The internet has changed everything that we have ever known. This is the time when we can order things from the comfort of our bedrooms and have them shipped right at our doorsteps. We control our TV programs and information about anything that exists in the universe and we know about it is available at hand when we want. Who wouldn’t have thought the same for forex trading? This trading method didn’t have to be left behind and it hasn’t. Through social trading we are now setting foot into a new era of trading that’s more welcoming and social.
Social trading, as the name suggests, is the form of trading where the traders become a part of an online community of many other traders. These communities are formed by old and new traders. The new traders benefit from the old and experienced traders and in return the old traders become more reputed and recognized in the trading world. Almost all the latest trading platforms have social features integrated on them today. While you can make your personal and private trades on these platforms, you can also benefit from their social aspect and make more successful trades.
Just like you are aware of your friends, colleagues, communities, groups etc. on your social networking profile, you are aware of groups and individual traders on a social networking platform too. Similarly, you are able to follow certain traders if you want. In most cases, you will follow the traders with the most impressive trading record. However, there is something more to social trading. The most important and benefiting part of social trading is called copy trading. Copy trading is also named as mirror trading. In this type of trading you copy or mirror the trades of an experienced trader in order to benefit from his strategies.
As mentioned above, you are able to look at the trades of other traders in the market. You could click on their names or trades to view their profiles or details of the trades. This means that every piece of information about their trade is available to you at hand at any given time. Now, if you think that a particular trader has been making successful trades for some time you could use the “copy” option of the trader to copy his trades. This option can be put into automatic mode wherein your platform will start copying the trades of this trader automatically.
New traders looking to profit from forex market trading must understand that trading in these markets is dependent solely on information. The charts, graphs, past data, indicators, news feeds etc. are all different forms of information about the same market. The more information you have the better decisions you can take for making successful trades. The platforms providing copy / social trading are equipped with these tools and provide you as much information as you want about the market and ongoing trades. The social trading feature is just one of the many crucially important features of the latest trading platforms.
For more info click the following recommended link:
(AlfaTrade Social Trading) http://www.AlfaTrade.com