What Is Social Trading?
What is binary options social trading? That is a good question. At first it was a fringe group of traders and websites trying to make sense of a complicated trading environment, now it is a structured community of traders with havens of fellowship like BinaryOptionsThatSuck.com, and Communitraders. At heart social trading is a community of traders that gather together via the internet. They do this in order to learn more about trading, to share ideas about analysis and the market, to gain support and most importantly to make money.
The websites mentioned above represent the best that binary options social trading has to offer. Other sites have forums, other sites have some form of copy trading, articles about strategy and blogs by professionals but does any other website have the number of professional traders, the amount of trading knowledge, the volume of real live users actively posting on a daily basis and the best demo trading platform of any website on the internet? I don’t think so. The team at BOTS has been working hard over the past two years to build not only the best binary options website, but the best social trading platform.
More Than Simply Copy Trading
Social trading is more than just copying someone else trades. Social trading is the coming together of traders of all levels in a way that enriches the community. It allows the exchange of knowledge and ideas, the growth of the individual and in the end, profitable trading. That is what Communitraders is all about and that is why I use it. It is an all in one source of trading education, current events, analysis, trading ideas and trading community with features that include a completely free demo account and the ability to link up with other traders.
Typical forex social trading is really just copy trading. There isn’t much social about it. There is no encouragement to interact, limited educational focus and trading that is pretty much cut and paste. All you do is pick traders off of a leaderboard based on only a few easly manipulated details. When you choose to follow a trader on Etoro or Zulutrade you are copying every trade that person makes regardless of their strategy and your wishes, until you cut them loose. Sure, they like for you to copy more than one trader for diversity but with this model you may as well be trading mutual funds, or baseball cards which would be even safer.
Communitraders Is Different
At Communitraders each trade is posted with a title, description and chart so everyone can see how and why the trade was made. You choose to follow only the trades you want and no others. Yes, you can just copy trades if you want but the real focus is on education, and making profits. A saying I have always loved and that sums up the idea behind Communitraders is this; feed a man to fish he eats today, teach a man to fish he eats for a lifetime. Communitraders wants everyone to be able to make their own trading decisions so they can be profitable for a lifetime.
There are two ways to do this. You can follow more advanced traders and have their trades placed in your accounts or, if you are good enough, build a following of people who will copy you. Either way the opportunity to make money is there because you will either profit from trading or make money as others copy your trades or both.