Why do we need social trading?
Not all newcomers to forex trading have a wealth of knowledge in economics and finance, nor do they possess an analytical mind.
Therefore, a trader's career often begins with losses, and sometimes even the loss of existing capital, which discourages optimism and the desire to continue trading.
However, it is possible to make money on the exchange even without special talent or in-depth knowledge of specialized disciplines. Social trading was invented for this purpose.
Despite the complex name, it is simply a way to copy the trades of successful traders by adjusting key parameters. It is
precisely the regulation of copying that allows this process to be elevated to a higher level, making it safer and more sophisticated.
Moreover, organizing the entire process takes a minimal amount of time.
How to organize social trading?
This is quite simple if you have an existing RoboForex . If not, registering and opening a new account only takes a couple of minutes.
Afterward, download the MetaTrader 4 platform, install it, and launch it. Once launched, find the signals tab:
Now you just need to choose a suitable signal provider, taking into account such indicators as:
• Weeks – the lifespan of the trading account; the longer the account exists, the better.
• Profitable – the percentage of profitable trades out of the total number of open ones.
• Maximum drawdown and PF – the drawdown size shows the size of the maximum loss, and the PF factor is the ratio of profit to loss.
When opening a subscription, you can see whether trading is being conducted on a demo or real account, as well as study the detailed transaction history.
Once you have finally chosen a suitable signal provider, you can subscribe. The terminal will ask you to log in to your MQL5 account or register with this service.
Once you have completed this step, the subscription settings themselves open:
In which you can configure such things as:
• Copying stop loss and take profit
• Synchronize positions without confirmation or confirm each transaction
• Load on the deposit in percent, in other words, the size of the transaction
• Stop - the balance on the account at which trading will stop
• Execute within spreads - here you set the size of the deviation from the market price
Finally, click OK and the subscription is completed, you just have to wait for the signals to be received.
Additional points of social trading
To set up multiple subscriptions and thereby differentiate risks, you need to correctly set the deposit load percentage.
MetaTrader offers numerous free subscriptions that allow you to test all the social trading features.
Both real and demo accounts can be connected to the system, so there's no need to risk your own money right away.
Overall, the service is quite interesting; it truly allows even a novice trader to make money on Forex. You can also learn how to trade independently using copied trades.
Read about other autotrading options at http://time-forex.com/avtotreyd
