If there is something called a pre-newb that would be me.
I see that the El Toro has social trading allowing me to copy trades. Would people recommend that as a way to learn some different strategies?
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Demo them. then, if it’s free.
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you need to gain knowledge to know what to look for later
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You can copy by looking others to trade. What you can expect as a beginner is not to understand what are they doing when they open a trade.
If you can get details why is order open and how entry and exit leves is defined then you can learn by watching them.
As in any part of your life you learn something by watching. If someone tells you what to do as a next step then you will learn much faster.
If you look a trader who just open a trade without knowing details then you need to invest time understanding his moves. Why the trader has open order at that price and how did he defined stop loss and take profit level.
It can take a lot of time understanding what trader is doing and how he trades. But, if you know at least something abuot trading you will much faster learn trading strategy.
on the other hand if you follow someone who does not know what he is doing or he is also copying from someone(you cannot know who is trading like that) then you could end following someone without clean strategy.
In your case, try it. Use demo account, copy trades you see and see how you are doing. If you are successful try to understand strategy and start using it on your own.
The goal should be to know how to trade and not how to copy.
if you are one of those who does not want to learn how to trade, but only how to copy that is also fine. But, at the end it is always good to know “how to fish instead accepting fish” because fish can stop coming if your fisherman is gone.
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Hey there Southerndaytrade,
Welcome to the community and wish you all the best.
If the trader has his/her strategy description, then yes you can learn it that way; though often times, we see traders deviate from their written strategy. In this instance, it will be hard for you to learn from the trades coz social trading wasn’t designed for that purpose.
hope that helps
Abdul
MFM Team
That’s what I feel too! You are nothing without knowledge. When you know what you are doing, your journey gets easier. But when you don’t know what you are doing, even the simplest steps seem to be mountains. Choose a good source of information and give yourself the dose of information.
I have to agree with you because that’s what most professional traders recommend. I think it would be nice if you recommend some good sources that you have learnt from.
Yes, it has its advantage. But I am not too sure about Etoro
Yes, sure! I first obtained the basic forex knowledge from Trading in the Zone and then created my demo accounts with turnkeyforex and swissquote to test my knowledge. It was quite confusing in the beginning as what you read is not what you actually do in the live market. Thanks to forex forums, I got answers to all the questions and kept trading.