Aug 23, 2012

Mirror Trading

Here's a good article about mirror trading - linking your Forex account to another traders, which copies their trades and (hopefully) makes you money for a very small commission.

It lists several mirror trade providers, and makes an interesting point about ZuluTrade, a system I have had experience with.

... "the vast majority of so called “traders” on their platform are incredibly bad traders, who use vastly excessive leverage to boost their performance returns.  Thus whilst their ‘headline’ performance return maybe several hundred percent, the reality is that it might only take 1 or 2 losing trades to wipe out your entire account."

So if you trade with ZuluTrade, be careful. While they have added more filters and safeguards, you'll want to carefully check their traders statistics. Generally you want to see large trade profits with very small draw down. Win ratio isn't as important.

The other systems I have had no experience with, but they sound interesting also, especially Currensee.