Why is copy/mirror/social trading avoided? Any thoughts?

I see lots of folk struggling to make a crust trading at the retail FX business, struggling for many years to take anything from the market. Anyhow, I recently came across a man who, rather than put effort into: learning how to exchange, learning how to code MQL4, backtesting, forwards testing, various s for decades, whilst holding down a full time job etc, had developed an algo to scrape info. From many leading copy websites, then spread his risk across many of the board leaders, or traders wth outstanding returns versus risk/drawdown.

He correlated it with other software he#8217;d developed; that scratches information and takes sentiment readings from societal media #8216;websites #8217; (Twitter, Facebook) and sentiment readings from trading forums. He reckons he was creating a fine return, 35 percent p.a. on a six figure account.

Got me thinking as to why so many men here persevere with the torture of trying to learn how to exchange (whatever that means in the retail market area ) and don#8217;t only copy the plank leaders? Now obviously I8217;d be looking for men who have little drawdowns, risk a small percentage of the account per transaction, aim for realistic returns etc. but there#8217;s many ways of you men balancing your vulnerability.

I also started to think of another generation of short attention span retail traders, let#8217;s call them the App generation, surely they8217;re not going to go through the pains of learning how to trade, spend thousand of hours staring at charts? Look at how they8217;ve speculated on BTC etc..

Now I have read various opinions that e-toro, Zulu, Collective2 etc are not what they appear, #8220;you get ripped off for spreads once you copy trade into their service, the websites are chokka full of fraudsters desperate to get to the top of the greasy pole by whatever way, the drawdowns are eye watering, there#8217;s many Asian men who have countless profiles, running countless so on there#8221;, etc, etc,

Be interested in any opinion, not an area I#8217;ve paid attention to. TIA.

About a year or so ago I discovered there is an alternative in MT5 where you can basically copy the transactions of another trader.

I think this connection reveals some stats of various traders you can subscribe to:
https://www.mql5.com/en/signals/mt5/page1

I've been planning to start looking into this more, but it seems like something a lot of people would wish to do as a simple way to make some cash.

Has anyone attempted this?

I believe among the barriers to overcome and objections to copy trading is ego, so many punters on here have this vision that they'll eventually crack some type of code and become successful, but at the time they create any kind of consistency they operate out of money and even during the meantime they're generally only playing with buttons inside their accounts. The game is all about making money, and also the majority of punters on here are part time and will never have the opportunity to learn how to exchange and make money. It requires close to a decade (as an outsider) before the light will proceed.

I believe there is too many people not checked by these copy sites, their leaders should be completely vetted, before allowing them to throw up their s on copy sites. Taking a look at the MT5 website it is the same; total of guys who wish to charge 30 dollars each month to follow along s with drawdowns of 30%, they're generally just versions of martingale cobbled together by gambling idiots. But should you screen out the idiots, since this guy I know , it may be a better route for many to follow along, it would be the death knell of forums like this however, but if manual/retail trading will be dead inside the subsequent ten years.

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Originally Posted by ;

About a year or so ago I discovered there is an alternative in MT5 where you can basically copy the transactions of another trader. I believe this connection shows some stats of different traders it is possible to subscribe to: https://www.mql5.com/en/signals/mt5/page1 I've been planning to look into this again, but it seems like something that a lot of people would wish to do as a simple method to make some money. Has anybody tried this?

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