Copy a trader

[Jshwaah]

Hey guys, Im sure this has probably been asked before but i was wondering if anyone has used/ had any success with any copy a trader programs for day trading, or are they all just scams? If anyone could express their experiences with them that'd be great. Thanks in advance

Josh

 

[pixel]

Hey guys, Im sure this has probably been asked before but i was wondering if anyone has used/ had any success with any copy a trader programs for day trading, or are they all just scams? If anyone could express their experiences with them that'd be great. Thanks in advance

Josh

Always ask: Whose benefits are guaranteed? The Broker may gain additional accounts. The Master Trader whom you copy may get a kickback. And you, the copier???

Why would any trader, if he's any good, allow a group of others to copy his success/ edge in return for a small registration/ license fee?
I can think of only one reason. Begins with "S" and ends with the first 3 letters of "camera".

 

[minwa]

Why would any trader, if he's any good, allow a group of others to copy his success/ edge in return for a small registration/ license fee?

While there are LOTS of scams out there, I don't see why not a good trader not able to licensed to manage capital wouldn't do it.

I'd imagine there are lots of driven traders in seccond/third world countries with very limited funding and virtually no chance to access into managing funds world. Don't see why picking up a couple hundred/thousand USD (which is massive buck for them) from subscription fees for their expertise is not a good method (for both parties). In the end they probably don't even have to trade their own money and live very well off subscription fees. They'll never get massive, but still a very good living.

There are a few funds with some of their systems for subscription on Collective2 site, I think as advertisement for their main funds.

 

[Dona Ferentes]

They're back. Quick search, this thread is from 2016, Mirror Trading is from 2011. So, the only meaningful question; has Covid brought forward the cycle by a year?

Sock puppets and Lifeline ads: Welcome to the wild world of copy trading

The ads make it seem like trading is a piece of cake even if you're food blogger who knows nothing about the market, but a recent example of it going wrong highlights the problems in the sector.

www.smh.com.au

Assuming the role of an inexperienced trader through the sock puppet, [Alec] Baldwin squeaks: "Sir, my head can’t handle more than 140 characters, is there some way you could make things even easier for me?"
Responding, Baldwin switches to his own husky voice (his description, not ours) and responds: "Why yes, you can, with CopyTrader. Just find a top investor on eToro… and hit copy. From now on whenever they make a trade, you make the same trade automatically."

Copy trading is an increasingly popular and sometimes dangerous form of trading stocks and making bets on the price of commodities and currencies, using high risk financial derivatives known as contracts for difference (CFDs)....

.... According to research by analysis website Compare Forex Brokers, Google searches in Australia for terms such as social trading were up 25 per cent over the year to October 2020, while searches for copy trading were up by 68 per cent over the past year.

But the big new trend in trading is already causing grief for Australian investors, sparking an ASIC investigation. In recent weeks, an estimated 1200 mostly young Australians, some in their teens, have been caught up in a copy trading disaster when a copy trader they were following went rogue and wiped out their investments in 48 hours....
Going rogue
Sources said the trader told his followers he would only invest in Australian shares and did not trade in overseas currencies and would not trade in the week before the week of the US election due to market volatility risk. They were also told the trader had a "stop-loss" order in place to ensure that any trades that were losing too much would be stopped and cancelled before too much damage was done.

"None of that was true", a source familiar with the group and its problems said. "He did trade that week. He traded currencies, there was no stop-loss. When it started going badly, he dug in and lost everyone’s money."

The rogue trader’s actions have led a popular Australian-administrated Facebook group set up for online traders to discuss the sharemarket to place Lifeline ads on its page.

"I have been made aware of people losing large amounts of their portfolio using a copy trader program. Please, if you are having thoughts of self-harm, contact Lifeline on 13 11 14," the post on the page with 50,000 followers reads.

....
CTrader is offered through [IC Markets and] a range of other brokerages. CTrader could not be contacted for comment. It is not a holder of an Australian Financial Services Licence.

"Don't follow leaders, a-watch the parking meters

Oh, get born, keep warm
Short pants, romance
Learn to dance, get dressed
Get blessed, try to be a success
Please her, please him, buy gifts
Don't steal, don't lift
20 years of schoolin' and they put you on the day shift.."