Hi dear readers. It is a long time since I wrote a new post. A lot of profits, losts, new trading ideas and strategies I went through during the last months and will be happy to share this staff with you in my next posts.
The most incredible thing I noticed during the last couple of months is the change in the global Forex market and in the mind of an online trader in general. Though more and more people are joining this financial game with a purpose to make extra income, newbie traders are more interested in making passive income in financial markets than trading on their own.
There is a big trend called social trading today and you can find its tracks in many of your favorite Forex brokers: AvaFX, eToro, InstaForex, etc. Though it may look different at each broker, still the idea is the same and gains more and more popularity among online traders today.
The general idea behind social trading is the openness of the market and the ability to trade using the wisdom of a crowd. There is a big difference between trading on your own in front of your computer and making a trading decision together with other traders in real time. The social trading feature appeals mostly to the beginner traders who don’t have enough confidence to analyze the market and spot the right time to enter the market. When trading socially, you can see the best performers and do exactly the same what they do. What can be better for a beginner trader than following the experienced traders!
Based on our own research in the financial markets, 2013 is going to be a year of social trading. As the beginner traders are the majority of all online traders, the social trading approach gains its popularity with incredible speed.
Though social trading concept is very simple and promising, you also need to develop some approaches in order to succeed there. In our next articles we will discuss more about social trading strategies and trading tactics based on our own trading experience.