Social trading any good?

Don’t know about others but I opt for a micro account that my broker octafx allows for more leverage when I use mini lots. This helps me minimize the risk by lowering the trade amount, even though I can trade 10 mini lots.

That’s the catch @Marktaylorg. Even with automated trading one can continue to trade during the power outage with the VPS. The best part is that these systems can continue to work 24/7 without you having to monitor them. Moreover these systems are reliable and stable.

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@Maria that depends if you chose the VPS by good brokers who’ll let you access platforms like MT4 and 5. Like using the vps by avatrade and roboforex has helped me use a whole lot of technical tools and I’ve sometimes also used the EA.

No matter whether you place your entries manually or through an automated system, VPS can do the job much faster than any computer. Less delay and slippage which automatically means that you won’t lose money are few other perks.

This is absolutely correct. A broker is like the lifeblood of trading. Without it, no trading can ever be profitable.

So which broker are you all using?So which broker are you all using?

Hey but before you buy the VPS, make sure to check into the rules and regulations of the broker. Check out the packages if your broker offers few. For instance, turnkeyforex offers monthly packages depending on the resources you’ll be using.
I’m sure the kind of packages would differ with different brokers.

But up till you’re good with the technical knowledge and coding, it’s difficult to manage the VPS server let alone work on it, manage, and maintain it.

It’s the technical analysis that these robo bots are good at including the historical stats and price charts reading while predicting how the market will run in the future. That’s the good part. What they lack is the judgment when fundamental analysis is concerned.

Can you think of a robot or a machine that runs on codes to identify emotions or can pass a judgment? The basic purpose why I use TD ameritrade’s robo is to find a positive trend and trading signal so that I act on these well in time.

Ever encountered a situation where the price movement becomes horizontal? I did and before I could turn it off, the trade was placed and nothing I could do to save my precious dollars. That was my red sign.

And that’s why demo trading is suggested- so that we don’t become greedy. I actually started live trading with fxtm right away thinking demo to be a waste of time. It was when I lost money that I moved back to demo. Wish I had done it earlier. Practiced how to place the stop loss and take profit orders, and in particular what needs to be done when the price reaches the orders.
Once these aspects were clear, I then moved to live trading with fxtm’s and ava trade’s MT4 platform trading with different tools and instruments to judge which strategy works better.

Transition from demo to live if you ask me is the most crucial of all aspects. I knew once I started with turnkey forex that I’ll be losing my first few trades and that’s the reason I started with a micro account and a small amount to be put at stake.
After initial losses and few revamps, I know why I’m losing and what I can do to stop it. This kind of prepared me to trade better the next time with different securities that I traded with whole lot of other brokers too, latest being etoro.

Great point, if that’s what you’re after. The psychology pressure can be so immense that traders just can’t pull the trigger. The appeal of a VPS setup is there, but there’s a somewhat more steep learning curve than manual trading.

What is social trading? :open_mouth:

Effectively trade copying another trader on a platform in large numbers. eToro and some other high profile brokers allow this.

I disagree @hazelgreen. We can trade without a broker and in fact that’s a better strategy if you ask me.

My idea was to basically be using another trader’s (more experienced) trading strategy and stuff. Like follow the style, entry, exit and all.

@Nelson only if you have to check the different market quotes online and then spend hours and hours on forecasts about how the currencies will be working in the future. This doesn’t end here, you would then have to find and discover an online trading platform that would in future help you buy and sell the currencies you plan on trading with.

I’ve never thought in that direction before but now that you’ve mentioned it, I do think that the biggest advantage of trading without a broker is not paying them the commission. I’m in fact paying quite a huge commission to IG and saving a little with myself.