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The future of Forex trading is going social. That’s a fact, Jack. Now wait a tick – you are probably telling yourself – how can this be so? I mean, aren’t sites like Etrade social? Well, not really. They are visual. They are fabulous online trading platforms. But they are most certainly not social media trading sites. So what are social media stock trading sites? Great question, glad you asked. We’ll dig into the newest revelation and fascination in online Forex trading so you never miss a beat.
The Downside of Traditional Forex Trading
If you never broke into online Forex trading or you were always dissuaded by its confusingly complex interface, you are indeed not alone. A lot of people are turned off by the fact that while they are able to conceptualize stocks and bonds, they are not stock trading pros. If you have ever used a practice Forex platform, most certainly you can see when you lose big, you really lose. Thank goodness that was Monopoly money, right? In the real world, however, if you play big and lose big, you drain your bank accounts. So for newcomers and stock trading neophytes, online Forex trading is risky business. For those who happen to be adept at stock trading, online Forex presented a step forward to the digital era, replete with colorful graphs and charts, tickers and all sorts of bells and whistles. But then evolution and social media kicked in, and viola: it’s a Darwinism at its finest.
The Benefits of Social Trading
With social trading, all of the signature features and functionality that are colloquial to Forex trading still exist, just in a more refined and more user-friendly format. The biggest draw is the social feature. Using features that allow you to follow other trades (much in the nomenclature of Twitter), and using other features that allow you to copycat them, you can wisely follow seasoned stock market traders and mimic their steps, so you win when the gurus win. Some social trading sites even allow the gurus to earn clout and rep for each follower they have and for the wining trades they make.
Seemingly, Forex and Facebook will have a lot more in common in the years to come.
