Information-sharing from Pocket Option Broker enables traders to make money by copying or monitoring their actions. Social networks and online communities opened up the closed circle of privileged traders and invented social trading in which people share strategies. For example, some forums bring 371,000 people discussing what they buy and sell.
Advantage of social trading is that the traders you are copying are investing their own money in the strategy. In addition, the desire for recommendations in different aspects of our lives has been a powerful force.
Social trading on Pocket Option Broker platform offers previously unseen market accessibility, alongside the ability to earn money without significant time or capital outlays. There is also potential for those who become expert traders to generate revenue by being copied.
Social trading can benefit new traders
Let’s imagine that you decide to trade binary options, but you know nothing about trading strategies. If you are just entering the world of trading, you can play it safe and start copying trades of successful traders.
To begin you need to take the following steps:
- register on the Pocket Option Broker platform;
- top up your trading account from $ 10;
- go to the trading terminal and click on the “Social Trading” icon.
In the Social Trading list you will a list of successful traders and you can choose whom to follow. With social trading function, you do not have to rely on luck because you can copy the transactions of the experienced trader.
By clicking on the icon of each trader you will also see the rating. You can study statistics to the profitability of the deposit, the number of transactions, etc.
In the list you can select one or more traders and set up your trading system. To do this, click on the live trading button and set the copy parameters.
We remind you to pay attention to “Proportion”. For example, if the trader’s account is 1000$ but you have only 10$. If you copy the trades, then the volume will exceed entire deposit. You need to set the proportion parameter to 1/100 so that you deposit does not go into one sale. Once you set up your account, confirm and copy of the trader to start social trading. You can also set up the system manually. To do this, in the “Social trading” settings, you must enable the display of professional trades on your chart.
Signals from Social Trading
With a healthy weighing up of the pros and cons, social trading clearly offers good potential for retail investors. They are not the only ones who stand to gain, however. Professionals are yielding insight into market mentality, shifts in momentum and signs of where activity might be heading as part of the total information that banks and funds routinely trawl through.
The function of copying trades from the Pocket Option broker also benefits professionals. The service interface is designed like a social network, but for traders. Here you can see the number of your subscribers, you can create general chats and even gather a whole team of like-minded people.
In addition, a purely psychological factor is also beneficial: a person does a job better when someone is watching him.
Overall, Pocket Option’s Social Trading feature is useful and free. Using social trading in all its forms, consumers have their sights set on growing their wealth by copying the strategies of experts. The gains made by many will be significant, but so too will be the losses of others who fail to manage risk. As millions more social traders hit the markets, professional fund managers will pour money into better analyzing the total data available, so they can be ahead of shifts in market sentiment.