ZuluTrade released a number of new features to their social trading platform last week. The purpose of this post is to summarise them and to provide our review and opinion on their usefulness and best use.
From the ‘Traders Performance Table’ screen you can now select Traders you like to compare side-by-side. I couldn’t find a limit, but effectively 4 of them will be compared next to each other on the same screen before you have to scroll to the next one. While you could already view most of these statistics in the Advanced View of the Performance Table this feature certainly makes it a bit easier to compare various traders you consider following, especially when they don’t appear next to each other in the Performance Table view. Don’t forget though that these are just the basic statistics which are displayed here and hence, while good for some initial analysis, much more information is available on the trader’s profiles allowing a more detailed analysis of the trader’s performance and capabilities.
Buy/Sell Only option available within the Custom Portfolio Settings
A new option has been made available within the custom settings that allows you to set to “open only BUY or SELL orders” per trader and per currency. Now this I believe this is the most interesting new feature added by ZuluTrade this time. I actually inquired whether this was possible quite a while ago. Now here are a few reasons why, in my opinion, I believe this feature to be pretty useful:
- Anyone who follows the markets a little bit will know the concept of a “trend”. E.g. at the time of writing this post, the GBP/USD and USD/JPY have been in a recent upward trend and the AUD/USD in a downward trend. Now if you follow the markets yourself a little bit and have a feeling about the trend, you may want to consider to accept trades from a trader when they go with the trend, but not when they’re against the trend (if that’s your trading style). Obviously we’d all like the traders we follow to make these decisions for us, but I believe this features can be useful when you follow purely automated short term systems which don’t take into account overall trend. I.e. you can decide to copy them, but only with the trend and not against it.
- Another reason for using this tool may be when you’re following multiple long term traders and want to hedge your positions, or avoid increasing open losing positions. E.g. imagine you’re already short the EUR/USD pair. To avoid another trader adding to those short positions, you can decide to only accept long EUR/USD positions from them.
Obviously to get the best out of this feature some knowledge of the markets and risk management techniques will be required.
A new filter has been added on the Trader’s Performance page to set the profit timeframe. The options are “Since inception” (which is the default and was the only option before), “Winning today”, “Winning last week” and “Winning last month”. Results are then sorted by the pips profit made in the relative timeframe. Traders who trade “exotics” like gold (XAU) are excluded from the filter (which is fair since their results would distort the results).
In essence the filter was added to enable you to quickly lookup the ZuluTrade traders who are winning recently. While a little bit useful, I personally don’t look for traders who’re doing well today or in the past week. I think the filter would have been more useful if ZuluTrade also included “Winning last 6 months” and “Winning last year” as options, since this would allow some comparisons over a longer timeframe. Hopefully this will be done at some stage as it shouldn’t be that difficult to add those filters too.
Import/Export your portfolio
From your Portfolio screen you can now Import/Export your portfolio settings. Useful for when you want to copy your settings from a demo to a live ZuluTrade account or if you change broker.
Trader Performance Graph “By Pair”
You can now also view the performance of a Trader in their portfolio view “By Pair”. This is useful if, for example, you only want to follow traders in specific pairs that you’re interested in as well. E.g. some followers may have a keen interest in trading EUR/USD only and hence would only look at performance of that pair.
New Graph – Trader’s Performance “By Currency”
A graph has been added to display the ZuluTrade Trader’s performance by currency pair. This graph only shows closed trades and excludes daily drawdown. This graph I feel can be quite useful. Some traders (and automated systems) may trade multiple currency pairs. However this graph will quickly show in which pairs they’ve been most successful and hence as a follower you might consider only taking signals in these successful currency pairs (if there’s a clear trend).
Overall I believe these latest feature additions by ZuluTrade are useful. They also support the fact that at the moment, in my opinion, ZuluTrade probably offers the most complete set of features to analyses the traders on their network, and to manage the ways in which to follow them.