Social trading refers to the practice of copying or following the trades of other traders. It allows novice traders to learn from experienced traders, and for experienced traders to earn additional income by sharing their trading strategies.
There are several tools available for social trading, including:
- Social trading platforms: There are several social trading platforms available, such as eToro, ZuluTrade, Robomarkets CopyFX and Darwinex, which allow traders to follow and copy the trades of other traders.
- Copy trading: Copy trading is a feature available on many social trading platforms, which allows traders to automatically copy the trades of other traders robotrading portfolio in real-time.
- Signal providers: Some traders offer their trading signals for a fee, which can be followed by other traders using a variety of platforms and tools.
- RoboMarkets is a European online brokerage company that provides trading services in various financial instruments, including Forex, stocks, cryptocurrencies, commodities, and indices. The company was founded in 2012 and is headquartered in Limassol, Cyprus, with additional offices in Europe and the Middle East.
- RoboMarkets is regulated by the Cyprus Securities and Exchange Commission (CySEC) and is a member of the Investor Compensation Fund, which provides insurance coverage to clients in case of financial difficulties faced by the company. The company offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, as well as a range of account types to suit the needs of different traders, from beginners to professionals. They also provide educational materials and analytical tools to help traders make informed trading decisions.
- Social networks: Traders can connect with each other on social networks, such as Twitter and Facebook, to share trading strategies and insights.
- Trading forums: Online trading forums, such as Forex Factory and BabyPips, allow traders to share their experiences and trading strategies with each other.
- Mirror trading is a form of copy trading where traders automatically replicate the trades of other traders in real-time. It allows traders to follow the strategies of successful traders and potentially earn profits without having to develop their own trading strategy. In the context of copy trading and signal trading, mirror trading is often facilitated by trading platforms that offer this feature, such as eToro, ZuluTrade, and DupliTrade. Traders can select the signal providers they want to follow, and the platform will automatically copy the trades of those signal providers into the trader’s account. Mirror trading can be a useful tool for both novice and experienced traders, as it allows them to benefit from the expertise of others without having to dedicate time to analyzing the markets and developing their own strategies.
Overall, social trading tools can be very useful for traders who want to learn from others or share their own strategies with a wider audience. However, it’s important to do your research and choose reputable platforms and traders to follow.