logo
Social Trader Tools
ּ

Social Trader Tools You Need to Know

Wed Oct 13 2021 18:00
Share
|
0
|
139
views
|
1
Social traders aim at making profits by following the trading strategies of more experienced traders. This strategy is also known as copy trading or mirror trading. Social trading will cost you very little money, especially in comparison to professional wealth management services. 

To make good profits, social traders must understand that a number of tools are essential for this form of trading. In this guide, we will look at some of the important tools for social trading.

1. Trade copiers

One of the most important social trader tools you can use is the trade copier. This tool allows you to copy trades from other accounts, and it will duplicate the same trades to your MetaTrader 4 accounts. 

This software works as a plugin that is installed on your MT4 trader account. Although trade copiers are great for beginners, they can also help experienced traders who intend to manage multiple accounts.

In this case, they would only need to execute trades on one account, and the trade will be duplicated on other accounts. This is an efficient way of managing multiple trading accounts as you will not need to spend resources hiring other traders.

2. Signal Provider

Social traders also have to use signal providers when trading. With this tool, you will be providing a signals page to other traders, and this can be done for free or for a price. When you create a signals provider account, you will be able to get a personal landing page, and this will display your results.

You won’t have to compete with other signal providers as your results will not be compared to those of other signal providers. Being a signal provider can be a great way for experienced traders to make extra money while trading.

3. Charting Software

Although you will be following the results of other forex traders, you still need to use charting software to track market performance. You will also be able to use the charts to check patterns and examine the histories of specific currency pairs or assets.

There are lots of charting tools that you can use for social trading, and some of the best ones are Tickeron, Stock Market Eye, Atani, and Trading View. These tools are priced differently and feature different pros and cons.

4. Forex Calculators

You will also need to use forex calculators when trading online. These special calculators can help you determine things like volatility, profits, pips, and margins. With this information, you will be able to save a lot of time when determining your next course of action.

Volatility calculators try to determine the trends the market will follow based on historical data. Typically, the market will follow the same patterns, unless there are major announcements by the government or other relevant entities.

A pip calculator will help you determine the worth of a pip, and to do this, it will use the position of the local currency.

A margin calculator will allow you to determine the amount of money you will need to open a trading position and maintain it. To come up with these figures, the tool will factor in the contract size, the currencies pairs, and the accounting currencies.

Other essential calculators, you may need to include:
  • Currency converters
  • Profit calculators
  • Time zone converters
  • Correlation matrix calculators
These tools may be included on the forex trader’s platform.

5. Economic Calendars

You will also find economic calendars quite important in forex trading. These calendars indicate the times and dates of important economic events, and these may have a major impact on the values of certain currencies.

You can take advantage of these changes in the values of the currencies and make profits trading.

The information can also help you avoid risk. It is important to check the economic calendar every morning before the markets open as this will allow you to optimize your trading strategy

You should note that you will be able to customize the economic calendar to reflect the assets and currency pairs that are most important to you.

6. Trade Journals

As mentioned earlier, one of the essential social trader tools is trading signals services. At XOSignals, you will be able to get trading signals for free, and these cover cryptocurrencies, forex, stocks, and other markets.

You will also be able to upgrade to a VIP account at XOSignals, and this will give you extra benefits. For the best results, you should combine the trading signals with tools such as trade copiers, charting software, and forex calculators.

Things to Consider When Choosing Social Trader Tools

There are a number of things you need to consider when selecting social trader tools. Here are some of the key considerations:

Reliability

It is essential to only use reliable social trader tools as forex trading has to be completed without delays. Before you purchase the software, you should test it to see how reliable it is. 

Also, you can consider working with established tools as these are typically more reliable.

Ease of Use

It is also important to go for tools that are easy to use. This way, you will not have to spend a lot of time learning how the software works and can instead spend the time trading.

Pricing

The best social trader tools will usually be sold and will not be given for free. However, you should compare the features offered and the prices to determine whether you are getting value for your money.

Can I Make Money as a Broker Affiliate?

You can also earn extra money by marketing the services of forex brokers. In this case, you will have to create affiliate marketing accounts, and then the broker will give you a special affiliate link.

You will then need to create content on these brokers. If your readers want to sign up for the affiliate program, they will use your affiliate link, and the broker will compensate you based on your results. 

The amount you earn from affiliate marketing will depend on the number of readers you have and the commissions offered by the broker.

You can also use special software to optimize your marketing strategy. With these tools, you will be able to see which articles are generating the best results.

Sign Up to XOSignals for Free Trading Signals

As mentioned earlier, one of the essential social trader tools is trading signals services. At XOSignals, you will be able to get trading signals for free, and these cover cryptocurrencies, forex, stocks, and other markets.

You will also be able to upgrade to a VIP account at XOSignals, and this will give you extra benefits. For the best results, you should combine the trading signals with tools such as trade copiers, charting software, and forex calculators.
תגים:
CFD
Share

מאמרים קשורים

0
תגובות

ּ
Write your comment here...

התחל לקבל אותות בחינם

צ'אט בזמן אמת

10,040 משתמשים רשומים
550 משתמשים משוחחים ברגע זה

התחל לקבל אותות בחינם

זכו ב20,000 פיפס VIP בVIP