Are you looking to dip your toes into the hottest trend to hit the forex, stock, and trading markets? If so, then you are ready to give social trading a try. Now before you dive right in, you may want to take a moment and learn about what you should be looking for in an effective and useful social trading network. The network you choose can either hurt or increase your odds of striking it rich. With that in mind, here are some basics tips you can use that will help you pick the best social trading network for your needs and wants.
Why Use Social Trading Networks?
In order to figure out what social trading network is best for you, it’s important to understand what social trading is. Social trading means you are watching, learning, and copying the moves of other traders. You have the opportunity to connect with them, get advice and ideas, and really enjoy a learning experience.
Of course, this learning experience will only be as good as the users themselves on that particular social trading network. You want to be sure you’re on the network with experts and those who are knowledgeable in forex, so it doesn’t end up being the blind leading the blind. These networks tend to be quite beginner-heavy in terms of the user-base, so again, you need to be careful that the one you’re picking has a healthy mix of experts and beginners.
Make Sure it is User-Friendly
This is a really simple tip but when it comes down to it, if the social trading network isn’t easy to navigate and use, then it’s just not going to be helpful to you. You should be able to sign up and make an account very easily, and then get started without having to read through pages of instructions, or worse, have no idea to navigate and use the site. People don’t have a lot of free time nowadays so the site needs to be ready to go and easy to understand, right from the start.
Be Careful of Over-Promising
It’s also key that you don’t get sucked into marketing ploys where you are being promised that you’ll get rich quick. Sure, it can happen, but it’s quite rare. Remember, there are always going to be those traders who are reckless, so you have to learn how to spot them and not buy into the get rich quick lines.
Take, for example, eToro, which you’ll find all kind of false promises about. You may read that it’s so easy to make money that practically anyone could do it. Here’s the thing, no matter what social trading network you pick, there is going to be a learning curve. It’s just never going to be that easy and quick, so you need to erase that from your mind.
The InvestinGoal website does an excellent job of looking at how to make money on eToro, which sheds light on the type of features and tools that make a social trading network ideal.
What’s Right for You Doesn’t Have to Be Right for Others
At the end of the day, what you look for in a social trading network really comes down to your own trading style and preferences. What’s right for you won’t necessarily be right for someone else.