Social Trading: Different Types and Styles

Thanks to the advent of the internet and social media, the world of Forex trading is no longer solitary as it used to be. In the early days of online trading in Indonesia, traders had to rely upon whatever content that was available online to participate in their trade. Even Forex trading strategies had to be forged from scratch with no input from Forex experts as there were no facilities for the same.

However, today it is a different story altogether. With high-speed internet and several online Forex communities that it bred in the process, traders can get access to a wide range of support from the online community. This trend, also known as social trading, is vibrant and thrives on the sheer number of traders who adopt it. There are several styles in which this is practiced. 

Popular types of Social Trading platforms

1. Signals or tips

Several online sources provide signals and tips based on reading the markets. These websites are usually operated by seasoned forex enthusiasts and brokers who predict trade signals for fellow traders to make use of them. Traders who use such services need to be wary of the accuracy of the information and tips that they receive on such platforms as they may not be 100% accurate.

2. Copy Trading

It simply refers to the copying of others’ trading style. For novices who are still new and do not understand the market in its entirety, this style helps them follow the actions of expert traders and make benefit of their expertise. This activity helps them realize profits by leveraging the knowledge of experts. However, it does not guarantee success in the long run.

3. Forums and profiles

Several forex platforms that are offered by reputed online brokers in Indonesia like WesternFX offer traders access to forums where they get to meet their fellow traders online and interact with them. This helps traders exchange their ideas, discuss strategies and make use of different tools, tips, and forecasts.

4. Auto-bots

While Auto bots do not fall strictly under the category of social Forex trading, they are beneficial as they help traders trade without the requirement for direct interaction with others and also remove the human element from trading. This makes using Auto bots effective. Auto trading usually involves traders setting various criteria for the trading activity and letting the platform execute the trade automatically without human intervention. This makes it desirable.

The best way to engage in social trading is to hunt for the best Forex brokers who offer traders access to the right tools. Partnering with reputed firms like WesternFX can help traders gain access to the best Forex trading conditions in Indonesia.