Social trading: How To Trade Using Social Trading Networks
In social trading traders can replicate the operations of other traders in the network. Learn how to copy other traders automatically using social trading networks.
Curious about how social trading works? The best introduction might be to actually try it out for yourself, there is no cost and you won't risk any of your own money: Here's how to do it: Find a good trading service, preferably one which offers a free virtual test-drive. We suggest you begin here: This is the best social trading network.
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While social trading requires little knowledge when automatically copying other traders, it is important to fully understand the risks involved.
How to get started
Start first by choosing the social investment network that suits your needs best, then make the correct selection of traders to follow.
Get started with social trading:
- Pick your broker. Not sure about which to pick? This one is far ahead and way above the others, read this: The best trading service on the web right now.
- Do a test-drive. Many brokers will let you trade with play-money (demo), test their services. This way, you don't have to lose money to stupid beginners mistakes. Learn how to trade with virtual money, then up your game when you are ready.
- Trade with real money. Only when you are ready and have learned how to trade properly, you'll trade with your real money. This is the proper way to begin trading.
Social trading is first and foremost a relatively new "fintech" tool for traders, where one can compare and copy trades, trading techniques and trading strategies.
Instead of relying just on fundamental analysis or technical analysis, traders in social trading networks may also rely on social indicators from trading data-feeds of other traders.
Risk of social trading networks
Social trading networks should be used by people who understand the risk involved. Nevertheless it is a great tool for someone looking for a way to understand the market better, and this can be done without any risk when utilizing free demo accounts.
It is important to understand that social trading is a speculative activity and may contain substantial risk for loss of capital.
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