Being a real success at trading the markets requires practice and time. The more you put in, the more you get out. But what if there was a way you could pick the brains of more experienced traders, who would do all the hard work for you? Perhaps you are a newcomer to trading that wants to hit the ground running, and skip out a few stages of development?
Well, with our new social trading app – AvaSocial, you can! Welcome to the exciting world of social trading. Here at AvaTrade, we are strong believers in the power of community and the world of open-source idea-sharing. With that in mind, we have built the award-winning AvaSocial app.
This app allows you to copy the trades of other more experienced traders, or indeed to build up your own following of traders, with the goal of bringing you an additional source of revenue on your successful trades.
Here’s how AvaSocial works:
- Start by browsing the trade leaders. Pick from Top Live Traders, Spotlight Traders and Hot Traders.
Check out their stats including overall profitability, trades conducted and their trade achievements.
- Choose to follow or copy them.
Follow their trades, their successes and their losses. Get an idea of how and what they trade and then choose to follow them, copy single trades or simply jump straight in based upon their stats.
- There is no limit to your activity.
Copy as many leaders as you want, pause when you like or simply choose to follow the ideas community, join chat groups and ask questions to your mentors.
What are the benefits of social trading?
Social trading is ripe with benefits. Here are the main ones:
Potential earning – while still learning
Usually, it takes a while to grasp the intricacies of the financial markets as a beginner. Often while you are learning, you may practice on demo, so as not to commit real capital and of course no earnings. Following the trades of other expert traders mitigates a fair amount of risk that being a newbie holds but still allows you to trade for real.
Get a clear picture of the market – fast!
The community or group feeds strip the markets down to the key facts and removes a lot of noise, so you are really hearing the important points that are moving the markets and can quickly react accordingly, no time wasted .
Be part of a community of investors
Interact with other traders and share trading tips and ideas. Follow the ideas of the investors you have identified as strong leaders and who knows, maybe one day people will follow your trading ideas
More experienced traders can step away from the screen
For more experienced traders, they find it hard to step away from their terminal just in case they miss an opportunity or exit point. By automating your trades, you can take a step back, watch the action and rely on other experts to watch the screen for you.