Social trading review of Zulutrade – Join fellow social traders here
It’s always good to be smart about investments and online trading. The only problem is figuring out how to be a smart trader. There are all kinds of loopholes and tricks-of-the-trade that can only come out experienced research and constantly keeping up with the trends. It’s even more complex when you can’t decide which social trading platform to use. So how do you do this without losing sight of your target? Which social trading platform should you choose that connects you to all the right people and all the right information?
Zulutrade is a great place to start forex day trading or social trading. Born in 2007 as the brainchild of Leon Yohai and Kostas Eleftheriou. Since then the financial services company has grown to over 60 brokerages and 100,000 signal providers. This means you can access any professional traders i.e. the signal provider’s performance methods, calculations and winning strategies.
Now you’re probably thinking “why on earth would a professional trader share his strategies with me?” It’s quite simple. Zulutrade provides incentives and performance-based commission to these traders or signal providers, so the more profitable they are, the better their commissions are.
Now, what’s next? You pick the skilled trader you want to follow, and Zulu will help you mirror the strategies that that trader is using automatically. Zulu provides a lot of data about the signal provider, so you can choose which one you would like to apply to your trading. The best part is that you can see statistical and analyzed data about these signal providers and you don’t have to make your decision based on other users likes or comments. This will help you reach an objective decision as opposed to a subjective one since social trading requires deduction skills and this can only be done with the help of all the right data.
All-in-all, Zulu helps newbies in the trading world, intermediate traders who want to better their game and professional traders who want to showcase their trading systems online and make more clients while trading using standard methods.
Once you have registered yourself on Zulu and you have your own trading account, you have a bunch of information available right on the home page of the Zulu platform. It shows you the top eight signal providers for you to choose from right off.
THE NICER BITS
In 2015, Zulu introduced the Binary Option. This basically means that you don’t necessarily have to use a professional traders trading game, instead, you can also trade using your own techniques.
You can also monitor the signal providers on your ‘Userlist’, which is a feature that helps you manage who you want to copy based on a planned and scrutinized decision. You can also share your user list with other investors and view other user lists. This way you get to double-check your options.
Zulu also has some neat risk management features. For example, once you have chosen to follow a certain trader automatically, but there are monetary losses you may face because the trader chooses to change his strategy every other day and soon you could end up busting all the equity on your trading account. ZuluGaurd which was introduced in 2012, allows allotting a cap on the monetary loss you are willing to take while following a certain signal provider until your trading account automatically stops following them and closes all open trades they had on your account.
Zulu also gives you an opportunity to check them out on a no-strings basis by setting up a free demo account so you can get an actual touch and feel of how a trading platform and social trading works in real-time.
WHEN YOU KNOW AND IT SHOWS
Zulu allows you to review your trading account performance at any time. It also sends summary report e-mails on a daily and weekly basis. This way you don’t have to get flustered about your trading results while sifting through office paperwork.
Zulu also sends updates on the change in the behavior of any of the traders or signal providers that you are following. Traders could open up for the position than they usually do or they change any of the methods that they usually follow. Knowing this information could be valuable since you can choose to act on it or ignore it. Remember that Zulu does not control what goes on in the signal providers accounts, and Zulu only gives you a news flash to help you make better trading decisions.
Excellent Customer Service
ZuluTrade customer support is polite and the turnaround is quick. Both their phone service and chat service is multilingual and available 24/7. They also have a 24-hour hotline. Their phone service I available to over 10 countries. The live chat can assist you with both technical and commercial issues. They also have a forum where you can share your experiences and opinions and ask for advice on any difficulties you are facing on your trading account and get tips from other investors and their experiences with Zulutrade.
IF YOU SNOOZE, YOU LOSE
Note that it is crucial that you comprehend the risks involved in the social trading before deciding on taking part in forex social trading and day trading. Also, you need to ensure that have ample funds and resources to bear the associated risks. Remember that trading involves risking your capital. At the same time, you may choose to avoid investing money that you don’t want to lose in social trading. The previous performance of methodology and other social trading system is not necessarily a definitive indication of results in future. Zulu ensures to the maximum possibility the accurate representation of the trading platform and its potential.
Since social trading works on a speculative basis, the results are not controlled by the social trading platform. There is no guarantee that you will earn money using the techniques, ideas or products presented on the website. Examples provided herein are not to be interpreted as a promise or guarantee of earnings. You can, at any time leave the leaderboard and thereby cease all the data and social trade sharing. You can also choose to stop following the performance of any trader as per your choice. You are solely responsible for any change to the open positions you have placed during the course of a day or social trading.
No matter how much information you have, always be a smart trader.
CONCLUSION AND REVIEW ON EXPERIENCE
Zulutrade is a social trading platform that is constantly innovating to serve its users the best. It is user-friendly and has extensive compilations of data on strategy and professional traders, therefore, making it a popular choice for both beginners and advanced traders. The data is transparent and the history of signal providers is shared and open. Since all the data you monitor can be customized it also makes it suitable for experienced traders who want to increase or diversify their returns on investment Zulu will definitely also work for anyone who wants to invest in forex but doesn’t have the time or necessary skills to build their account on their own strategy.
It has no entry costs and affordable managing costs. Becoming a signal provider is fairly easy on Zulu but this complicates the task of finding the few actually professional providers on the trading network who can deliver consistent results over time. The risk management features on Zulu definitely help in overcoming this, but it’s prudent to ensure you know how much money you will be able to put out for this process before beginning any social trading.
Just because of the sheer number of signal providers on the trading platform (despite some of them being amateurs) and the ability to customize and manage in detail the portfolio of traders you want to follow and the methods you want to use, Zulu stands out from many other trading platforms.
Managing your monetary resources may be difficult especially if it’s your first time, but it is becoming significantly easier over the years due to the improving features. The benefit of the mobile application also adds to it, by being accessible at all times. It’s important to keep in mind that although Zulutrade provides the top performing traders on the platform, they may not be consistently on top. Zulutrade, therefore, supports high-volume short-term trading that can give you quick cash boosts. Setting up the right risk management and control tools on Zulutrade is important to ensure you have control over how much loss you will be bearing.
The Zulutrade user guide will take you through a tour of the functionality of the platform although not very thoroughly and may not be completely specific. But the User forum can be put to best use for any queries.
Since Zulu gives you a free demo, you can always give it a shot since it is definitely worth a try considering its easy interface, accessibility, and value for money.