There are quite a number of traders who are catering to Forex websites for social trading. It is a fast growing trend which is catching the interests of numberless traders across continents. As a result of this, top rated brokers are constantly seen presenting the conveniences of such kind of trading on their currency exchange platform. This also includes brokers or FX sites having MT4 integrations. But what does the top Forex social websites include as their standard offerings for newbies.
Here’s a post which explains this note-worthy question!
Chance To Synchronize Your Trades With Successful Currency Exchangers:
The basic understanding of social trading is- currency exchanging with the help of other traders. Newbies can interact with traders who have been fairly successful and duplicating their strategies and methodologies. In this venture, there is another name for such kind of trading and that is copy trading.
The best social trading platforms allow investors as well as novice traders to integrate within their trading strategy the fundamental and technical analysis of others. They can base their trading decisions via social platforms by referring to the transaction oriented feeds of others.
This also proves perky for them in regards to learning the rudiments of a sound trading method. Plus one also comes to grips with the approach to abide when dealing with a particular market situation.
The steps for novices to follow:
With top Forex social websites, newbies can simply
• Open up a trader’s account
• Select the successful trader whom they want to duplicate
• Then simply start replicating their moves, graph analysis and indicator usage.
Also while signing up; one should also set their profit sharing percentage with the trader they are duplicating. As most of the wok seems to be done via the experienced trader, one doesn’t need to do any of those intricate market analyses! It’s simply a follow-and-execute kind of trading. For this, a particular % of the profits shares over as per terms and conditions.
As this part of clear, the next step is finding the best FX social portals in the market:
This involves its own set of complications as there are so many sites stacking up the cyber realm. But there are a few tips which one can follow to find the note-worthy needle from the haystack.
1. Check for online reviews and make a shortlist of 3 or 4 names to comprehensively examine.
2. Once those names are sorted, one should check them personally by browsing through their website. This involves checking what trading terminal they offer. If they have MT4/MT5 or both, then it’s a big YES.
3. The prominence of the firm, namely, the years of experience they have spent in this venture. If they are somewhere around 8-12 years old, then it’s a reputable name.
4. If the site allows traders after subscribing to receive latest news feeds of the top traders. Plus, if it presents convenience in communicating with them sharing tips and strategies, then one should move ahead and have a word with one of the site officials.
Use these tips; find one from the many good Forex social websites around join a community of experienced traders. Social trading does have its perks, but that is only if one signs up with a notable site. So begin the hunt and learn about FX trading in style.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.