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Social trading, also known as copy trading, is a trading method used in the financial markets to make investment decisions by interacting with other traders and following their trading strategies. Social trading provides a platform where a trader can access and follow the strategies of other traders. These platforms allow traders to communicate with each other, discuss strategies and learn from each other.
Social trading also allows a trader to follow the success rates of other traders and use their success to make their own investment decisions. This can be especially beneficial for new traders, as it can take time for them to develop their own strategies. Social trading allows traders to become more successful in less time by following the strategies of more experienced traders.
Social trading can be used in many financial markets, such as stocks, forex and cryptocurrencies. Social trading platforms offer a range of tools for traders to track their strategies and performance, often including real-time charts, news, price alerts and social interaction features.
Advantages of Social Trading
The advantages of social trading include the opportunity for traders to learn and follow other traders’ strategies, the opportunity for traders to improve their own strategies by interacting with other traders, and the chance to become more successful by following the strategies of experienced traders. However, in social trading, it is important for traders to consider their own risk profile and investment objectives and not blindly follow the strategies of others.
It allows first-time traders to familiarize themselves with the crypto market and gain confidence to trade. It helps new traders learn how to trade by watching the moves of other, sometimes more experienced, traders. It allows more traders to take part in the market even when they are too busy and can’t do the time and research they would normally devote to trading. It creates a community of traders, both beginners and veterans, where they can exchange ideas and strategies and try to improve their trading together.
TraderWagon is a social trading platform that bridges the gap between experienced and novice traders powered by Binance. If you are new to crypto trading or don’t have time to watch the markets, TraderWagon allows you to discover, follow and copy trades made by top traders from all over the world. If you sign up for TraderWagon at this link, you will receive a lifetime discount.
TraderWagon also allows you to do Social Trading. The idea of Social Trading is simple: It automatically replicates real-time crypto trades of experienced and profitable traders. As you can see in the screenshot below, you can see the percentages of earnings (ROI) and profit and loss (PNL) over the last 30 days. For example, below you can see that user Tsin9 has made 354% profit from trading in the last 30 days. The TraderWagon platform shows traders’ trading results based on evidence-based trading data powered by Binance.
There are two types of users on TraderWagon, Lead Traders and Copy Traders. Lead Traders are traders who manage portfolios and allow other traders to follow and copy their portfolio. Copy Traders are traders who follow and copy the trades of Lead Traders. At TraderWagon, it is possible to profit by copying the trading strategies of successful traders.
