ZuluTrade Review
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Advantages
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ZuluTrade is currently the largest automated forex trading signal provider online. Zulutrade boasts thousands of live accounts and over 1500 signal providers. If you have a profitable trading method of your own, you too can become a signal provider and generate commissions from other user's trades.
The first thing you'll notice when browsing the Performance page is the sheer number of pips the most profitable systems have made. There are currently around 25 popular systems, but there are dozens more that are returning profits, and with reverse trading there are even more signals you can trade.
An equity graph for the selected time period is shown for each signal provider. This allows you to see system performance at a glance, which is helpful in selecting signal providers. Basic trading system statistics are also listed, and the full trading history is available on the individual system page. Trades placed on live accounts are indicated as such, which provides a degree of confidence in the trading results.
The Settings tab under My Account is where most of the action happens. This is where you add and configure your signal providers. You can set the number of lots per trade, the maximum number of open trades, and the maximum number of open lots for your entire account. You can also set lot sizes as fixed lots or as a percentage of your balance.
The advanced settings allow you to override the signal provider's stop loss and profit limit settings, as well as enabling reverse trading. Reverse trading is an innovative feature that greatly extends the number of tradeable systems. We've all seen systems that consistently lose money. By reversing the buy and sell signals, a poorly performing system can hypothetically return profits equivalent to a profitable system.
ZuluTrade offers some useful features for risk management. The Settings page features the Margin Call-o-Meter, which provides an easy-to-read guide as to whether your account is overleveraged. Resolving issues with a high Margin Call-o-Meter reading can be an exercise in trial and error though. Individual signal providers who use high risk trading strategies are characterized as such.
Zulutrade's greatest strength is also its greatest weakness. Because anyone can become a signal provider, your trading profits are ultimately riding on someone else's trading skills. The site is littered with poor quality trading systems, and many systems sit abandoned. Unfortunately there is not yet any way to filter out inactive signal providers. Even a once-profitable signal provider can crash and burn from a high-risk strategy, taking traders' profits with it.
However, there are still plenty of excellent trading opportunities on ZuluTrade, and a savvy, conscientious trader can do well here. With some due diligence and careful signal selection, you can make money while you sleep. What more could a trader ask for? Read our tutorial on evaluating trading systems for more information on choosing Zulutrade signal providers.
You can evaluate ZuluTrade's service for free with a 30 day demo account. There is no fee or any additional spread for a live account. Supported brokers include FXCM, FXDD, Forex.com, ODL and Alpari. MetaTrader 4 accounts are now supported.
* The views and opinions represented in the provided website links and resources are not controlled by the Referring Broker or the FCM. Further, the Referring Broker and the FCM are not responsible for their availability, content, or delivery of services.