- 7 Forex Social Networks to Try
- Best Social Trading Network 2021 — Previous Years Winners
- Choosing the best Social Trading Platform
- The Fascinating Intersection Of Social Media, Big Data And Forex Trading
Big data could change the way we trade, the way we make decisions and the way that we reinvest our earnings.
7 Forex Social Networks to Try
In short, it could change our entire way of trading. In this post, we look at why big data is the future of forex trading.? But is equally important in understanding customers and marketing, which social media plays a role in. Until recently, the Forex market was a mysterious entity that had massive barriers to entry. Therefore, to the average person, it was shrouded in mystery. However, with the advent of social media, the foreign exchange market has opened up and this development can be attributed to among other things, social media.
What relation does social media have with the forex market? There is a general consensus that the foreign exchange industry is not utilizing social media fully. The benefits which the forex accrues from social media include:. Social media gives forex platforms access to a treasure trove of data that helps with all of these things.
This helps data savvy forex marketers make better decisions. Of the mainstream social media platforms those open to the general public , LinkedIn and Twitter are perfect for this industry. LinkedIn is the best because brokers and traders can form groups and discuss Forex matters. They can post trends, observations, and predictions to an audience that cares about these subjects.
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Twitter account and tweeted that White House had just had an explosion. The impact on the market was massive. It plummeted drastically and although it recovered soon after the news was confirmed as fake, it showed just how powerful social media is. Considering how volatile the forex markets are , traders can now check on their newsfeeds to provide them with the information they can use to make decisions.
They should only ensure that the news is from credible sources before they act. When we hear the word? Unknown to the average person, however, is the fact that there are actually other social networking tools for Forex traders. These social networks are usually established when a Forex broker partners with a provider or develops their own network. Some of these networks include:.
Best Social Trading Network 2021 — Previous Years Winners
The social networks developed by the brokers are perfect examples of social media? Unlike mainstream social platforms, these forums are custom-built for the traders. Therefore, they have features that enable traders to share their profile, post their trades on an ongoing basis, and interact with their fellow merchants on matters to do with the forex market. This concept is referred to as?
Because of the low barrier of entry for signal providers, there are typically a very large base of traders set up to issue trade alerts. Many times this number can be in excess of 10, to 12, providers. While this makes it challenging to find a suitable signal provider, their search capabilities are quite useful, which can help you narrow in on the best traders from which to copy trade from.
In recent years new legislation has required ZuluTrade to update its algorithm somewhat for European Union residents. This was done with the hope of providing additional protection and reduce excess risk for clients on the platform. And so EU residents can only see and follow the top traders on the network, and these traders must meet some additional risk reduction parameters. The performance and tracking metrics that are available within the ZuluTrade platform are quite good. Every trade that a provider takes is detailed along with all relevant data regarding the transaction. This makes the process of selecting traders to follow more efficient and transparent.
You can choose from a larger list of forex brokers to connect to your ZuluTrade account. They do have a default broker that they prefer clients connect to. You should realize that the performance that you achieve within your account may be slightly different than that of the signal provider. And this is due to the differing spread cost and slippage that can be experienced at different brokerage firms. ZuluTrade has been working diligently over the years in introducing a complete set of risk management tools to help its clients customize various risk parameters across the portfolio and at the strategy level.
In this regard it goes above and beyond most other copy trading platforms. The Tradency Mirror Trader platform is available through its broker partners. In this way it is unique from other social trading platforms. Since Tradency is essentially a technology provider, its license agreement is directly with its various broker partners, and its through these brokers that you can access Mirror Trader.
Because of this arrangement, there is no direct cost for using Tradency Mirror Trader platform. However depending on your broker, you may pay additional fees for the privilege of having access to Mirror Trader.
Choosing the best Social Trading Platform
You can access Tradency Mirror Trader platform via both a demo and live trading environment. The primary advantage of using Mirror Trader is that it allows you to gain access to various strategy providers that provide live social trading signals that you can copy inside your own account as well. One of the more advanced features within Mirror Trader is the portfolio section.
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Within the portfolio area, you can build various trading strategies and apply specific rules for implementing them inside your own account. Currently there are over strategies available on the Mirror Trader platform. Tradency has a strict process for selecting signal providers. Those that are interested in becoming a signal provider with Tradency must meet certain requirements.
One of which is that you must make a minimum of 30 trades in order to qualify.
The Fascinating Intersection Of Social Media, Big Data And Forex Trading
If upon meeting this minimum trade requirement, and passing through the evaluation process, your strategy can be made available to potential clients. In addition to viewing the data within Mirror Trader, users have the option of exporting the data to Excel for further analysis and data crunching. One interesting feature of Mirror Trader which is quite different than many other platforms is that the performance of each strategy is evaluated at the instrument level rather than at the overall portfolio level.
This can be misleading at times, and so, copy traders should at least be aware of this calculation method. It however, is not a true social trading network, wherein, traders can communicate regularly with other traders or their strategy providers. PeepTrade is based in Chicago and was founded in It was founded as an online platform for constructing multiple asset class portfolios.
PeepTrade is a unique player in the social trading world. PeepTrade does not offer that technical capability. Instead PeepTrade allows its users to look inside the investment portfolios of top-ranked traders within its network. Because of this, PeepTrade tends to attract many different types of traders and investors to its social investment network.
This includes those interested in forex, stocks, bonds, precious metals , and other commodities. This includes the ability to comment, like, and reach out to other traders on the network. In addition the user will find various pertinent information within their stream. This includes technical and fundamental data, sentiment analysis , and posts from other users. This will allow you to initiate positions directly from the PeepTrade platform.
As mentioned, one of the biggest reasons for using the PeepTrade platform is in taking advantage of the vast array of information it makes available for various asset classes. Some of the data that you will gain access to would be the trade history, the current construction of the portfolio, and a chart which details a breakdown by asset class. While most other social trading platforms earn income directly from the spread or some other related fees, PeepTrade instead has decided to use advertising as its primary monetization strategy. So essentially for the end user, the platform is free to use under the current arrangement.
This platform appears to be well suited for both shorter-term traders and longer-term investors. Although the platform is not fully developed, it is in a niche of its own and has some advantages over its larger competitors. Collective2 is based in New York City and has been in business since They are a very popular social trading network for US residents, and currently have over 90, registered users on their platform. Once you sign up for Collective2, you can register to be either a trade leader, a follower or both.
You would get paid for trading social by selling your signals to your subscribers via monthly subscription fees. Currently there are no free demo accounts for the platform, so you must be a paying member in order to participate inside the social trading platform.
The fee structures are varied and depends on the level of service that you choose. Though Collective2 is recognized as a social trading platform, their core product offering revolves around their auto trading technology. Within this feature, users are able to choose from various strategies and automatically copy those trades within their brokerage account.
Currently Collective2 has arrangements with more than a dozen different brokers.