Trading Forex online has in recent years increased in popularity. The trading platforms are improving the features on the platforms which make them more user-friendly and simple to use. As less experienced it is time-consuming finding the right currency pairs to trade and when to enter a trade and when to withdraw from a trade.
Some of the trading platforms have added a new feature to their platform called a Forex Social Trading Network; it is a net where traders share, follow and copy each other’s trade. There are a lot of benefits being a part of a Forex Social Trading Network; one is the right to follow and copying other trader trades; another is the inspiration in which currency pair is the best to trade in at the moment.
This article’s mindset is to give an insight on how to benefit from a Forex Social Trading Network; in other words is the goal to write about how a trader improve or learn how to trade Forex through a network.
When the traders become a part of the network they get their own wall similar to a wall on Facebook. On the wall they can write about them self and communicate and share information with other traders. An example of a comment could be a recommendation to copy a trader; another example could be a trader offering his assistance in improving a trader’s skill.
Following other traders
Another feature is the following opportunity. It is a possibility to follow another trader in the network and see how he trades. The advantage is that you can follow a particular trader in the period you have chosen to follow him without going to search for him. The following possibility automatically gives you his activities.
This is an advantage because you can follow his activities. Both the historical and the ones he currently has. The advantage is that you can see which currencies are traded and what the profit is for each trade. You can also see at what level each trade is opened and closed. The insight learns the follows to trade the currency or currencies the one they follow trade. It provides inspiration to trade other currencies than the ones you as a follow usually trade. It is beneficial as it offers more opportunities to find up-trend in the market and more profit as the changes to find an up-trend is bigger if more currency pairs are possible trades.
Copying other traders
If the trader you follow is performing well and you like to copy him you have to be aware of the risk in copying a trader. It is recommended to start copying a trader with a small amount and increase the percentage of the investment capital to a higher level if he generates a continuous profit.
The benefit from a Forex Social Trading Network is that you can learn to trade other currency pairs as you usually trade and gain more profit as opportunities to find up-trend in the market is bigger if more currency pairs are possible trades.