With the development of the foreign exchange market, novice traders have got great opportunities to simplify their trading process and to learn from other live traders. Social trading or as it’s called. Copy or mirror trading, is one of such opportunities. Long story short, it’s copying someone’s deals to your account in real time.
The team of JustForex broker would like to explain you how social trading works and what benefits it gives to newbies.
Copying trading signals with the help of the MQL5 service is a nice tool for working out your trading skills while observing how professionals work, and defying which trading system fits you the most. Moreover, the Forex social trading helps to delve into the Forex trading philosophy.
JustForex is a broker that has integrated the service of MQL5 Signals to the BackOffice for making social trading more accessible and simple for the clients. That’s why this social trading system is so popular – it’s just comfortable!
The details of Forex social trading
Creating a MQL5 account is quick and takes less than 10 minutes. You need to choose a signals provider and subscribe to him in the terminal. In our case, you’ll need a MT4 trading terminal. After doing that, you can copy signals and start making money. All trading strategies are allowed, whether it is news trading or scalping. Subscribe to any signals provider you want! You can also use a VPS service to make your copying work round-clock. In this case, you won’t need to keep your computer on all the time.
The main benefits of this type of trading:
– Newbie traders can learn while observing how professional traders execute their deals. This may save novices from unnecessary mistakes.
– Even those who can’t trade by themselves for some reason, can earn money.
– The subscriber may stop orders any time he wants, and it won’t affect the trading of signals provider.
– The possibility of depositing MQL5 account with any payment method available to JustForex clients. It is so thanks to the integration of the MQL5 Signals service to the Back Office.
– You can use both paid and free signals.
Some more tips for social trading:
- Find a strategy that fits you. You may focus on a popular signals provider or on a certain system (scalping or reversal trading). See the maximum drawdowns of the provider and his equity, decide whether you would like to risk more or less.
- Pick a time frame. It’s a bit similar to choosing a trading system, as these things are correlating. Day traders prefer lower time frames, while long-term traders work with H4, D1 or even W1 charts.
- You can talk to your signals provider, read his blog or watch his YouTube channel to keep up-to-date and understand how he trades. This will help you not only to understand why he has chosen his strategy, but learn the whole trading process and become more experienced. Ask questions, if you don’t understand something. But this works only when you know that person and can contact him via social media. Other way, you’ll just copy signals basing on the account statistics.
So, as you see, social trading is one the best way to start trading for those who is not ready to trade by own forces. If you are not experienced enough and don’t want to risk much, feel free to use the MQL5 Signals service.
As you see, there’s no matter whether you are going to trade by yourself or with the help of social trading, you’ll always find a suitable place on the Forex market.