Why use a social trading platform?
Every day, huge amounts of information affect the market, hundreds of analysts publish recommendations and dozens of indicators show mixed signals. What factors should you take into consideration and which information might be considered relevant?
Social trading is a great tool, offering not only educational value but also saves time and gives an opportunity to earn money. Thanks to these benefits, everyone can find something for himself in social trading: not only a novice trader starting his adventure with the market, but also a busy investor not having time for trading, as well as an experienced trader who wants to be additionally rewarded for being copied by other users.
Social trading is a new approach to trading where in real time, number of members of the community, connected in one network, share their view of the market. They can see each other’s moves as they trade and use the information to build their own strategy. Thus, social trading enriches the existing analysis with a social element, improving the effectiveness of trader’s moves. Users can not only trade at the same time and with the same configuration but can also set an option to automatically copy other users’ strategies with a variety of parameters such as position size or different safety limits. Aside from the copying option, there is also a possibility to contra-copy, which is opposite to copying the transactions and can be used in relation to the worst traders – when they take on the instrument a long position, we handle short.
These unique possibilities offered by social trading can be enjoyed by the clients of X Open Hub thanks to xSocial, which is a part of the XOH trading platform.
Unique possibilities offered by social trading
It works in a very simple way. A trader uses the same login as in XOH Trader. The solution is safe and independent from other suppliers of technology. Since the operations take place on the same platform, delays in copying are minimal, unlike in some other social trading solutions, where different trading platforms using servers located in different parts of the world are used by the copying and copied trader.
In xSocial, we can distinguish two groups of users- Providers and Followers. The former are the users who make their transactions available to others. –Doing so, the trader becomes a member of the xSocial community connecting traders from all over the world (using X Open Hub technology) where one can see and analyze each other’s complex statistics, along with a complete trading history and currently opened positions. Based on this information, a client can independently carry out its own transactions or automatically copy selected strategies thus become a Follower. Lack of time or lack of knowledge is no longer an obstacle in trading on the forex market.
Providers and Followers
Users of xSocial not only can verify individual statistics but also the market sentiments of selected group of suppliers. What’s more, a Provider is being paid for each transaction copied by a Follower. Even with a small number of Followers, he can count on a significant salary. It is totally effortless – Provider just trades in the same manner as he has done it before – no need to carry out any additional activities.
Followers, on the other hand, are the users who automatically copy strategies of selected Providers so that they can make the same profit as their favorite traders. Only traders holding real accounts may become Providers in xSocial. The market is presented as it is – full of winners as well as less successful traders. There is a unique opportunity of contrary copying which enables making money even when others lose. It is an interesting strategy for investing, taking into account the statistics showing that some investors still lose money on speculations. In the case of a Follower, he finds some promising Providers who appeal to him after analyzing their trading data but can never be 100% sure about their future performance. He can, however, start copying them with small position volume and with some safety limits – e.g. acceptable maximum total loss or maximum total volume of open copied positions. He can also set his own SL and TP on copied trades. Advantage can also be taken of Quick Trades where the trader is actually trading manually in accordance to the displayed notifications showing the activity of Providers that has been previously added to the special watch list. All the watch lists are fully customizable by the user. They notify the follower when his favorite traders are opening or closing positions. This functionality gives more flexibility and control for the follower and still makes him aware of the situation among his favorite traders.
X Open Hub Social Trading platform allows followers to build the portfolios of providers or portfolios signals to be copied or contra copied just in few minutes, which is quite a unique feature on the market.
Last but not least, Social Trading offered by X Open Hub has one more interesting feature – customizable market sentiments. In our system, any client can view not only the market sentiment of all traders connected to XOH Trader but also market sentiments of targeted groups of providers. The indicators of market sentiments can be based on: certain group of traders, traders that have positive return rate or traders with negative results. In other words, only user imagination limits the possible statistics, portfolios and trading ideas to be created and discovered in our xSocial.
Registration and usage of xSocial is absolutely free! To start copying a client, you just need to change perspective in xStation on the left-hand side to xSocial and click Copy button next to strategy you would like to follow – after quick registration, you are able to explore unique possibilities offered by social trading.
If you don’t have access to our Social Trading platform yet, please contact your broker.