Sponsored Social Trading Within Forex Trading

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In a world that is now closely entwined with social media, social trading has been a phenomenon in forex trading over recent years. While until a few years ago, trading was considered a lonely affair, social trading has broken the norms.
However, unlike social media where you can like or share posts, social trading in forex is somewhat different. Simply put, as a trader, anyone can start to publish their trading history online.

Social trading within forex trading allows other traders to connect and also copy the trades from the traders that they follow. This has distinct advantages of course. When you find the right trader who is successful and you start copying their trades, you can automate your forex trading without having to stay stuck to your trading terminal all day.

Social trading has benefits for both professional traders and those who want to follow the trades of other traders.

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Benefits of social trading within the forex

There are many benefits that one can think of when talking about social trading. Here are a few.

- If you are really good at trading, you can publish your trades and automatically start to seek followers. The better you are in trading, higher the chances that you can attract other traders to follow and copy your trades
- Social trading is a great way to start your own hedge fund if that is your dream.
- Social trading allows you to earn a small but steady income as you are able to charge a fee for users to copy your trades.
- You can begin to build a side business with social trading and use it to compliment your trading business.
- For those using a social trading account, you no longer have to trade by yourself
- Picking the right social trading account can reap huge benefits for you at a very reasonable price
-Most social trading accounts start near an average of $500 - $1000 or more. This makes it easy for an average trader to deposit funds and make use of the social trading in forex.

Where can you open a social trading account?

Although social trading is popular, not all brokers offer such type of a trading account. A few brokers such as JustForex offer you the option to use social trading.
A social trading account is nothing special or different from a regular trading account. In fact, if you have enough funds, you can simultaneously trade as well as automatically copy trades from a social trader.
Using a reputable broker such as JustForex and taking advantage of the social trading account can be a great benefit for you. This will allow you to take full advantage of social trading, where you can expect your money to grow.
But bear in mind that social trading will not make you rich overnight.

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What to look for when using social trading?
Anyone can open a social trading account and start publishing their trades. But you should be careful on the trader that you want to choose.
Here are some key things to look for when looking for a social trading account to copy signals from:
- Check that the social trading account you want to copy has a trading history of at least two years old
- See if the social trading account uses the same leverage and/or deposit amount as you do. The better you mirror a social trading account, the easier it is to replicate the gains
- Make sure that the social trading account has at least some followers. Looking for feedback such as ratings or comments is also recommended
- Pay attention to the metrics such as drawdown in order to understand how volatile or risk-prone the trader you want to copy is
-Last but not least, always use the same broker so that the spreads are not different
-Read more about social trading and its recommends on JustForex.

Conclusion – Social trading within the forex
A social trading account is a fun but a great way to get started with trading. For traders who do not have the time to trade, a social trading account is a cost-effective way to make their money work for them. Likewise, successful traders can take advantage of social trading and use this a way to earn additional money.

As with anything in investing, bear in mind that there are risks anywhere and always make a sound judgement.
 
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