Why is social trading necessary?
Not all beginners come to Forex trading with a wealth of knowledge in economics and finance, and not everyone has an analytical mind.
Therefore, a trader’s career often begins with losses, and sometimes even loss of existing capital; all this does not add optimism and the desire to trade further.
But you can make money on the stock exchange without having any special talents or deep knowledge in special disciplines; social trading was invented for these purposes.
Despite the complex name, this is just an opportunity to copy the transactions of successful traders by adjusting the basic parameters.
It is the regulation of copying transactions that allows us to raise this process to a high level, making it safer and more thoughtful.
At the same time, organizing the entire process takes a minimum amount of time.
How to organize social trading?
This is quite easy to do if you have an account with the RoboForex broker ; if not, then opening a registration for a new account will only take a couple of minutes.
Afterwards, download the MetaTrader 4 platform, install and launch it. After launching the program, find the signals tab:
Now you just have to choose a suitable signal provider, taking into account such indicators as:
• Weeks - the lifespan of a trading account, the longer the account exists, the better.
• Profitable – the percentage of profitable transactions out of the total number of open ones.
• Maximum drawdown and PF – the size of the drawdown shows what the size of the maximum loss was, and the PF factor is the ratio of profits to losses.
When you open a subscription, you can see what account you are trading on, demo or real, and also study the detailed history of transactions.
Once you have finally chosen a suitable signal provider, you can subscribe, and the terminal will ask you to log into your MQL5 account or register for this service.
Once you have passed this stage, the subscription settings themselves open:
In which you can configure such points as:
stop loss and take profit
levels • Synchronize positions without confirmation or confirm each transaction
• Load on the deposit as a percentage, in other words, the size of the transaction
• Stop – account balance at which trading stops
• Execute at limits of spreads - here you set the size of the deviation from the market price.
Finally, click OK and the subscription is completed, all you have to do is wait for the signals to be received.
Additional points of social trading
In order to issue several subscriptions and thereby differentiate risks, you need to correctly set the deposit load as a percentage.
MetaTrader has a lot of free subscriptions where you can test all the features of social trading.
Both real and demo accounts are connected to the system, so it is not at all necessary to risk your money right away.
In general, the service is quite interesting; it really allows even a novice trader to make money on Forex. And also, using the example of copied transactions, learn to trade on your own.
Read about other auto trading options - http://time-forex.com/avtotreyd