somebody else should make your decision. Having said that, there is the possibility of making profits this way.