How To Use Forex Social Trading

Forex Social Trading is a social network of traders that offers interaction between expert traders and new traders or investors in a symbiotic sense. It allows traders to trade online with the help of others by comparing and copying their trades.This is a form of investing that allows investors to observe the trading performance of other expert traders in a network and to follow their investment strategies using copy trading or mirror trading method. 

The first requirement is that you must have a forex trading account before you can participate in the forex market.You need a forex broker to open a forex account. It is very important that you carefully select the broker on whose platform you carry out your trading transactions from time to time.I have been trading forex since 2006 on the platform of  LiteForex . I recommend them to you. They are the best broker for Nigerians.You may click here to create an account with them. I have also created a youtube video on step by step guide on how to create forex account with them, how to pay money into your forex account and how to withdraw money from your forex account.You may click here and watch the video now. 

How To Use Forex Social Trading

I will like to give an example to elucidate the process. Let us say you go through the list of top performing traders in the network and you found that  Bosun is the number one (best performing) trader on the list with the following data:

Trader:@MUJAHIDEEN
Life span:180d
Trader`s share:30%
Profitability:3,685% 
Equity:200,800
Number of investors:55.

All you have to do is to go through the list of trader`s performance click on the trader`s name like MUJAHIDEEN,click on profitability chart and then click copy. Then the same trade they place on their accounts will be placed on your account too at the same time. All you need do is to watch your account grow with time. The good thing is that you can enable and disable any trader at any time. Just make sure that you have atleast $200 in your account.

Benefits of Social Trading

1. Social trading requires little knowledge  about financial markets, and has been described as a low-cost, sophisticated alternative to traditional wealth managers.
2. Copy trading is perfect for inexperienced traders. It saves you lots of time. 
3. You’re likely to earn a lot more money. Even experienced traders can benefit from Forex copy trading. 
4.You can save time and earn more. 
5.There are no (or few) limits to who you can follow. 
Forex copy trading is for everyone.Novice and experienced traders alike are likely to benefit from putting the knowledge and skills of others to work for them. 

Very Important 

1. Ensure that you  edit the copy setting.Either by selecting
 i. Fixed size of each trade   or ii. In proportion to my funds

2.It is good that you always choose a trader whose Life sapn is not less than 180d meaning 180 days and above.

3. I will use 0.01 lot if my account is between $200 and $1000 account balance.