Over the last few years, online trading in markets like foreign exchange and binary options have gained a lot of popularity. This is because the Internet has leveled the playing field in a major way. For one, it has increased the access to these financial markets. It has also improved access to information that was previously held only by large trading institutions.
However, this democratization process has brought about an unexpected downside. Traders who have little to no trading experience are now able to invest their money without a clearly defined strategy. This has significantly increased their risk of losing their capital.
However, this disadvantage has only served to highlight the importance of social trading platforms. These platforms give traders a chance to bounce ideas off each other and view current market trends in a different perspective.
Although this communal spirit was lost in the initial shift from traditional retail trading to the personal computer, some enterprising individuals noticed this gap in the market. Now, we’re seeing more and more social trading platforms emerging. This allows traders to discuss strategies, talk about the impact of important events in the market, and even copy the trades of other more experienced traders.
What is the Purpose of a Social Trading Platform?
Social trading networks like https://realtradercommunity.com make it easier for forex traders to make money. The support from these communities is invaluable. It is often an important source of education and mentorship for new traders. The open communication system also makes it easier for traders to discuss mistakes and challenges. This ensures that other members know how to avoid common pitfalls.