Here’re some tips based on our experience trading on the ZuluTrade social trading network. Below are the more generic tips. We have also written more specific and detailed pages with:
Tips on Selecting ZuluTrade Signal Providers (click here):
These explain the process we go through when we look for the best “traders”/ “signal providers” to follow.
ZuluTrade Account Setting Tips (click here):
These relate to the money management and risk management techniques on ZuluTrade. It explains what to consider when you adjusting your account settings.
General ZuluTrade Tips:
- Spend some time in selecting the traders “signal providers” you are going to follow on the ZuluTrade social trading network.
- Look for providers with long, consistent and profitable history on the Zulu Trade social trading network.
- Test the providers in a ZuluTrade demo account first (click here to try the free demo).
- Be careful when following new providers mentioned in the ZuluTrade e-mails and forums. Often these providers get a quick boost in live followers and their strategy may change now that the commissions are coming in.
- Keep the ZuluTrade MarginCall-O-Meter or Risk-O-Meter well under 100% and ensure you understand the risk you’re taking in “real money” terms in your base account currency. I.e. understand by how much $, £ or Euro is actually risked per pip movement in the currency pair the “signal provider” trades on. If in doubt, start small (e.g. 5 or 10% of your capital).
- Don’t follow too many “signal providers” within 1 account. This will increase the risk and be more difficult to manage. Over time, find a select group of trusted Zulu Trade signal providers that meet your trading and investment profile.
- Be realistic in your expectations and treat this as a high yielding investment and not as a casino or lottery ticket. If you expect to double your account in a week you need to accept the risk that you may lose your investment as well in a week.
- Be patient. If a provider’s strategy dictates that the drawdown may be 1000 pips at any stage, don’t panic when the account drawdown gets to 100 or 500 pips. Your fund allocation settings should have taken this into account and should ensure your account can deal with this. Because you’re working with leveraged financial products and volatile forex currency markets, the fluctuations in your account may be much more severe on a minute to minute basis than when investing directly in stocks or bonds.