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>>> Taking the first steps
Traders are flocking to social investment platforms in their droves, both experienced traders and those that have only heard about it through friends already using social trading platforms, as the phenomenon grows in much the same way as new members come to the likes of Facebook.
New traders in particular should consider using a social investment platform, states Nabat. Tradency’s Mirror Trader allows traders to basically copy strategy providers, pushing them gently into the arena without having to make it all up for themselves. As they become more experienced they can take more control of their trades, moving from automatic and gradually adding more manual decisions into the mix. Tis gives new traders a comfortable platform on which to train before they go out on their own, should they choose to.
Nabat comments: “Using the Mirror Trader, traders can access all the manual trading tools they are familiar with from other platforms, with the addition of social features. Tis way, they can analyse the market using charts and
technical analysis tools, and while they do that they see the activity of experienced strategy developers. If they see that many traders are opening a trade at the same time, they may want to consider opening a similar position. If they hesitate about which direction the market is going, they can check the sentiments and see what other traders or what the strategy developers think.”
“Traders that are just making their first steps in the forex market can use the automatic mode and let the strategy trade for them,” continues Nabat. “All they have to do is select the strategy they wish to follow and let it trade for them. It is important to say that traders can combine manual trading with automatic trading and enjoy all the benefits the platform provides.”
Forman agrees there is a very steep learning curve to trading, which is what makes these networks so useful.
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“Anyone getting involved in trading has a lot to learn and prospectively much to lose if they don’t get things right,” he says. “Social networks represent collections of individuals who have either gone through the process before, or are doing so now. As a result, they are pools of considerable knowledge and experience. Tis creates all kinds of educational and developmental opportunities for those trying to get their trading feet under them.”
“For those who have already been in the markets for a while, social networks offer two potentially rewarding opportunities,” Forman continues. “One is connecting with other traders with similar interests and styles. Tis can lead to trading partnerships and other combined efforts that create economies of scale, in a manner of speaking, whereby groups of traders support and assist each others efforts. Te other is the opportunity to ‘give back’ by sharing one’s own knowledge and experience with those just getting started. Te markets may have a reputation of being focused on
greed, but there are a great many folks out there happy and willing to help others.”
Which platform?
On which type of social investment platform may be most suitable for retail FX traders to use according to their specific risk appetite and investment objectives, Nabat states: “I don’t think that there is one platform that is more suitable for specific investment objectives or risk appetite. Te platform is just the technology that is used for trading and the trader controls the risk management and decides how to manage his account. Since Tradency is a technology provider that works with many different brokers, we made the platform flexible in terms of minimum account balance. Some brokers allow micro accounts of $500 to $1,000 and others require minimum first deposit of $8,000.”
Nabat continues: “Te Mirror Trader provides many different strategies with different risk levels. Te
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