social and copy trading

Binary options trading is one of the most innovative methods of financial trading that has been attracting a lot of traders mostly because it is suitable not only for professionals, but also for the average people with little or no experience on the financial markets.

Trading binary options is simple, easy to learn and the initial investment you have to make is very low in comparison to other trading methods. For all of those reasons in the last several years binary options trading has seen significant developments and now traders have a wider range of new options, tools and features at their disposal. In addition to the various innovative trading tools, platform upgrades and auto-trading solutions, investors now have access to social and copy trading networks.

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Social trading combines traditional binary options trading with the power of social networks and gives traders exciting new possibilities like being part of a community, share knowledge, learn from other traders’ expertise and experience as well as communicate with like minded individuals. In the modern day dynamic environment financial trading is no longer limited exclusively to high-profile professionals and financial institutions. With the development of social and copy trading networks binary options trading is going to the next level and opening up many new possibilities for better results and higher profits.

What is Social and Copy Trading?

The basic idea of social and copy trading is that people can join a trading community and follow other traders. Many traditional binary options trading platforms have lately started offering social and copy trading features in addition to the standard tools, however there are a growing number of trading networks that specialize strictly in social and copy trading. When you sign up for an account, you get access to a list of traders − usually those with the best performance and results − whose activities you can follow and emulate.

Every trader has a profile, which includes information about what assets they invest in, what their success rate is as well as other useful details about their trading history. Based on that information you can select the traders you want to follow and it is advisable to take into account how consistent their performance has been in the long run before making your choice.728x90

Many social trading platforms also offer chat rooms and forums where members of the community can discuss market conditions and trends with their peers. This not only can give you helpful tips and a better insight into the market, but also makes for a fun and exciting trading experience. The nature of social trading opens the binary options market to everyone interested in profiting from trades even if they don’t have any prior experience in the field. As being a successful trader requires time and commitment to studying and educating yourself, up to now financial trading has been a privilege for people with degrees in finance and economics.

With social and copy trading, however, you can just follow the example of professionals and start placing trades immediately. This is one of the main reasons why this innovative trading solution has been gaining such a large following. It enables novices to minimize the risk of suffering losses by learning from the best and allows seasoned traders to get in touch with their peers, exchange tips and strategies or just discuss the current market trends.

Differences Between Social Trading and Copy Trading

After selecting your preferred traders, you can start executing the same trades they do. This is the point where social trading copy trading diverge. While many people thing that social and copy trading are the same thing, this is not actually the case. Although up until a certain moment in the trading process social and copy trading involve the same steps, after you choose who to follow things start to differ. With social trading you follow your preferred traders’ activities and manually open the positions you think will bring you profits.

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Copy trading, on the other hand, means that once you choose traders to follow, all the positions they open will automatically be copied to your account. While copy trading is a very time-saving solution, keep in mind that even the best traders make mistakes and there is a chance that along with successful trades they will also have unsuccessful ones. Therefore it is essential to choose carefully who you follow and select traders based on their overall results and trading approach.

Social and Copy trading are a great way to improve your profitability, but make no mistake − they will not resolve everything for you. You still need to pay attention, learn and work on your trading skills. However, with social and copy trading you have the opportunity to minimize the risks and improve your results significantly.

Bottom Line

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