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How to copy trades successfully with the correct broker?

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  • How to copy trades successfully with the correct broker?

    Ive been a signal follower for the past 3 months. However im not able to copy trades with the same results as the master account. I tried to use the recommended brokers with 1X Risk and trial capital of $1k-3k. Im a conservative copy trader and looking for returns of 1-5%pm.

    I tried not to use MAM to avoid currency risk as i trade mainly in SGD singapore dollars.

    May i invite all successful traders in this community to share your signals along with the correct broker.

    This i believe will help us greatly as in

    1. Cut short learning curve, trial and error.
    2. Higher chance of success.
    3. Cut losses. Savings in capital used for trial can be better deployed for more fruitful trades.
    4. Overall increase in successful trades and better trading experience will attract and retain traders.
    5. Enlarged community and vibrant platform to benefit all users.

    I hope and look fwd to your feedback and sharing experiences.

    Thank you.

    FREDDY

  • #2
    Originally posted by wmsgfred
    Ive been a signal follower for the past 3 months. However im not able to copy trades with the same results as the master account. I tried to use the recommended brokers with 1X Risk and trial capital of $1k-3k. Im a conservative copy trader and looking for returns of 1-5%pm.

    I tried not to use MAM to avoid currency risk as i trade mainly in SGD singapore dollars.

    May i invite all successful traders in this community to share your signals along with the correct broker.

    This i believe will help us greatly as in

    1. Cut short learning curve, trial and error.
    2. Higher chance of success.
    3. Cut losses. Savings in capital used for trial can be better deployed for more fruitful trades.
    4. Overall increase in successful trades and better trading experience will attract and retain traders.
    5. Enlarged community and vibrant platform to benefit all users.

    I hope and look fwd to your feedback and sharing experiences.

    Thank you.

    FREDDY
    Hello fellow sinkie!
    I understand your pain, that's why I use signals over mam as well. I've lost quite a bit of money on this site due to a variety of factors, mainly my own greed.

    Over the years I've decided to tone down my risk setting and recently I've been doing quite well, my results match the master account and the past few months have been decent.

    I'm currently on IC Markets and I use the SimpleTrader managed hosting function. It's a little pricier than getting your own vps, but for me the price is worth the trouble saved. I like ICM because of their good spreads and fast execution, also their deposit system is quick. One of the few brokers I can rely on using card transfer, really saved a lot as compared to bank transfers and quicker too. I have yet to even withdrawn a single cent yet because (as above) I'm still net deficit. I'm positive though that in the long run if all is well it'll be good.

    I'm running 3 signals, goldstar, smartscalper and math Prof.

    All the best!
    Shawn

    Sent from my SM-N920I using Tapatalk


    Edit: also, do note that because of currency conversion and lot sizing, when using sgd accounts copying a master using usd, your lot sizes must match the post currency conversion levels. Meaning if you want to copy at 1x risk using sgd to copy a master in USD, with currency rate of 1.35, your risk settings must be set at 0.74 or (1 / 1.35).

    Note that some brokers do not offer micro lots also, they offer lots at mini levels meaning 0.1 and above. So if your account isn't large then you may be severely over leveraging.

    Last edited by shawntan; 08-14-2016, 07:59 AM.

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    • #3
      Thanks Shawntan for your pointers. Really appreciate it. Perhaps we can start a Singapore community here to further our interest.

      With regard to your subs, i do understand Goldstar and smartscalper are no longer available as signals. For mathprof, given the low profit and factoring of hosting and signal costs, what would be the min capital to make a decent profit?

      Comment


      • #4
        Originally posted by wmsgfred
        Thanks Shawntan for your pointers. Really appreciate it. Perhaps we can start a Singapore community here to further our interest.

        With regard to your subs, i do understand Goldstar and smartscalper are no longer available as signals. For mathprof, given the low profit and factoring of hosting and signal costs, what would be the min capital to make a decent profit?
        Yes it's really unfortunate that the two signals are no longer available.

        And mam isn't a good option for us because of conversion etc etc.

        For math Prof I've only followEd it for less than 1 month, but so far I like what I see. I'm running it on 2x risk (sgd currency taken into consideration)
        I haven't done the accurate calculation yet but I believe the minimum you want to be trading is at least 5 to 6k sgd. To be remotely worth the time.

        Sent from my SM-N920I using Tapatalk

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