How is this as a trading system ,following other traders decisions?? (srs) | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

My Day Trading System (MDTS) in trend following 464 replies

SRS Premium System 604 replies

challenges of developing forex trading system vs. equity and other EAs 4 replies

Other source for UBS FX Research other than Oanda? 2 replies

SRS - Simple RSI System 12 replies

How is this as a trading system ,following other traders decisions?? (srs)

  • #1
  • First Post: Dec 25, 2009 12:55pm Dec 25, 2009 12:55pm
So what if I trade only 1-2 currencies pairs ,and just see what most traders agree on ,and copy their moves? All I need is a 60% chance to win ,with correct money management ,can't see why would I fail.

I mean ,to fix my car ,I don't go on reading about car mechanics ,I give it to a mechanic. Let all people do their jobs. I am not the best analyst or trader. There are people with 100X knowledge and experience than me ,and thats why I should average all their opinions.
  • #2
  • Dec 25, 2009 3:50pm Dec 25, 2009 3:50pm
Some people actually do this. ie curensee, zulutrade, various signal services, meetpips, etc... You could also use a money manager or learn to trade for yourself.

You have many choices, just understand that no matter what the choice, you have a great risk at losing all of your capital.
  • #3
  • Dec 25, 2009 4:31pm Dec 25, 2009 4:31pm
What is zulutrade exactly? They trade for you based on top 5 traders who make pips? It seems an interesting site as it show all these traders positions
http://www.zulutrade.com/TradeHistor....aspx?pid=7179

Will definitley use it. Thx for ur links. I'll make a journal here and it would be epic. For the lots of views to this thread and no replies ,it can't be a bad idea.
  • #4
  • Dec 25, 2009 10:40pm Dec 25, 2009 10:40pm
Quoting Brb-Fraudin
What is zulutrade exactly? They trade for you based on top 5 traders who make pips? It seems an interesting site as it show all these traders positions
http://www.zulutrade.com/TradeHistor....aspx?pid=7179

Will definitley use it. Thx for ur links. I'll make a journal here and it would be epic. For the lots of views to this thread and no replies ,it can't be a bad idea.
Be careful if you plan on using real money with zulutrade or anyone else. Check out FPA or other fx review sites for reviews. I'm sure you could use the search feature here and turn up alot of info too.
  • #5
  • Dec 26, 2009 1:42am Dec 26, 2009 1:42am
Quoting GulfCoastPip
Be careful if you plan on using real money with zulutrade or anyone else. Check out FPA or other fx review sites for reviews. I'm sure you could use the search feature here and turn up alot of info too.
No ,I am not going to give people my money to trade. But again ,thx for the links.
  • #6
  • Dec 26, 2009 5:38pm Dec 26, 2009 5:38pm
Quoting Brb-Fraudin
So what if I trade only 1-2 currencies pairs ,and just see what most traders agree on ,and copy their moves? All I need is a 60% chance to win ,with correct money management ,can't see why would I fail.

I mean ,to fix my car ,I don't go on reading about car mechanics ,I give it to a mechanic. Let all people do their jobs. I am not the best analyst or trader. There are people with 100X knowledge and experience than me ,and thats why I should average all their opinions.
You would be better off getting a consensus and trading against it.
  • #7
  • Dec 26, 2009 7:08pm Dec 26, 2009 7:08pm
Quoting billbss
You would be better off getting a consensus and trading against it.
I agree..... especially since most traders are wrong most of the time.....
And always trade with the dominant trend.
  • #8
  • Dec 27, 2009 9:44am Dec 27, 2009 9:44am
Quoting tradestar1
I agree..... especially since most traders are wrong most of the time.....
And always trade with the dominant trend.
"Most traders are wrong most of the time."

Correct ,but I am talking about successful traders! People who have logs and trades of high % of winning. Thats who I am going to follow ,not the average traders.

I found lots of interesting places during my search for these people ,I hope people help me by posting blogs and journals of successful traders.
  • #9
  • Dec 27, 2009 2:07pm Dec 27, 2009 2:07pm
This is an example from Zulutrade ,and I hope people comment on it.

http://www.zulutrade.com/TradeHistor....aspx?pid=5241

He is a crazy ass mofo who trades Cable mostly . Click on open position ,u'll see he has many orders Buy still open. And since he made 23K pips ,I think he knows what he is doing ,right??
  • #10
  • Dec 27, 2009 2:24pm Dec 27, 2009 2:24pm
Quoting Brb-Fraudin
This is an example from Zulutrade ,and I hope people comment on it.

http://www.zulutrade.com/TradeHistor....aspx?pid=5241

He is a crazy ass mofo who trades Cable mostly . Click on open position ,u'll see he has many orders Buy still open. And since he made 23K pips ,I think he knows what he is doing ,right??
This should tell you a little something:

Overall, I gained some money from fx168fx's trades

Slightly
fx168fx's strategy description corresponded to the strategy followed in my account

Not at all
I would recommend fx168fx to other users

Not at all
  • #11
  • Dec 27, 2009 2:29pm Dec 27, 2009 2:29pm
Quoting magnumfreak
This should tell you a little something:

Overall, I gained some money from fx168fx's trades

Slightly
fx168fx's strategy description corresponded to the strategy followed in my account

Not at all
I would recommend fx168fx to other users

Not at all
The user had only 2 ratings. You can't judge someone by 2 ratings. Besides ,I will not follow people like a blind man. I'll read many resources before I make a decision.
  • #12
  • Dec 27, 2009 3:55pm Dec 27, 2009 3:55pm
Why follow anyone? If that is all you are going to do in order to trade then just let someone else manage your money for you.
  • #13
  • Dec 27, 2009 4:28pm Dec 27, 2009 4:28pm
Why dont you learn about economics and trade your money yourself.
  • #14
  • Dec 27, 2009 4:54pm Dec 27, 2009 4:54pm
Quoting scooby-doo
Why dont you learn about economics and trade your money yourself.
I tried to read about macro-economics ,believe me. But I encountered many terms and words ,that I took hours of reading in investopedia to understand the article.

It is crazy ,as I said to fix the car radiator I'd have to read about thermodynamics up to the heating and cooling cycles. To be analyist I'd have to start at point zero with economy. I'd rather go to the gym ,and let 100 people do the analysis for me.

Of course I'd let people manage my account ,if I am 100% sure about their integrity. Do u think if I had a friend that makes 500 pips monthly ,I'dnt give him my money?
  • #15
  • Dec 27, 2009 4:58pm Dec 27, 2009 4:58pm
you don't have to give them your money. You can give them a limited power of attorney and grant them trade only access to your account. They won't be able to withdraw any money just trade the account. You still control deposits and withdrawals.
  • #16
  • Last Post: Dec 29, 2009 6:03am Dec 29, 2009 6:03am
Quoting magnumfreak
you don't have to give them your money. You can give them a limited power of attorney and grant them trade only access to your account. They won't be able to withdraw any money just trade the account. You still control deposits and withdrawals.
I opened demo account on Zulutrade so they trade for me. They magically insert closed oreders with +ve pips into my account. Looks like a scam site. Also it had bad reviews on ForexPeace army.
0 traders viewing now