Like most beginner traders, you are probably intrigued by the idea of trading signals. Learn more about how Social Trading works and if it's right for you.Learn More
Social trading is a form of trading that enables traders and investors to observe and copy someone else’s trades. Typically, new or intermediate traders are interested in social trading as it offers a way to reduce the amount of time the individual spends placing their own trades. Social trading is not suitable for everyone so do your own research.
Answer these questions to see if you’re a good fit to try social trading. Remember to count your Yes’s.
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Social trading is a form of trading that enables traders and investors to observe and copy someone else’s trades.
Many describe social trading essentially as a form of social network that enables traders and investors to interact with each other, copy each other’s trades and follow their decision making processes.
There are numerous different indicators that can help you when choosing which accounts to follow on a social trading platform. These include profitability, active account duration, maximum drawdown & more.
Profitability: One of the most important indicators to check is Profitability. Make sure you review the Signal Provider’s past trading records and assess how profitable they are based on past performance.
Active Account Duration: Another important indicator one should pay attention to is checking how long the provider’s account has been active for, and how long the trading account has been earning profits. You can see all signal providers’ account statistics through their account activity.
Maximum Drawdown: Next, make sure you check the provider’s maximum drawdown in relation to the profit of their account. This will allow you to determine the aggressiveness of their strategy.
There are also many other factors that a trader should watch out for. These include percentage of profitable trades, percentage of losing trades, profit rate, and more.
Not all trade signals are of equal quality. When it comes to reliability, you can’t go with the first provider you find. Instead, you’ll want to choose your signal provider wisely. When choosing what signal provider to follow, please ensure you follow the steps highlighted in the question above.
The short answer is yes. You can essentially follow as many strategies as your heart desires, however this also comes with some obvious risks. When copying trades, it is recommended you have at least some basic information and knowledge of the trading strategy the signal provided you copy from uses. It is extremely dangerous to copy trades blindly. Unfamiliarity can lead to a level of discomfort and potentially result in unnecessary trading losses.
Traders and investors can copy their trades from as many Signal Providers as they like at the same time. There is no cap on the maximum number of Master Accounts a trader can follow.
You can choose from a wide variety of Signal Providers, offering a wide variety of trading strategies. Signal providers follow trading styles including scalping, swing trading, and trend following just to name a few.
It is important you make sure that the signals provided by the trading signals provider align with the style and method that you are comfortable and familiar with.
Otherwise, when trading begins, unfamiliarity may lead to a level of discomfort that may cause an inexperienced trader to deviate from the Forex signals, and potentially result in unnecessary trading losses and traders losing money rapidly.
Switch Markets is all here for building a strong community of traders and welcomes all successful traders to share their wisdom and help us build one of the best social trading platforms out there. Follow the steps below to get started.
The minimum deposit to participate in Social Trading with Switch Markets is $50. Once your account is funded, register at the MQL5.com community, choose the strategy providers and start copying!