See if I can make money by copying others!!
- Thread starter Brianharvey
- Start date
U r overtrading.
Do you want to make money at the end of the month or do you want to trade as often as possible making your broker rich?
Hindsight trade*, but you could have simply bought one March Dow future at the beginning of the month, applied a bit of risk management (a simple stop would do), gone on holiday and come back yesterday and closed it for nearly 10k of profit.
*well, i did it.
It's not his app, it's via https://pelicantrading.io app, which in a nutshell is WhatsApp+integrated trading.
However anyone who makes their money as "an educator" like Mr.Burton isn't for real in my eyes, more like a snake oil salesman! Good luck...
I'm sorry but I know you are going to blow your account just by this statement alone. Traders are not profitable just because they guess the direction of the market correct but because they size their positions relative to a amount numerous variables like expectancy, account size, gut feeling etc.
The truth is that even if you found a trader who was successful and announced all his trades and you got onboard at the exact same moment as he did you would still lose money if you didn't size your positions equally to him with regards to difference in account size.
If you want to follow other traders I suggest you google metatrader signals and find one with some good statistics and a solid explanation of their services, also make sure you have the required minimal investment in their strategy since otherwise you would end up in the same situation I described above. Unfortunately since you never learned to trade successfully yourself you would probably have issues assessing other traders.
Best of luck to you anyhow.
I agree with the rest of what you say above, of course, but to be honest, I wouldn't recommend even that.
In my opinion, you should avoid them all.
It's relatively easy (given plenty of knowledge, understanding, judgment and due diligence!) to identify a signal service that has had a good few months of profit, but it won't be the same one that's still making profits in three months' time, and there are reasons for that (which aren't trivially easy for the uninitiated to understand).
There are thousands of signal services out there and at any one time, out of those thousands, it follows that there will be a small number who happen, simply by the laws of chance, to have had a run of a few good consecutive months. But there's also selection bias at work, which predicates that those few are usually the ones you see advertising and promoting and being recommended most prominently, and therefore the ones your Google search will find (not to mention that they often also do "search-engine optimization" of their own, for their pages, to ensure that outcome).
Unfortunately, the fact that they happen just to have a few good months has very little (or "no") bearing at all on their chances of having a good few months again when you subscribe, because they had it by luck and "because someone has to", not by skill.
They're successful marketers, in short - not successful traders.
And that's an additional "hidden reason" why it's so very common to join a "successful" signal service and for it all suddenly to turn sour as soon as you start paying for it. The bottom line, here, is that trying to make money by copying others is, for most people, most of the time, a pretty rotten idea.
Last edited:
I agree actually, it is very bad advice for someone who doesn't know how to trade themselves. But I have found a few interesting candidates myself in an effort to find easily manageable diversifaction.I agree with the rest of what you say above, of course, but to be honest, I wouldn't recommend even that.
In my opinion, you should avoid them all.
It's relatively easy (given plenty of knowledge, understanding, judgment and due diligence!) to identify a signal service that has had a good few months of profit, but it won't be the same one that's still making profits in three months' time, and there are reasons for that (which aren't trivially easy for the uninitiated to understand).
There are thousands of signal services out there and at any one time, out of those thousands, it follows that there will be a small number who happen, simply by the laws of chance, to have had a run of a few good consecutive months. But there's also selection bias at work, which predicates that those few are usually the ones you see advertising and promoting and being recommended most prominently, and therefore the ones your Google search will find (not to mention that they often also do "search-engine optimization" of their own, for their pages, to ensure that outcome).
Unfortunately, the fact that they happen just to have a few good months has very little (or "no") bearing at all on their chances of having a good few months again when you subscribe, because they had it by luck and "because someone has to", not by skill.
They're successful marketers, in short - not successful traders.
And that's an additional "hidden reason" why it's so very common to join a "successful" signal service and for it all suddenly to turn sour as soon as you start paying for it. The bottom line, here, is that trying to make money by copying others is, for most people, most of the time, a pretty rotten idea.
Usually talking to the signal provider and asking questions about their trading style will be incredibly enlightening and quite enjoyable if you find the right people. But I guess this is a subject for another thread.
Last edited:
You don't believe charts and technical analysis can provide an edge?