MetaTrader 4 and MetaTrader 5 platforms. FX Junction is an online social and trading network that enables its members to create a profile, follow other members of all experience levels from around the world to simply and easily communicate, share trading strategies and market commentary. 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. In this respect, the advantage of social trading systems is unparalleled. Rotate device to see full table. There are three basic types of social trading platforms. Is a software development company and does not provide investment or brokerage services. Forex social trading systems allow these traders to share their strategies and success with others in a personal, comfortable forum. Lastly, the ability to synchronize order executions between several trading accounts (between a signal provider and followers) is another feature that can push a social trader broker to the top of the rankings. But this peer pressure is the biggest danger and the one that is most likely to turn you into a foolish follower rather than an intelligent copy trader. Keeping a realistic understanding of what social trading offers will allow you to stay on course rather than getting swept up in the moment and heading for failure.
For example, any stop loss or take profit orders set by the lead trader will be implemented in the copier's platform as well. With mirror trading, traders can build a strategy based upon back-tested strategies and can opt to implement the trades of multiple traders simultaneously if they are in keeping with the trader's overall strategy. If you are a successful trader and want to earn extra income, become a signal provider! If you're looking for someone who uses specific strategies or trades specific pairs, it's worth researching trade leaders that make these offers on different social trading platforms so that you'll feel confident that you're making the right decision. In social trading platforms traders can also interact with each other to better understand the trading process and to enhance their knowledge of the markets. The showcase of 3 200 free and commercial signals can be found on the website and on the Signals tab of your trading platform. Since social trading platforms are based on the ability to follow and copy as many traders as possible worldwide, the best social trading platforms would be those that offer the largest and most active social trading community of Forex traders. Before the advent of social trading, investors had to rely on fundamental or technical analysis to form their investment decisions. When it comes to choosing a trade leader (or leaders) to follow, the more options you have, the more likely youll be to find a successful trader that will lead you to profitability. The idea of being connected with other Forex traders on the network is attractive to everyone.