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Social trading using LegacyFX MetaTrader5 platform


8 June 2022

The social media networks have changed the way people communicate with each other, as followers and tweets became a normal form of interaction. Forex trading was also affected by it, and traders from all over the world interact with other traders through the social trading platform, sharing strategies and trading tactics. Copy Trading made it possible to follow the most successful traders and copy their trades easily. As the Social Trading or Copy Trading platforms appeared, they quickly proved themselves to be of the most valuable assets to communicate with fellow traders and generate new trading ideas. The Social platform connects the trader to thousands of other traders around the world in real-time.

What is Social Trading and how to use it?

Social trading has become attractive to all traders, beginners and more experienced, and high-end brokerage companies started adapting the Social Trading and offer it to their clients as a social platform where they can trade on stocks, indices, commodities, and currencies. As the Internet has changed the ways in which financial trading takes place, these days anyone can trade if he or she is connected to the Internet on their smartphone or PC. This is enough to start trading on different foreign currencies in the Forex market.

The social trading platform makes it easy to reach the market, as it is characterized by a simple interface and familiar social feature. It also allows you to view, follow up, and copy traders you find success in the forex market. Through the social trading platforms, the trader can follow a variety of traders and receive live updates about the trading process made by other traders.

Social trading works similar to other social networks, where a trader follows other traders he finds interesting and then copies their trading. Once a trader detects a successful trade, he can choose to copy this trade as his own. Sorting out successful traders away from the unsuccessful is very easy. The Social Trading platform provides you with tools and features that help you to assess the success rate of each trader. One can follow any trader active on the trading platform, see comments, and interact with them simply by connecting to the global platform. Social trading also allows you to review the portfolio of highly ranked traders and see which trading instruments are popular among them. All these operations are available for the trader in real-time in the Forex market, along with options for comment and copy more attractive trades.

Transcription trading differs from social trading, though. When a trader creates a personal file on social trading platforms, it must be as detailed as possible. The trader’s profile should display all trading activities. These personal trading files will provide effective and easy ways to improve their own trading to the maximum extent possible and help manage investment portfolios. The including information covers the trader's social profile, such as the number of losses and profits, as well as the overall rate of success and how to manage risk, as well as information on the following traders.

Beginning traders can initially feel overwhelmed when conducting trading operations. Nevertheless, when trading with a well-known broker, the novice trader will be introduced to high-quality educational materials and forex training sessions. Also, by watching social trading online, a trader can follow more professional forex traders and copy what they do, following their strategies proven to be profitable.

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