Can Social Trading Make You a Better Trader?
Everywhere you look on the Internet you will see places for you to click to share something. Even above and below this article are areas where you can click and share. The list of social sharing sites is growing everyday. Sharing thoughts and ideas has always been an integrated part of our humanity. It’s part of our culture and lives.
The use of social sharing has even been integrated into our investing process. Haven’t you realized we have been social sharing even before we had the Internet. When you discuss your trades and strategy, you have been social sharing. It’s a basic human need to have your judgments and incites followed and we also like to follow others who we believe are knowledgeable.
Social trading in its basic form is following or taking the same action as another. Look how we follow the trading and investing of major players in the market. It’s because we believe in their methods. With social trading you actually follow a trading feed of what people are doing rather than just saying.
On a social trading platform you connect with other traders, share experiences, develop strategies, and learn how to build on your skills.
Connecting with other traders allows you learn and gain experience, whether your a new trader or a more seasoned one. The best way to learn more is to look over the shoulder of a successful trader. Social trading allows you to see in real time the trade and the success or failure of it. You learn by your successes but learn even more by your failures.
Sharing your trades allows other traders to comment and even share a tip or two. In such a community, camaraderie begins to grow and you are surrounded by a team with common interests. You can then create a portfolio of traders you wish to follow. Watching how they trade and even copying their trades allows you to increase your successes automatically. Setting up copying, automates portfolio open and close positions.
Analysis of trades is critical to gauging your success. Reviewing your performance with charts and graphs helps you learn and helps you make better informed trading decisions. The sharing of this analysis will allow others to comment and maybe gain a little incite.
I doesn’t matter how much experience you have as a trader or how much you like to interact with other traders, there are many benefits to social trading for beginners or experienced traders.
Beginner Traders
- Discuss with other traders for helpful tips and advice.
- Study the ongoing performance of other traders and learn from there actual trades.
- See who others are following, learn from them and set up to copy their trades.
Experienced Traders
- Build a following and gain recognition.
- Experienced traders can build on their following for their own entrepreneur endeavorers.
- Instruct and share with others your experience.
Category: Investing
