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October 19, 2018

5 Good Reasons to Get Started with Social Trading

Financial markets today are very attractive, particularly those who actively search for investment opportunities. The financial markets are not only more accessible but also easier to understand. You can learn more about how to trade financial instruments, including forex and cryptocurrencies, from various sources.

The latest trend from the financial markets is social trading. Instead of going through the learning process yourself, you can now join fellow traders and learn from experts directly. Social trading is a great way to venture into the market if you are new. Here are five good reasons why getting started with social trading is highly rewarding.

Easy to Get Into

Forget about the complicated process of setting up signals and manually following them. Today’s social trading is much more convenient than that. You now have platforms and brokers like eToro offering easy access to social trading features.
All features are integrated and can be accessed directly from the platform. Everything works seamlessly, and you can start trading together with fellow traders from around the world in no time.

More Options to Choose From

It is not a secret that traders tend to develop their own trading styles. Even when you don’t have a personal preference, you will find some trading approaches to be more suitable for you personally as you go along.
The same variety can be found when you venture into the world of social trading. Different traders and market experts approach the trades they make differently. You have the option to follow different traders as you see fit.

Faster Learning Curve

As mentioned earlier, one of the biggest advantages of social trading is the opportunity to learn about the market in an accelerated way. EToro, one of the best brokers and platforms for social and copy trading also offers tools and features that help traders learn from the experts they follow.
If you read the review for eToro on InvestinGoal, you will notice that these tools – the faster learning process they offer – is the biggest reason to get into social trading. While you learn about every corner of the market, you can still make money by following the trades of the best.

Better Flexibility

Just because you are following and learning from the trades of others, particularly market experts, it doesn’t mean you have to follow them blindly. Social trading is highly flexible today. You can fine-tune the trading parameters to better suit your risk profile and portfolio.
For example, you can set your own stop loss or target profit marks based on the size of your trades and your personal preferences. The signals will still work with your positions, but you maintain control the whole time. You can also make manual adjustments to open positions at any time.

Plenty of Opportunities

Keep in mind that the market experts whose trades you study each spend plenty of time analysing the market. What you do by engaging in social trading is benefiting from their research and amplifying your ability to really understand the financial instruments you trade.
We can talk for hours about other benefits of social trading, but the simple fact is this: two heads are better than one, and three are often better than two. As you join forces with other traders and learn from the best, you are boosting your ability to bank profits and master the financial markets.
The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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