Forex social trading is the future. Social networks such as Facebook, Twitter, YouTube and many others are already an integral part of Internet. Every day hundreds of millions of people use social networks to share interesting stuff, links and videos, but also financial information and analysis. Exactly why are emerging social networks for Forex trading or Forex social trading. Networks such as eToro OpenBook, which allow you not only to share financial information and analysis, but also allow you directly to trade in the Forex market. Instead alone to analyze next Forex position, you can contact and discuss the Forex market and based on this to make more secure your Forex trading. You can freely use collective skills in your Forex social trading.
What is Forex social trading?
Taking the example of eToro OpenBook we will find a live database of all trading in the Forex market, implemented through eToro platform. As a member of OpenBook (you can register here – eToro OpenBook) social network for Forex trading you can see what they do the best and most profitable Forex traders, you can view their transactions and even copy them, it becomes with just one click. This means that when a Forex trader make profitable Forex trading, everyone else can benefit and learn from it, or just copied his trade in the Forex market!
Forex social trading allows you to take an idea from shared information about Forex trading and you can set your account to automatically copy the successful transaction of other traders. This means that a beginner Forex trader can literally become a professional within a few seconds and then just copy the most successful Forex traders. Social trading allows traders to choose from a larger number of successful transactions, regardless of the financial instrument and copy Forex traders who have the best results. Also if you eventually become a very good Forex trader you can gather followers, which also brings financial incentives because you turn in Forex guru.
How to start copying Forex trading?
Copying Forex positions is much easier than regular Forex trading. Unlike regular Forex trading, you should not do analysis and indicators to track, because this makes it advanced Forex traders. You just start to follow and copy their Forex trading because they are reliable and have good results. When advanced Forex traders do the job they reduced market risk to a minimum, it’s good for you because you just wait for the financial results.
When you start your Forex social trading, the most important is to find the right traders to copy them and copy only the winning positions. In the example mentioned above, eToro OpenBook. They give you several ways of choosing the right traders for you. First and foremost for you is eToro OpenBook rating. This ranking is composed of Forex traders based of their Forex trading in a given period of time, you can see percent of the profits, how much successful deals have, with what instruments traded, etc..
When choosing a Forex traders always consider these facts:
– The highest rate of return
– Ability to analyze Forex market and maximizing profits
– Ability to move with the trend and take full advantage
Once you choose your Forex traders and start to copy them, you must decide what percentage of your account you want to spend for new positions. Start with a small percentage for example 10%. If your chosen Forex traders generate money for you with Forex trading increase rates slowly until you get 30-40% of your capital. This is for Forex social trading – For more information see – eToro OpenBook
