In this post I will be reviewing the DupliTrade automated forex signal service that enables users to duplicate the trades of other traders, hence the name. DupliTrade is a focused, transparent, user-friendly trading platform, that allows you to automatically duplicate the actions of expert traders directly into your very own forex trading account. In this DupliTrade review, we will take a close look and how it works and any results. Hopefully, this will help you to decide if the DupliTrade signal service is something that you would like to try out.
What is DupliTrade?
DupliTrade’s automated trading system enables users to automatically copy the trades of experienced traders directly to their brokerage account. With DupliTrade, you can browse through a selection of traders and choose to have their trades copied directly to your trading account in just a few simple steps, easily creating and monitoring your own bespoke trading portfolio in real-time.
Each trader that you can copy a signal from has their trading history shared on the DupliTrade website, some of whom are have been up and running over a sustained period of time. It must be said that historical results are by no means any indication of how the trading signals will perform in the future but none the less there are plenty of statistics to help you decide which trading signal is best suited to your trading style and needs. The DupliTrade team state that they analyse all signal providers in detail before allowing them to offer signals.
Getting started with DupliTrade is quick and easy. Traders of all experience levels are welcome to use the service. You simply need to signup with DupliTrade, open a forex broker account or link an existing account, browse the trading strategies and select those you wish to follow, then track your accounts progress.
You can add or remove trading strategies from your account at any time. DupliTrade work with a particular selection of forex brokers that you will need to have an account with in order to use their signal copying service. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs.
There is the DupliTrade Simulator where you can view the strategy providers past results over various time frames and set-ups. Simply choose your initial balance and start the simulation. This can be a good way to get an idea of how a trading strategy may have performed historically speaking.
How does DupliTrade work?
DupliTrade offers a simple but innovative solution for automated trading by enabling the client to copy expert traders activity to their trading account.
The Duplitrade software was developed with the beginner and advanced trader in mind. It has a very easy and navigable user interface, easily implementable with your chosen standard brokerage account. A trader merely opens up a Duplitrade membership, a brokerage account, and links the account to the Duplitrade membership.
After linking the account to the membership, all you need to do is select the preferred strategy provider you’d like to follow. You adjust the parameters of exposure, track and analyse your account in real time.
With the Duplitrade automated trading system you are provided with a whole trading experience from beginning to end. From the moment you log into the software and link it to your brokerage account, you will have a seamless trading experience.
Navigation is fast and smooth and offers a no-glitch experience. Once you’ve chosen a strategy, you can control your own trading parameters and navigate through your account and positions in real time through your brokerage trading account.
Is DupliTrade good?
DupliTrade has been honed over years of activity to include the best traders that could be found to participate in the service. That said, using DupliTrade is only as good as the traders you choose to copy. Some do well in the beginning, but then become unreliable. Others are steadier in their gains. It is also important that you don’t mess around too much with the trades that are provided. While you are able to make manual changes to the copy trades, doing so will change the overall results, and could do so dramatically.
Overall, the DupliTrade signal service could be an option to consider for those of you who may not have the time or knowledge to trade manually by yourself. However, I personally feel that it is better to learn how to trade by spending time studying and practising. That way, you can learn about all of the different trading indicators and combine those which you like the best into your very own bespoke trading system that is catered towards your own needs.
It is very important to note that there are no guarantees of results when copying trading signals. Past performance is not an indication of what will happen in the future with DupliTrade. Anything can happen in trading so it is important to make sure that you never risk more than you can afford to lose.
When choosing any trading signal service including DupliTrade, the first things that I would look at would be if they are publishing any real verified results. Without these, we will not have any idea of how the forex signals may have performed historically speaking. This could also give you an idea of the types of trading strategies that the signals are using to see if they are suitable for your prefeed trading style.
If I was going to copy forex trades, I would make sure that I did so on a demo trading account to begin with. This would allow me to get a feel for what type of signals to expect so that I can determine if they live up to expectations. You can get a free demo trading account from most forex brokers. Once you have built some confidence and have some success, you may then consider switching over to a real live account.
DupliTrade offer 24/5 customer support. They provide a range of tutorials, frequently asked questions and a trading glossary. The service has a free trial and the minimum broker account size required is $5,000. There are no set-up fees or monthly charges for using their services.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.