average chump wrote:
ManInTheMiddle wrote:automated coppying succesful forex treaders. Trying now for a month with 100 eur. If those things go well, I might increase the amounts.
Care to elaborate on this? How do I copy those guys?
there are sites like copyfx.com and similar.
I have deposited 100 euros, at first he was doing fine. But later he decided to change strategy and try riskier. He wrote in forum that he is about to change, but I did not read the forums, because was never posting.
And with his new risky strategy he started losing. Lost about 50 eur. So I stopped copying him.
Need to be very careful with those. Even if they do good for few months, they can change strategy.
And need to read what they are writing if they are. I could have stopped copying him earlier once he announced that he will start to use more risky strategy.
But now I have to accept the loss.
And now I am bit lazy to find new ones, plus I am very motivated to try trading myself. Still learning on demo account. I try now to use strategy like dailypriceaction uses. It feels like it is working. He writes articles when to enter trade, when to take profit.
On one hand it kind of does not make sens - because he does not care about economy news, he just cares about technical trading. On the other hand - if most of traders care about technical trading and they see same charts, you might predict what they are doing - you are not longer trading against the news but you are trading against other technical traders. For example if they see some trend line support, they buy. But if that that support is broken - candle closed lower than that support - everybody starts to sell, price moves down. Which is illogical if you think about economy news. But it is logical if you think what other traders are doing.
So trying this and will see if I can do profit on demo first
Yea, but this is not passive anymore. Maybe not as active - you still open positions and you are free for some time, you can go back to review them in the evenining. THen next morning and so on and do something else in between.