Everyone is familiar with social networks, but social trading is also gaining popularity throughout the world. The opportunity to receive an income from investing free funds without trading experience attracts many. However, in practice, a beginner who has little understanding of the features of social trading may face some unpleasant surprises.
What is social trading, how does it work, and how best to make money using it, without losing it all, what are the advantages and specifics of this technology, how to choose a suitable network for yourself and not be disappointed as a result - we will tell you about this in our publication.
In short, social trading is a method of interaction on a social network created for traders, i.e. on the platform where people come not only to communicate, but also to trade on the financial markets. Most often, such projects have a built-in functionality for trading in financial markets, and also provides an opportunity to share trading results, charts and trading signals.
The main "feature" of social trading is the possibility of copying transactions. In fact, this is an opportunity for anyone, even someone with no trading experience, to make transactions with exactly the same results as an experienced professional.
This trading method is recommended not only for beginners, but also for experienced traders. Nevertheless, an element of risk is always present: with a large percentage of profitable trades, there is also bound to be a certain proportion of unprofitable ones, therefore it’s prudent to consider all possible pitfalls, the main one being having a small deposit and experiencing a number of very unprofitable trades, in such a scenario you risk losing even with a successful trader.
Wisdom would dictate that when choosing an automated trading method, it is imperative to start trading with a balance of at least $100. This amount is similar to a guarantor, in obtaining a tangible share of profit and in protecting the investment.
How does the Social Trading feature on the ExpertOption web platform work? It's simple, first you need to replenish your account with any amount starting from $10. This is necessary in order to convert from demo trading to real trading.
Next select the asset you wish to trade on, if you have doubts - no problem, below we will tell you how to choose the most popular trading instrument among traders using the Social Trading feature. So, after selecting an asset, on the right side of the screen you can see the Social icon - this is the Social Trading feature. Click on it.
After clicking in the side right panel, you will see many different symbols and data. Let's dwell on them in more detail.
The Opened Deals graph shows the number of open deals at the moment for the selected trading asset.
The more open deals, the better, this means an increased interest of traders in the asset you have chosen, which means there will be strong up or down movements in it.
Volume graph - shows the volume of open trades. If you see the number of open trades 60, and the volume of trades is $ 600 - this means that at the moment there are 60 trades open for 10 dollars.
The volume of transactions is also very indicative - the higher the traders' bets, the higher the probability that their forecast is correct.
Right next to the Volume graph, you can see a red-green scale with%. This scale shows what percentage of Social Trading users bet on the rise or fall of the instrument.
This scale is very easy to use. If you see that most traders are betting on growth - do the same, if you see that most traders are betting on falling - do the same. But keep in mind that this should be done only with large trading volumes and with a large number of open trades.
In addition, it will not be superfluous to first look at the traders' profiles. By clicking on a trader's icon on the chart, you can see general information about his trading success - his name, current strike and his personal trading volume. If a trader's personal trading volume is close to zero and equal to zero, it is better not to repeat his trades, he is most likely a beginner.
Slightly below, under the listed items, there are the largest assets in terms of trading volume and the leaders of trading in these assets.
This information can be useful if you are looking for a popular tool among traders, as we said at the beginning.
To summarise, the Social Trading feature on the ExpertOption trading platform, is as promised pretty simple. The main thing is to carefully study all the data that we have discussed, this will vastly increase your chances of earning a significant profit.
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It's simple! Watch a short video on how it works in ExpertOption: