Social Trading

Social trading is an innovative way to trade and invest online. It is particularly useful if you are new to the world of investing and would like to get a better understanding of what experienced traders are doing before deciding to go solo.  By interacting and connecting with other traders you are able to avoid some of the most common mistakes made by beginners. Following established traders and studying their various trading strategies is a fun way to familiarize yourself with the market, whether it is Forex or the stock market. It is also a great way to determine good investment strategies from bad ones, so that when you decide to make a few trades on your own you know how to minimise your losses and maximise your gains.

 

Etoro

Here at howtotradeforliving.com we use Etoro to trade Forex. There are various other social trading platforms out there such as Zulutrade, however we have been using Etoro for the past year and are happy with its functionality and ease of use. It is the world’s largest social investment network allowing members to follow the best online traders (gurus) and even copy their investment decisions. Its main benefits are outlined below.

Free to join

It’s completely free to join and you even get a complimentary $50 to fund your account.

 

Demo account

If you’re not that confident in your trading ability or feel like you need practice, then you can trade with a demo account. This is a virtual account allows you to practice until you are ready to open a live account.

Register a free demo account

 

Live feeds

You are immediately notified when traders you are following or copying open or close a position. These updates occur in real time allowing you to keep an eye on the latest trades.

Follow

If you find a particular trader interesting or profitable then you can follow him/her. By doing this you receive notifications on your news feed when they comment, trade or update their profiles. You may also personally get in contact with that trader by commenting on their profile.

Copy

If you spot a trader that is performing extremely well, you can choose to copy him/her by clicking the “Copy trader” button. This feature allows you to start copying their trades automatically.

 

 

 

Gurus

What is a guru?

A guru is a trader who is has an exceptionally large following. They have many followers and copiers due to their skill at trading.

 

How do I pick one?

Check out our videos on how to pick a guru.

 

 

 

 

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