Everything you need to know about…
With social media having been incorporated into so many aspects of modern life, it should come as little surprise to discover that traditional trading has also ‘gone social’. And like so many other social networks, Social Trading is becoming increasingly popular.
The general idea behind it is for traders to connect and share their trading information; what they’re trading, when they’re trading and how they’re performing. The way that it encourages openness and transparency is a boon for online trading and it’s become a great way to introduce new people into the trading community.
For beginners, it allows them to follow and copy (quite literally, in real time) the performance of already successful traders. This helps lower the barriers to trading while still offering a reasonable chance at trading successfully – even if a trader doesn’t have a lot of experience. At the other end of the spectrum, for successful traders, the enticement is greater financial reward from becoming a leader as brokers often pay a reward for new followers gained.
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