Q. “Hi Timon, a quick question. What do you think about social trading apps such as E-toro where you can copy a trader” T
Following traders is all about track-record.
If you find that the win/rate, strategy
, time-frames are suited to what you're looking for then by all means.
However, when you copy a traders signals the only way you're going to replicate their results is by following their every trade.
And you need to compare your risk management to the trader you’re copying.
You'll find that it can be a challenging task to copy every trade every time. In fact, if you end up following a high frequency trader, this could end up being a full time job.
So, I’d personally test and paper-trade the copy trades on the platform first, to see how my portfolio would perform in the next couple of months.
And if I see positive results, then I’ll start to copy the trades in a real-portfolio.
But I’ll leave you with this food for thought.
If you can't make money using a demo-account, making money will be impossible with a real-account.
So test, test, test and test some more before you’re 100% sure, the copy-trades will show you positive results with your portfolio.
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Q. “Which demo account would you recommend, that will support you to become a successful Forex trader and not force you to open a real account?”
The best free online Forex platform that I’ve found in the last 13 years, is called Oanda.com.
You’ll be able to open a demo-account without:
~ Giving any personal information
~ Any real-money deposited
~ A trial-account
~ And you’ll be given a $100,000 paper account, where you can practice how Forex trading works in the real world.
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Q. “When is the next seminar for beginners in Forex trading in Cape Town and what are the details involved”
The next beginner Forex seminar will take place around November.
However, In July I’ll be hosting the Advanced Forex Seminar in Johannesburg, Cape Town and Durban.
If you’re a quick learner, when you buy a ticket to the Advanced Forex Seminar, I’ll send you a Forex 101 book called the Pocket Forex Profits Guide that will explain all the basics on Forex.
Basics knowing exactly how to:
~ Open a Forex account with ease, so you are ready to make Forex trades whenever an opportunity presents itself
~ Use a free Forex trading charting platform, no sweat, so you can understand when to place a trade
~ Understand all of the basics of the Forex market so you can make smart trading decisions from day one
~ Buy and sell your first, but not last, Forex trade to bank profits for the rest of your life
Once you read this free book, you’ll then qualify to attend the Advanced Forex Seminar
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Q. “I have been testing a new Forex trading strategy over a 1 month period. In that period I have had 12 outright wins 10 break-even wins and 8 losses (30 trades). Do you think that this can be a successful trading strategy?”
It sounds like you’re in the testing phase, to see if you have a strong Forex strategy.
I tend to test a Forex strategy over a process, before I put money into the trading system.
When I test a Forex strategy I require a few things:
- 20 Back-tested trades (20 trades where the system lined up in the past)
- 20 Forward tested trades (20 trades going forward using a paper account)
- 20 Real trades to see how your portfolio performs...
If you have a strong money management strategy where you risk less than what you hope to gain and you don't risk more than 2% of your portfolio, then you could have an absolute winner for your Forex trading...
Make sure you jot down your trades and calculate the statistics on how your tested strategy is doing.
And most important of them all, make sure you would have made money with the demo account.
The testing period might seem like a bit of a time-consumer at first, but will be all worth it when it’s paying for your lavish retirement life.
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