I trade on Etoro
. Seems good for beginners which I definitely am. Wish they had automatic trailing stops but apart from that it seems fine.
In terms of copying traders I have done so and am currently doing so. I'm honestly not sure about exactly what the trader gets and the site charges for the service. Will try and find out.
Traders generally do post comments fairly regularly and you can ask questions in a twitter style format.
You can Obviously check on their statistics and what they trade in what quantities, their risk/leveraging tendencies etc, and try and vary your 'portfolio' that way.
You can copy their trades on an account percentage basis meaning you can invest as little as $10 (if you don't mind making 1c and 2c profits). The spreads at these rates are also not more than 1c.
You can regain control of a specific trade at any time. If you want to close, extend stops etc etc, when you make a change, you regain complete control of the individual trade.
As a beginner, it does provide some insight into what other traders are doing in terms of entry and exit points etc.
There have been some problems with the system. Some trades were copying upon opening but when the trader closed them they were staying open. Probably other bugs too. New systems will have them. Hopefully they're all sorted now.
The trader may get a % and the site may charge for the service in some way. As I said I will look into this.
The longest search history information on any trader is 1 year. Obviously anyone can have a good year. Would like a larger sample.
I agree with Tek that a lot (if not all) of these guys will blow up at some point. I'm simply not experienced enough to explain why but judging from what I've seen in terms of extending stops almost infinitely when a trade goes bad too maintain a higher 'winning %' it seems inevitable they will go busto.
Probably more negatives I can't think of right now.
I myself initially tried copying a couple of traders for small amounts just to see how it went. Pretty much all finished in profit however when the system started glitching I stopped copying. Have tried again recently, and problems seem to have been fixed. Currently copying 3 traders with varied styles and instruments. We'll see how it goes...