How Do I Start Social Trading?

3 mn read

If you are thinking about trying social trading? Don’t stress; you came to the right place. Starting is not always easy but taking the first step sets the ball rolling. Tapping into a ready-made pool of investors, who are proven to be highly successful, can be a painstaking process. Better still, it is an excellent way for someone to get started in the financial markets. Social trading aims at allowing people with little or no financial background to access the same level of expertise as seasoned traders. 

Social trading is an investment technique used to copy other traders who have successfully made bundles of profit from the financial markets. Therefore, it runs on the web using social media by connecting people with similar interests.

Below, we discuss what you need to know before delving into social trading.

How Does Social Trading Work?

Suffice to say, trading on your own can be tricky and full of surprises. Sometimes, you can make a trade that will quickly turn into a big win. Sometimes, you will try to make that same trade, and it ends up costing you money or, even worse, driving you into a loss.

By copying trades from successful traders, participants in social trading hope that they will enjoy similar success and ultimately benefit from the financial opportunities available in the markets. Each platform comes in different layouts, so traders can personalize their screens and track the assets they want to follow in real-time. 

The social trading platforms are easy to use, providing straightforward graphical presentations with short descriptions of each trade. Social trading has become more prevalent in recent years as people look for alternative sources of income to replace their traditional jobs. Prospective investors may well be interested in learning more about this opportunity and how it can help them secure their financial futures through regular income streams.

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A Brief History of Social Trading 

The first platform developed for this purpose was eToro (previously known as Forex Cyborg). eToro was founded in 2007 and currently has over 5 million registered users worldwide. eToro offers a variety of investment products from the most significant global investment banks and asset managers such as J.P Morgan, Societe Generale, Barclays, and Deutsche Bank. An array of assets can be traded on the platform. They include; stocks, currencies, commodities, indices, ETF’s and even cryptocurrencies such as Bitcoin.

Expert Opinion on Social Trading

Social trading is one of the fastest-growing financial services industry segments today, and it’s not hard to see why. It appeals equally to people who want to profit from their stock market knowledge and those who lack any knowledge at all. 

Below are the most common terms you should familiarize yourself with:

The Market

Whether you’re a beginner or a professional trader, social trading cuts the learning curve and puts you in control. You’ll discover new trading strategies and see how they perform before risking your own money. Integrated with major trading platforms, you can instantly execute trades or place orders. The market isn’t just getting bigger; it’s getting smarter.

The Broker

The Broker is an intelligent yet straightforward broke designed to provide a trading environment amongst investors. It can be configured with trading partners to automatically trade a portfolio of assets in response to trades executed by traders.

The Signal Provider

Social trading offers a unique opportunity for profitable trading in financial markets. The signal provider allows one to evaluate trades from the best chartists available on the market and profit by performing social trading on Forex, Stocks, and CFDs.

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The Follower

The Follower is the perfect solution for any forex trader new to social trading. With this application, you can profit from the trading activity of experienced forex traders while increasing your overall trading knowledge and skills.

Meta description: Learn social trading skills and start trading on Forex, commodities, and stocks from the experts – learn and grow your account with minimum risk or loss.

Conclusion

One tip in general when using any form of trading software is to make sure you understand precisely how it works and to watch it closely for some time before putting any significant amount of money into it. They often claim high success rates, and if they look too good to be true, well, they probably are.

Social trading leaped from zero to 250,000 in less than a year, and it is continuing to grow. Considering this technology was created by an average person and not some large financial institution is another reason for its popularity. Ultimately, if you decide to venture into social trading, ensure to do due diligence before signing up and investing your money. If it turns out to be illegitimate, there’s not much you can do about it because your money will already be spent.

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Sasha Webster is an Eat News correspondent in the UK. Her writing and professional background as a publicist for close to 10 years gave her an advantage in her work. She can produce bespoke website content that is useful to the target audience; matters business and finance, technology, real estate, healthcare, as well as entertainment pieces.

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