Social trading offers traders the chance to interact with peers of the same mind, discuss current market conditions, talk about findings, and more in real time.
By joining Social trading platforms, traders can share trading ideas on a trading network instead of sharing selfies or lunch photos. Social trading platforms offer ETF, forex and commodities and the range of professional equipment for traders of any type.
Here, traders connect and watch other practitioners’ trading outcomes and innovate in real time in market situations. In other words, if you find a good trader you can start following and copying their trades and trading strategy.
Benefits of Social Trading
There are several advantages of social trading. Listed below are the few benefits of Social Trading.
1. Earn While Learning
Social trading platforms let you learn how to manage the trading market and gain some money copying their trades from seasoned investors. You must therefore not wait until you have all the skills you need to start earning.
2. Quick Access to Accurate Trading Data
Social trading platforms reduce the research process by providing extensive information of professional traders worldwide for reliable trading information. You can also communicate on sites like one-on-one tutoring with the skilful traders.
3. Quick Understanding of the Market
Social trading platforms reduce time and costs by enabling you to learn easily and effectively from experienced investors.
4. Build an Investment Trading Group
Social trading platforms create an investor group where you can connect and share knowledge with other investors, while also collaborating with different businesses. As an online forum, you can quickly and easily access trading details on the Internet from all over the world.
Popular Social Trading Platforms
Now you know what social trading is and its advantages, Now here we will discuss more about social trading platforms.
1. EToro
EToro is an Israeli based social trading platform to exchange knowledge and discuss trading strategies with other traders. The platform includes features like News Stream, Copy Trading, and App Demonstrations.
The news feed feature allows users to manually track and copy their favorite traders while copy trading for users is carried out automatically. The demo account is free and unrestricted and all eToro trading and social features can be checked. Before making an informed decision we advise you to check the etoro commission fees.
2. NAGA
NAGA is the first trading application designed to help the ordinary investor understand the trading market. In real-time it allows investors to know why the market surge is happening. It helps new traders to understand when trading in the stock market is beneficial, and encourages investors with helpful decisions instead of instincts.
Use NAGAs trading app, copy trading strategies with one click and enjoy doing cash while doing the hard part.
3. TradingView
TradingView is an Internet based social trading network for traders of all types. It offers amazing interactive tools and social elements to display and exchange trading ideas. The platform allows users to track, copy and share ideas with other related traders via a forum.
Traders can discuss the current market conditions with their peers in real time.
Traders can publish their ideas, and other traders can add their input or comments. The main objective of the app is to promote each other as traders, share ideas and see what other investors are doing.
Social trading platforms offer free flow of information and provide investors with information that strengthens their community’s power to make informed investment decisions. Of course, the failure is not eradicated fully, but the chances of failure are minimized.
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