What is Social/Copy Trading? How the service can help you make profits?

What is a social trading and how can you benefit from it?

Social trading, trading signals, and PAMM/MAM accounts are all social trading functions that enable traders to make profits in the foreign exchange market without having to make decisions about buying, selling or closing positions.

The idea of ​​social trading is that traders can use the knowledge of successful traders to make wise investment decisions.

For example, a trader may see other traders’ portfolios, track their overall performance, and have a better understanding of their trading strategies.

This trading method is becoming increasingly popular among both novice and experienced traders-novices can follow experienced investors, and skilled traders can improve their trading strategies and further expand their investment portfolios.

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Main benefits of Forex Social Trading

Overall, the benefits of social trading can be summarized as follows:

• Start with small investments
• Enter the international market
• Diversify your investment portfolio
• Connect and follow other successful traders
• Automatically copy their transactions and learn from them
• save time
• Easy to use with a social interface

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Choosing a signal provider

Social trading requires you to spend some time learning how to choose a signal provider.

In the previous article, we outlined how to choose a signal provider.

Here are the things you need to consider:

Never risk more than the amount you can afford to lose

No matter how successful a signal seems, remember that the foreign exchange market is extremely volatile.

Natural disasters, central bank decisions, and political situations may all trigger an “explosion” in the market.

Although you choose to copy the system, in this situation, your profitability depends only on luck.

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Choose the strategy that suits you best

The ideal investment decision must meet the following conditions:

• The strategy has been tested and has been in the market for several years.
• The strategy is stable.
• Money manager uses stop loss.

In short, the basic idea of ​​social trading is that collective wisdom is better than individual wisdom, and novice traders can use this excellent way to trade in financial markets.

Tickmill encourages all social transactions, you can use Signals MQL, Autotrade even be able to become a multi-account manager.

Find out more about Tickmill’s Social Trading