ZuluTrade is a free service that automatically trades forex signals provided by third party signal providers. You simply pick one or more providers from the thousands that are available and use ZuluTrade to automatically trade the signals given.
It's essentially a managed forex account except that you're in control. You control which signal providers to use and the lot sizes, and ZuluTrade will automatically trade them in your brokerage account when the signals are provided.
How It Works
Once you open a free demo account or a live trading account with real money through one of the brokers that ZuluTrade works with, you will immediately gain access to thousands of different signal providers.
This is where it gets exciting because you can then set about finding out which ones are the most profitable. There is a ranking system that ZuluTrade uses to display the most profitable traders at any given time, but you can also look through past trading records and detailed performance analysis of each trader in order to give you a more complete picture of each provider and how they operate.
For example, for each provider you can look at how many pips profit they've made, the profit total to date, the average pips per trade, the average time per trade, the overall win ratio, the maximum draw-down, how long they have been trading on ZuluTrade and how many other users are subscribed to their signals.
In addition, there is also a graphic of each trader's equity curve so that you can find those that have nice upward trends, as well as customer reviews for each trader so that you can see what people have to say about each signal provider.
Of course there are inevitably more losing traders on this site than winning ones, but that's not necessarily a bad thing because you can also use ZuluTrade to find those providers who are consistently performing poorly (or are taking crazy risks) and reverse trade their signals. So in other words, you can trade in the opposite direction and profit from their poor signals.
You might automatically assume that all you need to do to make money is sign up to ZuluTrade, look at the latest rankings and subscribe to the best traders. However whilst you may make decent profits automatically trading the signals of a few of the top providers, this is not a guaranteed way of making money.
The people at the top of the rankings don't always stay there in the long run. They may have shot up the rankings because they have had a good run in recent months, but if they are taking huge risks, they may be only one trade away from a massive loss.
So it pays to look at all of the past performance data of each data and look at the trading records and statistics of each one. Some of the best traders aren't necessarily at the top of the rankings. There are lots of risk-adverse traders who have small maximum draw-downs, for example, and make less profits on the whole, but do still make consistent profits week after week using a solid and reliable trading strategy.
It's also a good idea to look at the profiles of each trader and look for those providers who are actually trading their own signals with real money. Anyone can set themselves up as a signal provider on this site, but the ones that are putting their own capital on the line and are making consistent profits are the ones to watch.
So it really does pay to do your homework because you ideally want an army of signal providers who can provide you with consistent long-term profits if you are serious about making money from your automated trading account on ZuluTrade.
Open A Free Demo Account
If you would like to see how ZuluTrade actually works in practice, or would like to test out a few of these traders without risking any of your hard-earned money, I suggest that you open a free demo account.
This will help you familiarize yourself with the site and get a good idea of which traders you might wish to follow once you go on to open a live trading account.
Open A Live Trading Account
Once you are ready to start using ZuluTrade with real money, you can open a live trading account.
This is quite a straight-forward process because you simply choose from one of the 43 brokers that are available (I recommend AAAFX because this is ZuluTrade's own broker), fill in your personal details and go through the verification process.
Once you have done this, you will then be in full control of your own managed forex account and can automatically trade the signals of thousand of different providers in your own account without ever having to place a trade yourself.