How To Be Profitable Following Traders On Zulutrade?
I have came across questions such as how to be a profitable follower on Zulutrade, has anyone made money on Zulutrade, why followers lose money and other similar questions, can be found online and even in Zulutrade forum.
This is a priceless question and this is what I have to share.
- Right Signal Provider to follow.
- What you should be doing.
Picking the signal provider can be quite tedious if you really want to screen out the good from the bad. I believe many followers on Zulutrade do not even do proper screening and just go with the top few to test out their luck.
To be a profitable follower on Zulutrade, you cannot be doing such things because you are not buying lottery. Picking some to test out your luck and see how it runs.
I will not elaborate on how some of the traders are providing signals on Zulutrade because I have written extensively on those topics previously and they can be found at tips for finding the best signal provider on Zulutrade.
Some basic rules to follow to be a Profitable Follower on Zulutrade
- Picking the right signal provider to follow. Please Do Proper Screening. I cannot emphasize this enough to bring the message across.
- Be very consistent. Don’t just follow a Signal provider, SP just because he is profitable and you jump on the bandwagon for a few trades.
When the SP you are following is not profitable, you switch and look for the next trending profitable SP. Every traders have their ups and downs and may go through some consecutive losses in a row. That’s the drawdown.
However You Cannot expect all their trades to be profitable, it’s not possible. In fact Zulutrade will also be flashing warnings if a trader has 100% profit!
Some SP trade with low TP target and high SL so that they can afford to keep their losing trades open and only close those that are in profit or even use Martingale system to trade, adding onto losing trades to average out.
Do you have enough stamina (in your case, your hard earned money) to stay with them? If you don’t chances are you will get hit with a margin call and all your trades will be forced closed by your broker.
- Be consistent with your trading lot size. I have seen followers who start small and then increase their lot size 10x after a few winning runs. Or starting big and then reducing their size when hit with some losses.
Changing lot size all the time trying to achieve maximum win and minimum loss is a formula for disaster. You never know when your SP trade is going to be met with a loss or consecutive losses.
To Summarize How To Be A Profitable Follower On Zulutrade
Do your homework. To be successful takes time and doesn’t happen overnight. This is an investment on your part, do a little research and it will be well worth the time spent. Don’t expect someone else to do it for you.
Once your gain have managed to achieve some sorts of consistency, then you can easily increase your gains compounding your profits by taking bigger trades.
How my article here is helpful to those who are planning to be a profitable follower on Zulutrade.
Good luck and safe picks!