There are so many things that we expect in life…. well maybe just birth, death and taxes. But here are some things that you may not have expected from social trading platforms.
Most people know that you can follow and trade with social trading, but did you know that you can also use it for trading suggestions. It’s a bit of a tricky business, but some of the automated trading options offer trading suggestions, where you can have trading ideas come up for your consideration. Sometimes it loses a bit on the timing, but for the right strategy this can be an effective method of using “signals” as well as a good method of diversification.
The idea of social trading sounds like the kind of place where the masters may not actually be good traders, but actually, the reverse is true. On social trading there is nowhere to hide. Unlike institutional traders and fund managers, the traders can see your trading in real time against everyone else who is trading. Only the best survive and thrive, with every mistake and achievement there for all to see.
Traders can see their own trading stats and performance
Social trading platforms give you a wide array of statistics that allow you to track your activities and strengths / weaknesses. You can see your average profit and average loss per trade to see if you are setting your stop losses and take profits at the right place. You can see how each of your positions did to determine if you should remove a master or limit their trading. You can see your win percentage, drawdown, number of traders….. And many more aspects. Each provide you with a small part of a bigger whole, which helps to inform the full trading picture in a myriad of ways. This powerful tool in and of itself is enough of a reason to look into social trading.
Traders can benchmark themselves against the market
Fantastic, you have just found out how your trading is doing. But are you doing well in the greater context of trading and traders? Do your efforts still lag behind a passive index? Well, with social trading you can easily find out how your trading is going. And not just against your friend’s accounts, but also against the broader market. This gives you an understanding and a benchmarking process that can let you know whether your trading is working. Knowing this will give you greater impetus to beat the market, invest further, and put yourself on a path to even greater wealth.
You can become a master
If you are an experienced trader with a good track record in your trading, you too can become a master. Some of the platforms will incentivize the masters, this can give you a chance to not only trade for your profit and help others, but access to a regular and significant money stream.
So, with all these surprises in store for traders of all types, social trading is the best social group to join for trading your way into the 1%.Get the 5 most predictable currency pairs