Copy trading forex - Week 2 progress

This has been a hectic week for both traders and copy traders alike. The much awaited news release on the Non-Farm Payroll is past and gone and looking very good for the USD. Those who have gone bullish on the USD prior the news release have profited immensely.I'm glad my master trader is one of them.

Personally, I only trade post news release as I am more of a fundamentals trader vs a technical trader.  The trader that I am copying on Etoro uses technical analysis, therefore complementing me very well.

In a nutshell, this is my stats for the previous week! 12,46% is not so bad at all.  I also practiced restraint this week and left the trader that I am copying to close the trades when he saw fit.  In any case, with all the news releases last week, I only had time to manage the account that I trade personally.

More good news.......

Etoro has become stricter as well towards popular investors (Etoro's term for master traders) in the following 2 ways:

1.  No high leverage traders will be admitted to the popular investor program (only small to medium risk trades)
2.  Investors must have no more than 20% of account balance tied in open trades.

Copiers have been burned in the past by popular investors that use maximum leverage to trade.  You'd find that their accounts can stand the amount of risk because they are huge accounts, while the poor copy trader is using a measly $50 therefore gets wiped out.

Given the new developments, an account that has a balance of only $100 (example), will now only open a maximum of $20 positions at any given time.  This slashes the risk of trading forex by a considerable percentage.

I'm currently testing some more popular investors on my demo trading account, also comparing them to my current trader.  I am not in a hurry to diversify.  Etoro only allows a maximum of 40% of your balance to be allocated to one trader unless your account is less than $250.  In the meantime I am also copying my sister's account, who happens to be solely copying the same trader. This is allowed and not illegal at all.  Most traders become happy with one trader to a point that they open various accounts just so they can copy the same guy or girl!

That is all for this week...I will blog again to keep you updated on how this venture is going.

Start copy trading today and also contact me for a list of my best performing traders!