The number of “Forex traders” to follow and copy is huge (> 10,000), while ZuluTrade provides you with an advanced search engine that allows you to slice and dice against your interests from that list; for example just show me traders with a background of over 52 weeks that trade their own money and have a drawdown of less than 20%.
They also have a results table in which they list all “traders” (see image to the right). They graded using their patented algorithm “ZuluRank” until last year.
Although this has changed over time, we’ve seen more than one trader rising in the top 5 in a month (and dramatically growing their number of “online” followers) only to make a major loss and drop out the next month’s top ZuluTrade rankings.
The default rating is now “Live Followers Benefit”. It tends to be fairer and more appropriate (you can also score on other performance indicators). Since the number of traders is very wide and new ones are added regularly, ZuluTrade introduced the UserLists concept and more recently ZuluTrade Traders Combos to help you manage them better.
You may build one or more traders’ UserLists which is useful if you want to track them a while before copying them. You can also share your lists with others, and display lists that other investors have made.
Assessing Potential Traders
You will display a wide selection of performance metrics and graphs for each “trader / signal provider”. It helps you assess them.
What’s important to note here is that ZuluTrade is completely transparent. They literally post every single trade a trader has done in the past. And then, you can even download all the historical trades in Excel. It is enable for you to do your own proprietary analysis. In contrast, some other social trading networks only give you access to the last 50 or 100 trades.
While all of the knowledge is obviously available and delivered in a number of useful ways, it also takes some expertise and frequent fine tuning to search for reliable and trustworthy “Traders.”
If you’re a novice in Forex trading, it will take you a couple of months to compile a portfolio of ZuluTrade “traders” you trust. And also, who will fit your own investment profile and risk / reward strategy.
