Social trading is one of the fastest growing trends in forex trading. New social trading networks are entering the forex market and new platforms with social elements are being developed and pushed out with rapid speed.
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So what does it mean that a platform is social? Well, obviously it differs between different platforms but there are a few different traits that are common. The ability to interact socially is obviously one trait, several brokers offer the possibility to interact between traders. Another trait, and quite possibly the most interesting trait is the ability to see, follow and in the end copy trades of the most profitable traders on the platform. The ability to see and copy trades of more experienced traders is an effective way for newbie traders to learn the trading profession quicker than by traditional learning by reading articles and trying it out by themselves. It is also easier to see trends and learn effective trading strategies by following profitable traders.