The crowded world of financial markets can be scary and daunting, especially for those trading in forex. Until recently, people traded on their own, relying only on media reports and their own intuition. Social Trading offers a new type of trading. The concept of Social Trading allows users to communicate with other traders on a given platform and discuss the market. There are many advantages to social trading. It takes the loneliness out of trading, and gives you the opportunity to bounce ideas off other traders and get a second, and third, opinion.
Follow and Copy Traders
The basic premise of social trading is actually quite simple: why trade alone, when you can trade together? Harness the power of social networking for financial trading, and watch the power of social connection translate into better returns.
A popular feature of on many social trading platforms is Copy Top Traders. Using this tool, members can search through the profiles of different traders and see their trading history, looking for a trader with a trading approach similar to their own. If a user finds a trader they like, they can set their account to automatically copy their account. Traders can generally set a standard lot size for any trade, and then once a trader you are following executes a trade, your account automatically executes the same trade- based on the lot size you chose previously. You just sit back and watch as top traders trade for you.
For those not wanting to go that far and copy an account, there is still much social trading has to offer. Traders can receive trading signals on the market, chat with other traders, or even send their own broadcast and ask for feedback. You simply have access to so much more information. And information is a powerful tool.
To find out more about Social Trading at Tradeo and to start trading now, visit their website, Tradeo.com.