In recent years, social trade has become more and more popular. This is thanks to the availability and the increased desire for social interaction online of many major social trade agents and platforms such as Etoro and others. Here we will look at what social trade is, how social trading starts and how your forex trading future can be beneficial for you.
1. Social Trading Basics
Social trading is a form of trade that allows traders effectively to copy other traders’ market movements. Social trade can therefore be exactly the same as copy trading. The additional element of social interaction is what makes social trading unique and different from copy trading.
The idea of social business like trading in copies in combination with social media gives you a precise picture of what social trade is. You typically have the power not only to copy the trade of others but also to interact with such traders and others through the platform through the social trading broker and platform. This adds an additional dynamic layer to your trading process.