Trading stocks and shares is an increasingly expanding part of the financial market and as such in recent years it has seen the introduction of various new trading systems and platforms. One of these innovative solutions is social trading also called copy trading, which allows you to join a social trading community and exchange information about investment activities with peers and experts.
The social trading systems have several major advantages and are suitable for both beginners and professionals. Copy trading for stocks and shares minimizes risks because it allows traders to follow experts in the field and easily identify the latest market trends. And that, of course, leads to better results. Therefore it is not surprising that social trading networks have a large following, which keeps growing.
Copy Trading Software & Applications
Lately many brokers have started adding social trading features to their portfolios and while there are some differences between the various copy trading systems, all of them are based on advanced technology and in addition to the standard trading tools they have features similar to those of social networks, which allow you to follow experienced traders and benefit from their expertise. Traders’ profiles usually contain detailed information about their past investment activities, results, success rates, preferred assets and other details that will help you choose which expert traders to follow.
See List of Best Ranked Software Here.
When it comes to copy trading platforms it is advisable to check how reputable they are and what number of customizable options they offer. The best social trading systems provide both assistance and manual trading. If traders prefer trading, they can set their preferences and leave the software to analyze the trends, which is very efficient and time-saving. If, on the other hand, you prefer to have full control over each individual trade, you should pick a social trading platform, which offers manual mode trading.
How to Copy Stock Trades?
Copy trading is easy and you don’t need any previous stock trading experience in order to use a social trading network successfully. The most important thing here is to choose wisely who to follow. Copy trading platforms provide a list of expert traders whose trades you can replicate. Review carefully their trading history and pick those that have consistent results.
As the social trading platforms usually allow you to add or remove traders any time you want, make sure to monitor regularly the investment activities of those you copy and if you notice that their results decline, update your list accordingly. After you choose your preferred experts, you have to decide which of their trades to copy and what amount of funds to allocate to each one.
Thereafter when the trader you copy opens a position it will be replicated in your account. The software will keep opening positions according to your settings even when you are not online, however you can change your preferences at any time.
Best Copy Trading Platform
There are many reliable copy trading systems on the market but here we will take a look at the leading social trading platforms currently available.
- eToro is a social trading platform. It has an easy to navigate interface and a number of customizable settings that give traders unique control over the management of their accounts. A very useful setting is the Time Limit − the period during which you want to follow a certain expert, which can range between 1 day and 1 year.
- QProfit System is a social trading technology, which by utilizing cutting edge technology, provides signals with accuracy rates and the opportunity to observe how experts trade. The stock trading application also provides assistance for the execution of trades and has numerous customisable options that give traders great flexibility.
- HBSwiss is a social trading system that enables traders to spot the investment opportunities at a glance and trade stocks and shares with minimum risk.
How to Choose a Stock Trading Application?
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