Consistent winner? why not make a lot of extra money on commission? | Forex Factory

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Consistent winner? why not make a lot of extra money on commission?

  • #1
  • First Post: Apr 15, 2012 4:21am Apr 15, 2012 4:21am
Just a suggestion.

If you are a consistent winner, with a great system why don't you have an account on "trade-copier" services, like zulutrade and others?

You could climb the ranks very fast and start making a ton of extra money on commission.

If you trade to make money, why not make a lot of extra cash via this system?

I haven't looked at other services and in no way trying to advertise but if you look at zulutrade, the top provider has 24M USD following his trades.

That is a few thousands bucks of commission per trade. He actually reached 1M USD in commission not so long ago.

1M is peanuts compared to your gains? Or do you have another reason not to do the same as this guy?

There is no extra work and you stay anonymous. I just can't understand how someone trading for money would not use this opportunity. There is nothing to lose and potentially a big big lot to gain.

Tell me guys!
  • #2
  • Apr 15, 2012 6:19am Apr 15, 2012 6:19am
Quoting RRRulio
Just a suggestion.

If you are a consistent winner, with a great system why don't you have an account on "trade-copier" services, like zulutrade and others?

You could climb the ranks very fast and start making a ton of extra money on commission.

If you trade to make money, why not make a lot of extra cash via this system?

I haven't looked at other services and in no way trying to advertise but if you look at zulutrade, the top provider has 24M USD following his trades.

That is a few thousands bucks of commission per trade. He actually...
You make a good point, its definitely worth looking into, however I think that most people don't do that because people often use different strategies and keep on improvising, also, I think trading has a lot to do with money management, psychology and plain old hard work and while a winning strategy is important the other aspects are more important.

Zulutrade etc require you to post a trade and other people copy of it, while on paper this seems fairly simple it is difficult to convey a full trading plan over websites like zulutrade. Etoro and Ib Fx also have similar social network style trade copying platforms and some people do make a killing out of that.
An investment in knowledge pays the best interest - Ben Franklin
  • #3
  • Apr 15, 2012 6:59am Apr 15, 2012 6:59am
Not quite, your trades ( entry exits etc..) are automatically executed in other people's account.

So the whole, psychology thing is taken care off.

Also your trade is copied after you are filled, so no risk of "moving the market".

SInce it cost nothing and can bring you a nice chunk of extra profit, not doing it is losing money. IMHO

Just trade normally and make extra on commission. Can't see the problem here.
  • #4
  • Apr 15, 2012 9:49am Apr 15, 2012 9:49am
Pasted from another thread

I used trade for zulu but there were too many problems with the interface between my account (signals) and the trade receivers accounts, trades weren't closing when they should have, slippage or just not closing at all, you can imagine what sort of a mess that could create for people receiving signals.

Zulu do pay up ok though even if it is two months in arrears.

I stopped 2 years ago, things may be better now though, do your own testing.
  • #5
  • Apr 15, 2012 9:39pm Apr 15, 2012 9:39pm
Things are much better than 2 years ago for sure.

Now the slippage issue is very much limited to alpari and fxdd.
  • #6
  • Apr 16, 2012 12:15am Apr 16, 2012 12:15am
I beg to differ. If you are consistently profitable, why earn 0.5 pip per trade with zulu when you can earn (a cut of) the full monty with additional funding? Any decent prop company will give you that if you have a track record. And there are other ways of seeking funding.
  • #7
  • Apr 16, 2012 12:43am Apr 16, 2012 12:43am
Quoting medici
I beg to differ. If you are consistently profitable, why earn 0.5 pip per trade with zulu when you can earn (a cut of) the full monty with additional funding? Any decent prop company will give you that if you have a track record. And there are other ways of seeking funding.
0.5 pip per trade following you.

If you have 500 followers using 0.1 lots.

500/2= 250

250$ per trade.
  • #8
  • Apr 16, 2012 12:52am Apr 16, 2012 12:52am
Quoting RRRulio
0.5 pip per trade following you.

If you have 500 followers using 0.1 lots.

500/2= 250

250$ per trade.
You don't seem to get it. A successful prop trader earns five or six figures a day. Then why give away your skills for a few hundred a day? zulu is not the professional's choice.
  • #9
  • Apr 16, 2012 1:08am Apr 16, 2012 1:08am
Quoting medici
You don't seem to get it. A successful prop trader earns five or six figures a day. Then why give away your skills for a few hundred a day? zulu is not the professional's choice.
You don't seem to get it. I'm not saying that it is the best thing for pro traders already working with institutional money.

I say it is a great way to make a lot of extra money for a good trader that wants to stay independent.

Of course you can also work for GS and pull 5M USD a month. But I'm sure you understand the attraction of zulutrade.
  • #10
  • Apr 16, 2012 1:21am Apr 16, 2012 1:21am
Quoting RRRulio
You don't seem to get it. I'm not saying that it is the best thing for pro traders already working with institutional money.

I say it is a great way to make a lot of extra money for a good trader that wants to stay independent.

Of course you can also work for GS and pull 5M USD a month. But I'm sure you understand the attraction of zulutrade.
You're right. I don't get it. You can work independently from your own home if you're with a prop firm/have funding. And have the independence to trade if/when you want. And you could mirror it with your own money.

So why zulu? The reason, I suspect, is that it is for people who aren't good enough to get funding. Which is also high-lighted by zulu's business model - you get paid for generating transactions, not profits - which is a clear indication to stay away.

And what does GS have to do with this?
  • #11
  • Apr 16, 2012 2:10am Apr 16, 2012 2:10am
Quote
you get paid for generating transactions, not profits - which is a clear indication to stay away.

You get paid on positive month only ( both closed and running trades ).

Anyway you can argue whatever it doesn't matter since we agree :

-if you want/can get a job trading millions and making millions go for it
-if you don't want/can't but you are a good trader, you can make quite a lot of extra money using zulutrade.


Now I won't comment on "Prop traders working at home making 5-6 figures a day". I've worked for SGAM ( societe generale asset management" for only 3 years and I don't know all the parisian traders, but I know quite a few, and none of them is in the situation you describe.

Quote
And what does GS have to do with this?
Well if you are really good why not work for them then? See where I'm going? You compare apples and oranges.

I've never said : the best of the best are on zulutrade
but if you are a good trader, you can make quite a lot of extra money using zulutrade.

end of the story.
  • #12
  • Apr 16, 2012 3:01am Apr 16, 2012 3:01am
Quoting RRRulio

Well if you are really good why not work for them then?
They don't offer the same lifestyle as the prop firms.
Quote
See where I'm going? You compare apples and oranges.
No, I'm not. A couple of my mates are good examples.

One has traded for a prop firm for about 3 years. Trades where he wants and when he wants, travels, enjoys life. Not on big money, but very happy with his situation.

Another is more serious about it. Treats it like a job, is on bigger money, has enviable cars on the driveway, but he can also be a bit sweaty and stressed out after a day in front of the screens.

What they both have in common is that they get a lot better commission than half a pip on the money traded based on their signals. More like 50-80% of the profits.

Quote
I've never said : the best of the best are on zulutrade
but if you are a good trader, you can make quite a lot of extra money using zulutrade.
end of the story.
And if you are serious about trading, why not try to be the best you can be? So get a mentor or training. After that, why not get the best deal you can instead of giving your profit earning potential away. And 0.5 pips per traded volume is a crap deal.
  • #13
  • Apr 17, 2012 7:20am Apr 17, 2012 7:20am
A good trader from what i've seen can get good commisions in zulutrade as long as he have profitable months of course. Good trading --> more followers ---> more money.
  • #14
  • May 18, 2012 1:58am May 18, 2012 1:58am
Quoting medici
Any decent prop company will give you that if you have a track record. And there are other ways of seeking funding.
Hello Medici,

What sort of track record would be needed? I have annual targets of at least 15% ROI with a drawdown no more than 10%. I risk approx 0.5% per trade but it is only a micro account.

Thanks.
  • #15
  • Last Post: May 13, 2013 6:12am May 13, 2013 6:12am
hello there, any of you guys, on zulutrade either as a follower or a trader?
would be great to exchange experience
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