ZuluTrade provide some of the best forex signals. ZuluTrade is an online copy trading platform that is very easy to use. You simply signup on the official ZuluTrade website and connect your trading account. You then select the traders that you want to copy trading signals from. These trades are then automatically copied on your trading account. It is as simple as that! You can add or remove traders at anytime.
ZuluTrade provides performance statistics of all the traders so you can choose the best forex signals to copy based on returns, duration, drawdown, win rate, average pips, currency pairs, amount of trades and more. This allows you to choose only the best forex signals to be copied onto your personal trading account. You can follow one or multiple traders completely free of charge.
ZuluTrade has one of the largest groups of forex traders to copy trades from so if you are looking for a fully automated forex signal service that is not too complex and requires no prior trading experience, then look no further! Please read my full ZuluTrade Review for more details and see below some of the best forex signals hand-picked from ZuluTrade accounts that are available to copy once you open a ZuluTrade account:
*Results are based on historical data. There is no guarantee of future performance. You should understand the risks involved with trading. Different brokers can produce different results due to spreads and liquidity. Your capital is at risk. Beginner traders should research and learn about trading before using any forex software.
Best Forex Signals Statistics Explained
This is the amount of pips that the forex signal provided by the trader has gained since it’s inception. Whilst pips can be high, we also need to consider other factors such as drawdowns and duration the forex signal has been running for.
A forex system can gain a lot of pips by using a wide stop loss and having big drawdowns which can eventually cause problems. Although, this is not the case with all forex signals that have generated a large amount of pips.
Consider that although the amount of pips may be high, the actual monetary results will depend on the lot size used.
Best Forex Signals Running Weeks
This is how long the forex signal that you can copy has been running for. Logically, the longer a forex system has been running, the more data we have to draw an accurate conclusion to it’s overall performance and thus, we can get an idea of what to expect moving forward. Although of course nothing is guaranteed in trading!
This tells you what the average amount of pips per trade of the forex signal is. I feel that the more pips the trader generates per trade, the better the risk to reward could be and also the less detrimental broker factors such as spreads, execution speeds (slippage) and commission can be. The higher the better I would be looking for!
Keep in mind that forex trading systems that shoot for bigger amount of pips per trade will tend to trade less frequently than those who look to gain a smaller amount of pips that add up over a higher trading frequency – this can also increase trading costs as you have to pay the spread & commission more often.
Shows the maximum drawdown on the forex traders trading account. Drawdown shows as the difference in pips between the highest and lowest point of the account. It is a measure of the largest loss that the trading account had at any given moment or period of time. I would not want to pick a signal that has high drawdowns as I would consider it high risk.
This tells us the worst trade that the trader had on the account in pips. The greater the worse trade (biggest loss), the more chance we have of hitting a similar trade in the future. I would look for the lower the better as I would not want 1 losing trade wiping out all of the gains.
If the average win was say 10 pips and the largest loss 80 pips, we could expect 1 loss to create a hit on the trading account and cancel out 8 winners. Ideally, I would like a risk to reward ratio of at least 1:1, 1:3 even better.
That being said, the worst trade can look artificially high if there was a big news release or unexpected fundamental factor that caused a spike although in this instance, I would have wanted the trader to have a safety stop loss in place. It could be a sign that they use a wide stop loss so be careful.
This statistic shows us the amount of profitable trades the trader has had trading on the account. The higher the win rate percentage, the better. With a win rate north of 50%, we could have a risk to reward ratio of just 1:1 and still do well in the long run.
If a win rate is too unrealistically high like 90%+, there may be a chance there is a dangerously wide stop loss or money management starategy being used such as martingale, grid or hedging. In this instance, we would want to check other statistics such as the maximum drawdown. The greater the number of trades combined with a high win rate can be a sign of a good forex trader to copy trades from.
Maximum Open Trades
This tells us what the maximum number of trades the forex trader providing the account for us to copy had open at any one time. The larger the amount, the riskier I would consider the signal to be. If the account had 20 trades open at one time and the risk per trade was set to 2%, that would mean 2% x 20 = 40% total risk at once!
Thus, if copying a forex trader who has a high amount of trades open at any one time, I would make sure to limit the risk accordingly. Also, it is worth considering that some systems may open multiple trades to cover losses (grid, hedging) although other may just do it to diversify more and grow their portfolio.
As the name suggests, this is the best trade in terms of pips. E.g. If the best trade is 100 that means that the greatest win on the forex traders account was 100 pips. The higher the better in my opinion, especially when combined with a high win rate and low drawdown.
We should perhaps consider that this could be misleading in the sense that there may have been a news release or other fundamental factor that caused a large spike which gave a win greater than usual for the particular system in question.
Average pip per trade would be a better analysis in my opinion to gain a more realistic insight into what to expect from copying the trader.
This tells you how many investors on ZuluTrade are following (copy trading) the trader account. I would say the more that are following and the longer the trader account duration, the more confident I would be in copying the signals.
That being said, if you look around ZuluTrade you can find some golden nuggets that others may have over looked or these systems just may not have fitted within other traders preferences.
Also, new traders signals will logically have less followers but may be worth adding to favourites to keep an eye on and see how they perform over a sustained period of time.
What are the most important things to consider when choosing a forex signal?
Personally, I would look for the following when choosing what trader to copy trades from on ZuluTrade:
- Running Weeks (Duration) – The longer the better. Around 6 months would give me confidence to copy the trader.
- Average Pips Per Trade – I would want probably around 10 pips just to ensure trading costs do not eat too much into profit whilst still having a good amount of action. I would also consider copy trading an account with average wins 100+ for long term trading.
- Maximum Drawdown – I think a maximal drawdown in pips of around 10% of the total pips gained would be acceptable.
- Worst Trade – Well this one depends on the average pips per trade but I would not want it to be much greater (if at all) than the average pips per trade or biggest win to try and maintain a favourable risk to reward ratio.
- Best Trade – The higher the better of course!
- Winning Trades – Anything north of 50% with a decent amount of average pips per trade I would personally be happy with. Anything too high and I would question the money management used.
- Maximum Open Trades – I would like 5 or less and would also make sure the copy trading system is using different currency pairs in this case to ensure diversification and that trades are not being duplicated on correlating currency pairs. A large amount of open trades with a high drawdown would not be for me.
- Investors – The number of investors would perhaps make me curious and more likely to review a forex trader to potentially copy but it would not be a deciding factor in comparison to those mentioned above.
Best Forex Signals Summary
Overall, there are experienced forex traders out there for us to copy trades from. ZuluTrade has many talented traders from 192 countries worldwide all in one place. This makes it very convenient for us to choose traders to follow and take advantage of their trading skills without needing to manually trade ourselves.
Copy trading through ZuluTrade is very easy to do and you can even start on a demo account to test the waters before going live. Please read my full ZuluTrade Review for more details.
I would highly recommend checking out more of the forex traders you can copy on the official ZuluTrade website where you can also open a free account with them.