Investing in financial markets such as stocks, Forex and cryptocurrencies require extensive knowledge and experience. You need to be up-to-date with news events affecting the business world, and also have the capability of reading charts, analytics reports and understand trends.
If you lack this capacity, chances are you may lose your money in the market. It’s unfortunate that many people continue to lose their hard-earned money in the financial markets simply because they have little knowledge of how to and when to invest. Social trading comes in handy in cubing such challenges.
So, What is Social Trading?
Social trading works more or less like a social network. The only difference is that instead of sharing selfies or lunch photos, on a trading network people share trading ideas. Here traders interact, watch trading results of other professionals and brainstorm on market situations in real-time.
- Quick access to reliable trading information
- Quick grasping of the trading market
- Earning while still learning
- Build a trading community of investors
Popular Platforms for Social Trading
But this type of platform is still not there for Indian stock markets. So like every coin has two sides, Social Trading also has some disadvantages and one of the major disadvantage is that anyone can manipulate a beginner if the platform is compromised and can lead to a massive scam.