Social trading

Social Trading

The whole concept behind Social Trading is actually very simple – a trader basically copies the trades and activity of another trader or group of traders, who are considered highly experienced and reputable, in hopes of maximizing profit. While initially, social trading was restricted to newsletters or mailing lists, today it has grown vastly and is even incorporated into trading platforms themselves. Novice traders can now accelerate their learning process by simply following in the footsteps of established and successful existing traders, as every copied trade presents an opportunity to look into what caused the expert to place the specific trade, why the price moved the way it did, and where the expert may have made a slight error. Needless to say, copying the activity of a trader with a proven record of success is also much less risky than placing trades without prior knowledge. Let us take a look at some of the key advantages and features of Social Trading

Learn from the Pros

Just like in any industry, analyzing and even mimicking the experts is a great way to understand how and why they are as successful as they are. Aside from the obvious opportunities for profit, social trading is sure to also boost your knowledge and understanding of trading on the Forex market.

Cooperate with fellow traders

Whether it’s sharing strategies or information, pooling funds together to raise larger capital, asking for or giving advice, joining a trading group or simply sharing your proven and successful strategy to help another trader in need, social trading offers all this and more –all within a matter of a few clicks. The access to other trader’s success rates, followers and other statistics can also be helpful, and analyzing this data can help pinpoint a trader’s strengths and weaknesses.

Another very important factor to take into consideration is confidence. Just like with anything else, attempting to learn and master a new skill alone and without assistance can be a daunting, frightening and very risky task, even if you have access to the needed material. Just imagine having to learn how to drive a race car without having any instructors or other experienced drivers around. It’s the same with Forex. A lack of guidance, and more importantly, nobody to seek said guidance from, will not only substantially slow down your learning curve, but can cost you a lot of money in losses due to hesitant and uninformed investing decisions. By incorporating the many advantages of Social Trading, you will also help you to build the confidence that is essential to any successful trader.

On our platform, it is easy to search for a trader by name, track record and popularity.  You can either watch his or her trades, or you can copy his or her trades. Also you can easily see how many traders are watching his trades, how many are copying, and whose trades are watching this particular trader.

If you decide to copy particular trader’s trades you will set yourself an amount, that you are willing to allocate for this.

For example:

You have $10000 on your account and you are willing to copy trader of your choice and you are allocating $1000.

Trader opens long position on EUR/USD using $5000 of his money, which is 20% of his balance.

On your account automatically long position for EUR/USD is opened for $200, which is 20% of your allocated amount.

You should also know that you can “unlink” from copying at any time, even if you have a position open.  You can easily take control of copied position, and to close it yourself, or move stop-loss and take profit levels.

Social trading also is helping traders to save time, especially if you can’t afford to spend a lot of time to analyze the financial market.  Trader can simply choose to copy trades of a fellow trader, whose strategy suits him and just watch his account grow.

Many of our traders are finding this extremely helpful, especially those who are new to forex, and still learning the ropes.

We hope you will find social trading helpful, entertaining and, most important, profitable way of trading!

Understand the risks: by allocating an amount the copier is not capping the risk and may lose more than amount allocated.