Automated trading anyone?

[jordan37]

Hi , this autotrading hype made me think about starting to trade in forex market. I would like to hear what are your favourite automated trading platforms and why , i'm talking about platforms which let you the user follow a signal provider and copy/execute his trades on your account.

[theMoney]

Hi, if you're talking about copying other peoples trades, you'll need to join a broker which allows you to do such a thing. For example, eToro (broker) has the option for you to publish your trades publicly and an option to allow other people to copy your trades. As a result, there are some decent traders who are making a consistent profit who have enabled the option for others to copy their trades. Therefore, if you sign up with eToro, this will give you the option to automatically #copy# successful traders.

I'm sure there are other brokers who do such a thing; if anybody knows of any, please share.

I myself trade using EA's on Meta Trader 4 which, as you know trade a particular strategy automatically; and that works for me and I make consistent profit. I would say however that I use expert advisors on more of a semi-automated basis, where I tell the EA what direction to trade in, and turn it on and off according to how I feel the market is trading.

Does this help?

[jordan37]

Thx for the answer. Is this etoro service a free one or do you pay any comissions?

[inthemoneyforex]

I haven't used etoro but I know that zulutrade is a free service - you can choose anyone from many many signals and follow as much as you like for. Just read that with some brokers there is commission to use it - so keep in mind that I rem reading about some huge spreads on etoro - reaching up smth like 8 pips on EUR/CAD 17 Pips that really beated me off.

[HannaLors]

I just looked at IBFX and their spread for EUR/CAD was 5 pips, so it looks like they take a decent premium on each trade. Money grabbing so and so's. Can't they just be happy about making lots of money from good old normal spreads. I personally would prefer to perfect my own trading instead of relying on someone else, who I've never met, and putting my money and lively-hood in their hands; not on your nelly!

Looking at what other people is doing CAN be good, if they are reputable and have a long term steady track record, however I have found that looking at other people can cloud my own personal judgement and distort my 'gut' feeling which I usually go with, and that's working for me.

[inthemoneyforex]

I guess the spread all acknowledges to the broker you use, right? i got used to the system of zulutrade, and have chosen my brokers (aaafx and dukscopy) with the best fit criteria - meaning no comissions, lower spreads ( of an avg. ) and when concerning my signals lower slippage as well.

the reason that I choose to use auto-trading forex is that i have limited time to engage in mt4 trading and coding writing and things like this (since I have a full time job) + I find it a bit irrelevant since the signals present are quite good (there is some serious ranking criteria applied in order to be popular signal - all that you said above - time trading, profitability, number of open trades, duration of open trades, followers, invested equity, and so on) btw if they close a negative month trading they also do not get paid their commissions- all of this indicate some level of seriousness and proper trading behavior, right...plus my brokers and platform are regulated - so for me it works all fine.

[HannaLors]

I've just had a look at zulutrade, it looks very interesting. I actually have tried the application for my phone but didn't get it working (that was about 6 months ago).

The pic below is of the top 'signal provide' as they call it. There is $19 million worth of cash following this provider; that's pretty impressive.

Very interesting no?!

[jordan37]

Zulutrade seems very interesting indeed , thank you for sharing that up. And their Forex Cruise Control provider looks very promising wioth very good user feedback on his page. I will definitely check this platform.

[YES]

So you're telling me I could sign up to zulutrade, trade, and when people follow my trades I get a % of the volume which they trade? I'm being lazy here as I haven't studied the site, but how much commission would one get; in pip terms or %?

[inthemoneyforex]

Yeah, indeed FCC is one of the most popular and profitable ( I am also one of the live followers making this impressive bunch there) but of course there are also a lot of other good signals and systems. Hanna, as you can see the system is almost 2 years old - this also give a pinch of trust for the follower.

YES to reply to you: i think you get smth like 1.5 pips/trade, but I am not really sure on the exact number. Though with certainty I will tell you that if you loose money you don't get paid, this way as well us followers are protected from reckless traders. Should you be good of course, you will gain popularity fast as followers love to see and try profitable systems