Social trading is when a group of traders share their live account trades in real time, usually over a web-based platform. Like social media, social trading allows traders to follow each other and receive feedback on their actions. Social trading also makes it much easier to mimic the strategies of more experienced or successful traders.
Social trading is not really new. People have been following successful traders through newsletters long before the Internet. With web-based technologies, however, the ease of real-time sharing and collaboration has made social trading much easier. Social trading is largely made up of self-taught forex traders learning from each other’s experience, with some thought leaders emerging as gurus and community experts. A social trader could theoretically throw out all other indicators in favor of community input or social indicators, making financial decisions based purely on the opinions of others.
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