Forex Auto Traders: A Scam or A Gold Mine

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Written by Nick McDonald. This is surely a magnificent day, the next step to becoming a professional trader. The feeling of having your trading endorsed by a trusted website such as Myfxbook is wonderful. That dream of working full time as a trader is now a little bit closer!

Myfxbook introduced Autotrade several years ago, coat tailing other pioneers of the trade copying space such as yours truly.

In the signal and social trading industry looked to take over the forex world. Even Metaquotes, the developers of MT4, launched a forex brokers and auto trade for you service. Traders seem to prefer trading for themselves. As a constant recruiter of trading forex brokers and auto trade for you, traders often contact me that have their strategy listed in the top 20 here: I find this a little sneaky, considering they keep the full commission on losing trades, then only share a portion of the commission on your winners.

Subscriber numbers also include demo accounts, so this statistic is essentially useless. The strategy was relatively active, entering positions several times per day on low leverage. If you have dreams of becoming a professional trader, listing your strategy on Autotrade is one of the worst things you can do for your future career prospects.

Once your forex brokers and auto trade for you is listed, there is no way for potential investors to contact you. Myfxbook is a wonderful tool for identifying trading talent. Your Myfxbook statement is your biggest asset as a trader. As a manager of FX Viper and Goldstar, 2 of the longest running and popular strategies in the industry, I can confirm that investors and entrepreneurs were in contact several times per week, every week, wanting to invest or work with the traders.

Read my post — 5 tips to trade like FX Viper. Try Live Forex Trading Room now for just 7 days free and gain access to:. You must be logged in to post a comment. Blog Forex Forum Log in. How much do traders make on Myfxbook Autotrade?

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