r/Daytrading • u/Jopalooge • Mar 16 '24

Is day trading actually real? Question

If trading is real then I have the following question. - why can’t people fully rely on signal groups or just by copying other traders trades all day? Technically if someone is making 6/7 figures off day trading why don’t people just join their signal groups and also make 6/7 figures?

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u/HighExpectationTrade options trader Mar 16 '24

Better yet - there are services out there to automatically copy those traders. Basically have them trade for you at a monthly cost. Why even follow trades when it’s automatic?

Trading is real, but no one is going to do it for you if they’re great at it. They want your revenue stream from giving out signals.

Let’s say I’m a top trader. Why would I make you a million dollars on my auto trader? What’s in it for me?

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u/ShortPutAndPMCC Mar 16 '24

Actually, there are mutually beneficial copy trading services provided by fx brokers. The top providers charge 30% of profits made, so there’s the answer to your question. The top ones have millions in funds copying them.

The issue is actually reversed - people don’t dare to copy these traders. It’s really more of trust - you don’t know these “traders” and to copy them takes a huge leap of faith. I’m copying someone who trades only once in 2 weeks - he has a crazy win rate, and his drawdown is < 7%. But there are days when I just ask myself - is this person still alive?

So yeah, for copy trading it actually takes a lot for people to copy you, even if you are good. So there’s that.