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FollowingLess than 7% of the 292,000 wallets on social trading app Fomo have achieved profitability in three months, NFS Ventures said in research released last Friday.
Fomo data weakens documentary trading
The company has a profit ratio of 6.16% based on realized earnings. Among these profit-makers, only 25 wallets had net profits of more than $10,000. Everyone else lost money. DWG believes that the data undermines the core promise of documentary trading, which is that following a proven trader improves odds of success.
Documentary trading started with eToro, a platform that allows users to copy the portfolios of top traders with one click and reports a growth of more than 50% in registrations in Europe and Australia. Research estimates that more than 40% of the platform's users have tried this feature. Newer apps such as AfterHour associate social profiles with brokerage accounts so that posted positions can be verified.
DWG found that on social trading platforms, most users lose money, and Fomo's data is the most obvious example.
Why Serenity's fan growth matters
DWG attributed the loss to structural problems rather than bad luck. Traders who issue trading signals publicly can make a profit when their followers buy because this flow of funds will push prices in their favor. When a trader sells, the follower suffers a decline.
Serenity, a trader focusing on AI and semiconductor stocks, has grown from a few hundred fans in July 2025 to more than 1 million in August 2026. The 2021 GameStop short squeeze event showed a similar pattern, with activity on Reddit moving in sync with transaction volumes and prices.
