Social trading has often been an essential aspect of forex, by allowing traders to join minds in real time. The new concept of copy trading is just something out of this world. Trading has never been easier for newbies now, more than ever before; all they need is to join a reputable social trading forum and learn from the best.
Social trading has been around for quite a while now; however, it is only just recently that it has gained popularity among forex traders. This is because trading is known to be a continually evolving market, and traders need each other to survive the ever-changing world. Again, there are many items of trade available each and every day, so traders need to depend on co-operation for them to profit from these assets.
Before the introduction of Social Trading, people had to rely on their own strategies to make decisions. But now, they have the upper hand on an integrated system, where they can help each other to make a better choice, by analyzing what others are doing.
An excellent social trading platform permits investors to network with each other fully. As money is involved, one should have confidence in how the other person is doing, before duplicating their strategy.
There are many social trading platforms on the internet today. Here are two that are doing well:
- eToro; this platform is not only a social trading network but also a broker. It focuses on teaching newbies through well-outlined demos and social trading
- ZuluTrade; this is undoubtedly the biggest network of social traders. It has the highest number of investors and traders. It offers a social interaction between traders and trade duplication. In this platform, a trader can follow multiple traders. Just like other good platforms, they have free helpful demos too