Tips For Finding The Best Signal Providers On Zulutrade
Here are some tips for finding the best signal providers on Zulutrade. Don’t follow any of the signal providers until you have read to the end!
Not all signal providers on Zulutrade are created equal so please do your homework before putting money on the table to follow their trades. Done properly, you can be very profitable trading automatically since Zulutrade provide the link up to your broker and the signal providers on their platform and all trades opening and closures are taken care of.
Do you know that there are quite a fair bit of signal providers on Zulutrade who are actually trading and providing signals with demo accounts?
What do you think is the financial risk that these traders are taking? However, having said this, there are signal providers trading with live accounts who take big risk too so…
Make sure you check out each signal provider carefully and read about their strategies and check on their history. Zulutrade provide the whole history of the trades the traders from the day they started so you can actually go back a long way.
Lots of information can be found on the Signal Provider profile such as:
- What is their average winning pips?
- Maximum drawdown
- Worst trade
- Best trade
- Average trade time
- Has live followers?
- How many positions are open for the same currency pair at the same time?
- How many open positions with floating loss? Some traders place very big stop loss level in order to keep those positions open while waiting for the currency pair to turn around so that they close those open trades in profit or break even.
- There are restrictions on the number of trades a demo trader can open at market and pending orders though. Anything more than the allowed limit with not be broadcast to followers. However, these restrictions does not apply to those traders trading live account.
- Which broker are they using?
- Are they trading with an EA?
- What kind of account are they using to provide their trading signals?
- There is also a column below the signal provider statistics on the left hand side “Also Known As”. Some signal providers may have created new name/s after their previous account/s has been hit with massive loss and they don’t want it to show up as it may not be that good for their “reputation as a good trader”.
The list goes on and information are readily available for you. Don’t ignore them, a little bit of homework at the beginning can go a long way and will benefit you in the long run. If you ignore that then you are partly to blame if some things didn’t go as planned when you follow some of the signal providers.
There are signal providers on Zulutrade who trade with martingale or grid system with no stop loss. They may have big account with enough margin to support their trades but you as a follower may not! Margin call can close out all your trades before it closes or never close the traders of the signal provider that you are following.
It’s really painful for me to see followers comments on some of traders profile about how dangerous and mindless their trades were, how their profit of weeks or months were wiped out by just a few trades.
Do an advanced search for traders when you are at Zulutrade.com. It can be selected after you have selected “Traders” from the menu
You will then see the next screen that will look like the picture below.
You can select on what you want displayed.
Hovering over the symbols will result in a small pop up window telling you what is the symbol all about. Those symbols can also be found to each individual signal provider on their page or within the small display window when you are at the traders page.
Better explanation of each symbol
Hope my tips for finding the Best Signal Providers on Zulutrade is helpful. It’s your own search criteria that will filter out what you are looking for. Not everyone has the same risk appetite and no two person are the same.
Important is, you have to feel good about your choice, after all, there’s no one breathing down your neck and saying “pick me, pick me”.
Good luck and safe trading!