Teach Me Forex - Peer To Peer Trading - What Is ZuluTrade?

By Dean Watt


ZuluTrade is an online system to connect people who trade Forex with others who want to learn to make money in Forex. It works by using a signal provider and signal follower system. This means Forex traders can sign up to the service and offer their skills to others. Signal followers are free to choose any signals.
It is free to use any system on ZuluTrade and the provider of this system earns money from broker commissions. For every trade the provider makes a broker will pay them a commission for the signal followers business. In this way the good trader is able to attract a good following and make substantial money. To follow a signal follower you need a Forex broker and It is easy to join a broker from ZuluTrade itself.


How it works?

ZuluTrade ranks all of the signal providers from 1 to over a 1000+. The lower the number the better the system provider has performed. If the provider reach the top rankings they can earn a very decent living.
As a signal follower you need to open your ZuluTrade account. If you are new to Forex trading choose a demo account to start with. You will then be able to select who you want to follow. Have a look at the system providers pages and see who you like.

At the beginning just chose one signal provider. When you get more familiar with the system you can add more. Once you have selected your provider you are faced with a choice of how you wish to trade. You have 2 choices automatic and custom.

Automatic means you set your risk and the ZuluTrade terminal sets your lot sizes for you. It is better to select a low risk settings. It is tempting to set the risk high as you can see the potential to make a killing. However with high risk setting you are more likely to lose your money rather than make it.

Custom setting means you can manually select the lot sizes, number of trades taken, stop losses and take profits. This requires more skills than the automatic system but if you can learn how to use it, it provides great control over ZuluTrade.

For people who are new to Forex trading you should select automatic. You can then start to learn how to use the functionality of ZuluTrade. This means you can start to understand how trades happen and how this can effect you emotionally.

For those who are more adventurous and/or experienced use the custom setting. One of the best things about the custom setting is the backtest facility. This allows you to add in the lot size, take profits etc. Looking at these results show you how your account would have performed if you had used the signal provider with those settings.

By using the back testing feature you can learn about lot sizing and stop losses. This will help you chose the correct settings for your accounts.

ZuluTrade offers a hands free way of trading and ZuluTrade offers a gateway for many people who wish to make money in forex.

Now that we know that a platform like zulutrade can make us money. Whats the catch?

A little knowledge is a dangerous thing. When we follow a signal provider blindly we are at their mercy. Set the wrong lot size and risk profile and you can say goodbye to your account. It's not a matter of IF... but WHEN!!!!!!

However there is a way of keeping ourselves safe. This is through using a risk management system that controls how we trade our signal providers. This simple system will keep us safe and ensures that we can make money from Zulutrade.

Come and visit me to learn how you can avoid losing all your money.


Article Source: http://EzineArticles.com/?expert=Dean_Watt
http://EzineArticles.com/?Teach-Me-Forex---Peer-To-Peer-Trading---What-Is-ZuluTrade?&id=7148625