Forex trading is known to be a risky and speculative business; therefore new traders are naturally looking for ways to get more information about various sides of foreign exchange as well as about trading modalities and techniques.During the last few years social trading networks have widely spread across the Web. Their subscribers are experienced forex traders, on the one hand, and beginners who are willing to adopt guru practices and hopefully to surpass them, on the other.
Social trading networks incorporate forex broker services along with a message board: traders are able to communicate, share trading experience of their own and watch others’ trades; in certain cases it is possible to copy trades of the competent associates, that is, to have expert trades automatically replicated in the follower’s account, in exchange for a small commission. As a matter of fact, social trading networks have proven to be more profitable for their participants than individual trading.
When choosing a social trading network it is essential to see if a network offers reasonable spreads and transparency, as these crucial features sometimes do not belong to the strong points of a social trading network.
To have a better overview of social trading networks, their advantages and special offers an expert opinion is needed.