There is a new trend in forex trading circles. This trend is the fact that more and more forex traders are using social trading platforms for various purposes. The increased focus on social trading platforms has resulted in many novices displaying an interest in learning how to use them instead of looking for a forex trading course.
It is likely that you have also come across this trend while researching various trading courses and wondered how to implement it in your career. For your benefit, here is how using these social trading platforms can be considered better than conventional FX trading courses.
Learning from Other Traders
The biggest advantage that social trading platforms have over the conventional forex trading course is that they allow you to learn from more than one experienced forex trader.
On such platforms, you can simply follow experienced traders and draw on their experience to learn basic or even complex concepts pertaining to forex trading.
Keeping Track Of Trades and Analyses
Social forex trading platforms would allow you to keep track of each and every trade that is made by the experienced traders that you are following. In addition to this, the platform would even allow you to see their analysis of the market situation.
This is a significant improvement over a conventional forex trading course because you would not only learn the basics but get to see how a seasoned trader uses the various concepts in a real market situation.
Interaction for Mentorship
When you join a forex trading course you would have one or two teachers, but with social trading platforms you can interact with as many seasoned traders as you want to.
In fact, you can even choose more than a few experienced traders to mentor you through your efforts to figure out how to trade forex. Moreover, the more you interact, the easier it will be for you to learn the concepts of forex trading.
Having a Similar Strategy Personality
You can choose to follow any experienced trader through these platforms, which is not something that a forex trading course would allow you to do. However, you need to make sure that the traders you follow have similar personalities as you because their strategies would reflect their personalities. The strategy you follow should match your unique personality.
Picking the Right Currency Pairs
A forex trading course would teach you how to trade different types of currency pairs. However, with such platforms, you can focus on major currency pairs and make sure that they match your own style of trading. If you choose to focus on many currency pairs then there is a chance that you will overwhelm yourself.
Analysing Historical Graphs and Charts
Finally, social trading platforms would also let you see how other traders analyse the market by watching the graphs and charts of their strategies in the past one year. This is a very useful feature for learning forex trading strategies and figuring out intricacies of the market that a conventional trading course does not give you access to.