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Ellie Parkinson started following How to Use Social Platforms to Improve Trading Success
Social trading platforms are possibly one of the most exciting developments in recent years; in short, they mean that we’ve now got unprecedented access to the actions carried out by a huge number of other traders, and the result is that we can improve on our own successes like never before. Social media means that many people can work together on finding signals and working out a strategy, rather than doing everything yourself. As the saying goes; two heads are better than one. Part of the reason large investment companies can be so successful is that they have a lot of people working on positions and monitoring price actions and events. The more people you’ve got looking out for patterns and opportunities, the more chance you’ve got at making a successful trade. One of the major benefits of social platforms is that they are more trustworthy than a lot of advice that you’ll find on the internet; you can see exactly how people are trading themselves, and how successful they are. You don’t need to take someone’s word for something; you can see what they’re doing. When discussing the next big opportunity on a forum, you’ll be able to find out how well it turns out for other people. Many social outlets display top performing users, and you can actually copy their trades yourself. There are numerous social applications available, some of which will work with certain brokers and platforms, and some of which won’t. It’s important to do your research first, as there can be certain exclusions. If you want to use expert advisors for instance, you’re likely to need to choose a MetaTrader compatible one such as TraderConnect. eToro is the largest outlet, but it is not free, and only higher level subscriptions are compatible with MT4. Of course, it’s very important that social media is treated as a tool just like any other. Relying on others for all your signals and strategy is not a good idea, because what’s right for one person might not be right for another. Instead, you should incorporate social media into your own strategy, and use it as a method of finding more information than you’d normally be able to. It’s also a great way of learning new things, and is a place where you can ask questions too. If you’re looking for a way to increase productivity, this could be it.