Well, each has its own pros and cons.

I will tell briefly about them starting from bottom.

www.fxjunction.com :- Least popular of the given four sites. Its completely free and no fees. You can even follow demo traders which greatly increase your risk. Coz demo traders can perform risky experiments that can blow your real account. Dont know if there is any verification method.

www.etoro.com Open Book :- Very popular . You can see live performance of other traders. The problem is that no time is given about openning and closing of trade. Its a little complex to use and manual setup is needed. etoro is one of popular brokers and there are many traders trading. So you can easily find the profitable ones.

www.currensee.com Trade Leaders Program:- The first bad thing in it is its very high fee. 2% annual service charge + 20% share of profit. So it makes it very similar to account management where charges are high. It is easy to use. Another disadvantages is that most of the good traders especially top traders require you to have minimum $1000 to invest. Some even ask for $3000 to $5000. All these things make currensee.com feasible for only a specific group of traders.

www.fxstat.com:- Very low service charges. You can even use autotrading for free if you open account in Fxopen. There are small number of traders to choose from. Very good verification process. You cannot follow demo traders and it lowers your risk of loosing. You can only follow those who have low draw down and use SL. Long profitable track record is needed to be a signal provider.

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These things are noted by me. I am sure you people have more to share.

www.etoro.com seems good, but they are in a fiscal paradise...

I personally vote Fxstat since I have been using it and satisfied. And looks like it's the least expensive or even Free.

Etoro, well I think if a broker offer autotrade, thn you need to rise a question mark specially after I read about them and noticed they don't offer Stp or ECN.

Currensee, I was looking into it, but their fee and account opening is high. Also their parameters setting is much less than what I have on my Fxstat autotrade.

FxJunction, first time I hear about them. But I don't see they offer autotrade.

Etoro, well I think if a broker offer autotrade, thn you need to rise a question mark specially after I read about them and noticed they don't offer Stp or ECN.

Very true.

I will also recomment fxstat coz of low fees, strict signal provider verification proceedure and easy to use. No complaint about fxstat autotrade so far. Competitive companies do provide this service, but normally at high cost.

I haven't used any autotrade features on any FX socical sites. Eventhough a signal provider's portfolio may be great, which mine isn't, I just think that we're essentially taking the fish as opposed to fishing to catch the fish. What this means is that we don't learn anything when we blindly accept signals from other traders and we need to keep servicing them with money. Secondly, we are expecting another trader to trade for us and then take the credit (cash), or worse take thier losses.

What is their signal? You'll probably never know.

Can the signal provider absorb bigger drawdowns than your account? Not everyone has $1,000s in their account.

Yes I make mistakes, but I believe that in the long run, I will benefit from learnt trading knowledge, giving me the ability to place my own trades and in my trading style.

Originally posted by leebut

I haven't used any autotrade features on any FX socical sites. Eventhough a signal provider's portfolio may be great, which mine isn't, I just think that we're essentially taking the fish as opposed to fishing to catch the fish. What this means is that we don't learn anything when we blindly accept signals from other traders and we need to keep servicing them with money. Secondly, we are expecting another trader to trade for us and then take the credit (cash), or worse take thier losses.

What is their signal? You'll probably never know.

Can the signal provider absorb bigger drawdowns than your account? Not everyone has $1,000s in their account.

 

Yes I make mistakes, but I believe that in the long run, I will benefit from learnt trading knowledge, giving me the ability to place my own trades and in my trading style.

I do not agree, at all, with you. The quote of "fish" is also irrelevant here.

Lets take another example of a businessman running a manufacturing business of manufacturing. How many qualities can a businessman have? He may take part in some of activities but it is also seen that investors hire a person to manage their business. Similar is the case of shareholders in any business. In partnerships, there are sleeping partners and active partners. It is not a matter of catching or giving fish.

It is an investment where u dont have skills. Yes, you r right that you can also learn abt it but hiring a better trader who has already spent a lot of years is not a bad idea. Time is money. So if you want to give time to forex then its not just hours or weeks or months. You will have to give years.

So its upto you that you want to give time or you want to spend money. Many people are doing jobs and dont have much time to learn forex. Similarly some people do have extra time or all the time to learn forex.

There can be many more factors to consider.

Ironical,

Thank you for your contrasting view. Of course, outsourcing is a common activity, but it is also costly. I agree that hiring a better trader is not a bad idea IF they are going to teach you to be as good as them. Being able to learn and do it yourself is the equivalent of staff trainining, leading to doing things in-house at wholesale not retail rates. Paying for a mentor will help people to do things for themselves, eventually for free or at a lower cost instead of paying someone indeffinately. I'm going to learn as much as I can, and then perhaps I'll be the one getting hired and making the extra money not the other way around.

Thanks again,

Lee.

Something else that can happen if you gove someone else your money to deal with: 

http://www.youtube.com/watch?v=RAKsMnAM8vk&feature=related

i just use fxstate and i see it very easy and comfortable thats why i just like this :d

FXjunction is new I think. It's sponsored by IBFX. If a trader closes mt4, you will not know when he closes his trades. It's free and open for any broker.

FXstat, you can see many details on trders and performances, strict signal provider verification procedure, you can get it free through FXopen, and now a rewarding forum.

Etoro openbook - it seems good, copies a trader automatically and no need to keep on waiting for his next trades to be copied, but only open to Etoro clients.