Forex $ocial Traders
 

           

Wayne Ryan (goodgoing) | One of the Most Copied Traders on eToro

most copied etoro traderCopy trading or social trading  is a new phenomenon in the investment world. To take the most advangate of it you need to find best copy traders to copy. But how to find those that will make you most money?

One of the good ways to find elite forex traders to copy is to look at eToro´s section “Most Copied”. This strategy counts on the fact that if a trader is followed and copied by hundreds and thousands of people he probably is a very good and profitable forex trader.

Sticking to this theory I checked eToro´s Most Copied section and found Wayne Ryan (alias goodgoing) who is according to number of copiers one of eToro best traders.

So today I would like to review him and his trading system

1. Trader´s Introduction

Wayne Ryan comes from the United Kingdom and according to his own words he has 25 years of trading experiences. Wow, that´s a lot!

Wayne uses personalized Ichimoku Kinko Hyo trading techniques to identify best entry points for his trades. His trading expertize is in GBPUSD currency pair and also commodities.

2018 is his fifth year on eToro.  Now let´s see what he was able to achieve in profit terms.

2. Trader´s Trading Performance

Wayne says about himself that he has 25 years of trading experiences but looking at his first two years with eToro (2014 and 2015) we could suspect that.  Both years show -100% loss or drawdown.

goodgoing stats

We do not know what trading strategies or systems he was using that time but the fact is that following year 2016 was a huge success when he took home +588% profit! That is really something.

2017 was worse than 2016 but 83% is still high above average gain. Wayne´s YTD profit is “only” 10% but in a situation when many etoro best traders closed first quarter of this year in red numbers it´s good work.

It looks like goodgoing knows what he is doing and we can expect positive returns also in next years.

3. Trader´s Risk Score

trading risk
Wayne´s risk score is 2 which is very low in the last three months. As we can see from the chart above his trading risk was not like that 10 or 12 months ago. That time his risk score was between 3 and 5.

It looks like the more copiers Wayne gets the less risk he takes. It is understandable as he manages more and more money every day.

4. Trader´s Popularity

most copied traderSpeaking about goodgoing´s copiers.

As I have already mentioned at the beginning of this article, Wayne Ryan is one of the most copied traders on eToro.

As of today there are almost eight thousand people copying his trades. It is exactly 7.893 etoro traders who became Wayne´s copiers.

Wayne is currently responsible for than 5 million dollars. That are money allocated to copy him by his copiers.

In the light of that huge amount of money I can understand why he lowered the risk he takes when trading.

5. Trader´s Favourite Assets

Almost 87% of his trades are currencies. 12.57% goes to commodities and the rest are cryptos or stocks.

Wayne´s most favourite currency pairs are GBPUSD and EURUSD. From commodities majority of trades are GOLD.

6. Pros and Cons

In this section I would like to shortly list couple of pros and cons of this trader so you can better decide whether you give him a chance to trade with your money or not.

Pros:

–  four years trading record with eToro
– profitable trading performance in last 2 years
– currently very low risk score
– above average gains

Cons:

– 100% loss in 2014-2015
–  risk of martingale trading system

I would not like to accuse Wayne for using martingale trading system, but when I looked at his open trades I see some warning signs.

martingale trading system

At least from this it looks like that Wayne adds new positions if his first position goes to red numbers and tries to average down the price and close whole bunch of positions when they show some profit.

This way he can have above 90% profitability but when the market turns heavily agains him the drawdown can be killing. That could explain why he was -100% in first two years of his etoro trading career.

But as I said, these are just warning signs and I can be completely wrong as I from these statistics I cannot see a full picture of Wayne´s trading strategy and money management.

7. Last Words

As people like to say 7.893 people cannot be wrong.  These people trust  Wayne Ryan (alias goodgoing) who is currently one of etoro best traders and also one of the most copied traders of this social trading community.

Wayne´s last 2 years trading performance were excellent and I would love to recommend him. But I have a very small bug of suspicion in my head.

When someone says he has 25 years of experiences and then he brings -100% in his first 2 years on eToro it looks weird. And rings start to bell even more when I see signs of martingale trading system. Am I only being paranoic?

I hope so.

Anyway, Wayne´s last 2 years profits look very appealing and I am not surprised at all that almost 8.000 people copy this forex trader. So if you are tempted to copy goodgoing go ahead but my suggestion is not to allocate 100% of your funds to him and diversify your copy trading portfolio.

Warning: Trading carries risk. Only risk capital you are prepared to lose. Past performance in not an indication of future results.

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