Social Trading is a new way for retail traders and investors to get their start. It is founded on the concept that the combined expertise of hundreds of more experienced traders is superior to the individual talent of a single trader. A social trading network brings traders from all over the world together to share real-time information on what’s going on in the markets and what they’re trading.
The first trader social networks were based on the internet’s ability to share information and ideas. These networks now offer more than simply social interaction; they also offer automatic trading. In other words, not only do these networks allow you to watch, analyze, and comment on Real-Time Trader Performance, but they also allow you to imitate their transactions. You can choose to follow – and automatically copy – one or more traders in the social network, or you can use this “social” knowledge to make your trades (this is known as mirror trading).
Only a small percentage of traders make a career on the forex market, and you can find them on these Social Trading Platforms. These traders can open long and short positions (for example, in a forex currency pair) and profit whether the price rises or falls. As a result, your performance is not determined by the overall market trend (as it is when you buy a stock) but rather by the experience of individuals who provide trading recommendations.
If you’re a skilled trader on your own, though, these social networks can help you earn more money by allowing you to share your transactions. The higher your performance, the more investors will follow you or the higher your commissions will be.
The following articles will take you on a tour of the social trading world.
WARNING: social trading social involves the risk of losing money. Don’t get involved in social trading if you have financial difficulties, the idea is to only invest money that you can afford to lose.
74% to 89% of individual trading accounts lose money trading CFDs.
Here are a few articles to learn about and understand the various aspects of social trading and mirror trading.
-> Comparison of social / mirror trading platforms
-> What is a PAMM account?
-> Differences between social trading and mirror trading
-> The difference between MAM and PAMM managed accounts
Duplitrade is an automated mirror trading system that enables traders to automate their trades.
You just need to link a trading account with Duplitrade and then select the strategy providers that you want to follow.
Launched in 2014, MQL5 is an online trading signal service that enables you to automatically copy the transactions of professional traders. This service is available on all MetaTrader trading software terminals.