What is Social Trading?
Social Trading is the best place to start for a Newbie or rookie trader. If you are new to trading, Social Trading is the best way to start your new education and the best way to learn how to trade. In a Social Trading Group, a Newbie will expect to meet like-minded individuals who are either new to trading, as well as other members who have been trading successfully. It is a trading family group.
There has to be a place where to start for a new trader. Social trading is the first step in the ladder of successful trading. If you are interested in making money trading online, but have no formal knowledge, social trading is your first step to success. Kick-start your side hustle as a social trader by joining a leading social trading group.
The benefits of joining any social trading group, is copy-trading.
Whether you are an amateur, or even if you are a seasoned one, there are great benefits in copying professional traders who have a proven track record of success. Setting up your own trade can be a daunting process, not to mention the high risks of loosing your capital. Most social traders are holding down a full-time job. Therefore, time can also be a bone of contention. Cutting down on family time, could also lead to stress-related decisions. Again, social trading is the perfect solution, as you only need to follow the trades of best traders in your group.
Social Trading Binary and Forex – What is the Difference?
Up until very recently, most new traders have opted to join social trading groups, who trade on binary options platforms. The ease by which trades are executed on binary options, have made them a far more attractive option than forex up to now.
The recurrent problems with scam brokers in binary trading, have however, recently tarnished the fatal attraction with binary. The fact is that there are a number of Regulated Binary Brokers, who make trading a first class experience. However, sadly there are also lists and lists of scam binary brokers that are exposed on Forums on a daily basis.
So far, trading forex has been too complicated for many newbies. However, recently we have witnessed a shift in sentiment, with the help of awareness from Regulated Forex Brokers, who have set up a social media, and social trading groups with copy trading options, that are simple to follow.
eToro for example is one such broker. They have created the eToro OpenBook trading platform which is mindful of social trading and particularly copy trading. With over 5 million users, and a great ranking with performance results of their top traders, this broker is easily the best social trading platform in forex. eToro is user-friendly, offers a $100,000 demo account to users with no expiry date for trading, and accepts deposits as small as $50.
How Do I Join a Social Trading Group?
A Social Trading Group is a place where, day traders who are members to a closed group, trade together on social media. Our group invites new members for free. The only pre-requisite is to choose a legitimate binary options broker which is recommended from the list below, open an account through the links and send us a copy of your funded account.
There is no subscription fee to join the Social Trading Group. All you will be required is to have a live trading account. We will also help you open a FREE DEMO ACCOUNT where you will be requested to trade on for the first couple of weeks until you are comfortable making “paper money”. This is a risk free trading style, which will help you learn trading without the fear or risk of losing your capital. If you are trading in Europe we highly recommend that you chose a regulated broker in the EuroZone. If you are trading in the United States we recommend that you trade with NADEX which is the only regulated broker in the United States and Canada. Anywhere else we are providing lists of recommended and non scam brokers.
|BROKER||MIN DEPOSIT||MIN TRADING||SHERIFF RATING|
|from $50 to $1000||$10|
How Does a Binary Social Trading Group Work?
New members are initially asked not to post live comments during active trading sessions. They are however allowed to fire any questions related to trading as a private message. The senior traders send out the signals. The live traders follow the signals and the logic behind the signals. Results are shared live. Later traders chat about their trading results.
The success rate of our Social Trading Group is as high as 75-90% success rate of ITM or In The Money Trades. As a new trader, you can expect to start making money online as soon as your trial period on a demo account is over. Therefore, social trading is very much like entering an Elite Club as a new Member.
It is daunting until a Newbie meets fellow Trading Members, and finds there is a hierarchy. At the Top of Social Trading – sit the Administrators. Ranking below are the Seasoned Traders who farm out a lot of information. In the Lower rungs of Social Trading are the New Traders. Binary Options Newbie Traders will find that there is more to learn about the subject of Option Trading without having to do it in the solitude of their home.Social Trading is belonging to a group where the Administrators or Admins as they are better known– Trade Live and in Real Time and have a Trading Record of at least 7/10 In The Money.
Once you are admitted in a group, traders copy Signals that the Admins send periodically. In excellent groups, Signals are leaked in different time zones. Admins are usually living in different parts of the world. New Traders can catch the signals in any time frame irrespective of their geographical position.
Which Expert Trader to Copy?
After a few weeks in Social Trading, Traders develop a pattern with their favourite Admin. This may be either time zone related, performance related or simply because the interaction is better. Most Admins provide Live Webinars. Live Webinars in Social Trading are real time live trading. The Admins select a Time Frame which is optimum for Trading. They then Trade Live whilst explaining their strategies and how they are analysing charts and News Feed. In Social Trading and Live Webinars, the Trader is given a full explanation on how and why the Trade Signal is announced.
What is a Social Trading Group for?
Making Money Online from Binary Options Trading or Forex can be a challenge if you are a solitary Trader. Having support from a Social Trading Group is beneficial for mentoring and education, it is a support and an open communication system where fears and pitfalls may be discussed.
As a New Trader, or even a seasoned one – when joining a new Manual Signal Group we recommend that you take Paper Trades or Trades in A Demo Account. As such, the speed with which a Trade is entered, the Strike Price, will depend on how fast the Trader reacts to the Signal. This may take time and practice and only in a Demo Account can a Trader fine tune entering at an optimum Strike Price.
Here is a typical Trading Signal
What this signal means is that you look for the EUR/USD Currency Pair. You go to your platform and make sure that you are synched with a GMT Clock. You will see the price going up and down. SR = Strike Rate. When the price falls below 1.1110, the trader takes a Call signal which expires at 11.00 a.m GMT time.
EOD = End of day
SR = Strike rate
Call = Take an UP Signal
Put = Take a Down Signal
If you wish to join the Group, we can offer you an invitation by following the steps below
- Clear your cookies: If you are not sure how to clear your cookies please clink on the link.
- Select one the Recommended Broker list who are BinaryOptionSheriff.com approved and who will provide you with DEMO account once you have funded your account
- Fund your account with the minimum amount required. Most Brokers do not require more than $250 for a starting deposit. Remember not to deposit funds that you cannot afford. Trade Demo first and don’t use your capital.
- Contact our support on support[at]binaryoptionsheriff.com with evidence that you have funded your account.
Once this is done – we will get you an invitation to join the Group. Remember to enlist on Facebook in order to be able to join the Group.
Copy Trading as a Means of Social Trading
Copy Trading is yet another great manner to integrate in Social Trading and benefit from Positive Signals and Trading in the money. Therefore, traders with no experience, joining a team of traders with proven success track records is potentially of great benefit in making money online. Read this article about eToro platform that offers great copy trading feature.
A word of caution. Social Trading is a great way to meet other traders and to discuss strategies and successes and losses. However, it is of vital importance to choose a good site for membership – one that has a proven record of success rate. Consequently, pick groups that have been positively reviewed. Remember to always do your due diligence before making rash decisions on Trading as it may incur heavy losses.