Copy trading allows you to copy any other trader's trades directly into your trading platform.
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It allows investors to review and copy a variety of other high-quality traders as well as some carefully selected automated trading systems Algo-Trading. Started in as a Forex analytics provider allowing traders to analyze their own performance with more than statistical tools, graphs and ratios, and compare this with other traders over the world.
Over time they added a social trading community and autotrading functionality. C M Trading CopyKat: CM Trading does however use an open approach which means you can mirror the trades of everyone on SIRIX, so also top professional traders at other brokers. This binary options broker also offers a social element as part of their trading features.
With iFollow you can view the performance of the top traders on Redwood and follow them, which will automatically copy their binary traders in your account. This technology provider also offers a trading-system platform which allows the tracking and auto-trading of trades from multiple sources. They sell their solution to 3rd party Forex brokers or financial service companies who can white-label it, though offer the service through their own brand and website too via a few partner brokers.
This international broker launched in as one of the first ones to offer cent accounts and is particularly popular in the Asia-Pacific region. Alternatively their PAMM accounts let you invest directly in some traders as well.
To add to the social aspect they also run various contests and tournaments. The service allows beginner traders to copy the trades from experienced Leader traders with accounts at this broker. This new mirror trading platform was launched in November by Spotware, the same company who develops the cTrader Forex trading platform. With cMirror any trader can become a strategy provider by broadcasting their trade signals and optionally charging commissions.
In addition to the trade execution and charting functionality, the platform also includes a social trading component. This allows you to follow and automatically copy other traders. Launched in they offer a slightly different approach to the other networks.
Launched in the platform gives Saxo customers access to the latest market news, expert opinions, an economic calender and the aggregated forex positions. TradingFloor also allows you to analyse the historical performance and see the real time trading activity of other traders connected to the community.
It cannot get too much more social than this. Instead of trade copying, nextmarkets allows you to choose one or more personal trading coaches for a monthly fee. You then get all their trades and strategies delivered by email or push notification. When your coach is in a trading session, you can also look over his shoulder and follow his trading activities live from your home pc or on the go with their smartphone apps. So you can learn from these professionals, though you must decide yourself whether to copy or not.
While they discontinued their own SuperTrader mirror trading platform, you can still use them as broker with other networks like ZulTrade. For any social trader they also offer useful information and tools. You also get free access to Trading Central, a leading global provider of fx signals and technical financial analysis, with a proven track record in delivering accurate assessments of the financial markets. No trade copying here, just network and info. You can connect and communicate direct with your friends and other investors, as well share and browse ideas for investments.
In addition, Nvstr also gives you access to algorithms that analyse the infinite investment allocation possibilities to identify the one best tailored for you. Their technology is based on independent, well-established Nobel Prize-winning research on portfolio allocation. AGEA is an international Forex broker. This platform allows and encourages their traders to share experiences and discuss trade ideas.
However, it appears that the company caved to competition, as established firms with fully-integrated forex social trading platforms have drawn more clients worldwide. Perhaps this is an indication that, while innovation is opening up more opportunities to make profits in the forex trading arena, market participants are still generally cautious when it comes to picking which trading services to subscribe to.
What are your thoughts on the developments in forex social trading? Is this something you are using or would be interested to try out? Success is more a function of consistent common sense than it is of genius. Partner Center Find a Broker. With the best social trading platforms offered today, newbie traders can follow expert traders while those with more experience can improve their own trading by selecting and subscribing to one of many Forex social trading platforms available in the market today.
Social trading is a trend that has been around for many years but it has gained in popularity of late due to increased trading activity and the need by Forex traders to depend on the knowledge and experience of more savvy investors.
The idea of being connected with other Forex traders on the network is attractive to everyone. Before the advent of social trading, investors had to rely on fundamental or technical analysis to form their investment decisions. Using Forex social trading investors and traders are able to integrate into their investment decision-making process with social indicators from trading data-feeds of other traders. The best social trading platforms allow traders to interact with others, monitor their trades and then decide whether they are worth duplicating.
By copying trades, traders can learn which strategies work and which do not work. Many of the top social trading platforms also include copy-trading, sometimes referred to as auto-trading , capabilities in their social platforms where investors can automatically copy or mirror the trades from other traders on the network in their own trading account.
Some social trading platforms, such as the Sirix Social Network, allow a trader to select to follow a specific master trader who already has a long list of copiers.