Anyone try social trading for cryptocurrency?

beerlover

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We are literally talking about a platform that is becoming like a social media thing. Everyone has probably heard about twitch right? It is a platform where people can live stream themselves doing pretty much anything but generally gaming is the biggest part of it, there are subscribers who pay about 5 dollars each money (of which 1.69 goes to streamer) and they can follow these people.

This is literally about the exact same thing but for finances instead of gaming, people who are good at finances can build a whole following where they can also make a lot of money from the followers as well. I would totally support this, not use it myself right now but definitely can see myself going in too late and wishing I got in earlier and invested before instead of waiting too long Cheesy

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1Referee

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Quote from: nelson4lov on February 11, 2020, 04:14:38 AM

One of the major platforms these platforms face was that majority of the so called "leaders" turned out to be professional hype men. During the bear market, people thought they would be on the safer side since they were following leaders who would always make the best decision at any instance.

How would Shrimpy solve this problem?

It's impossible to solve from OP's side. I have seen a lot of so called experts emerge on social media during the 2017 bull run where everything they said became reality. People legit believed that the prices could only rise because that's what happened for about a year. You could blindly throw a dart on the CMC map and that alt would yield you a few hundred % in profit.

Bear markets is where those so called experts get slaughtered. Most of them deleted their accounts on social media because they were threatened by the idiots following their forecasts.

People need to stop trying to force themselves into trading by following "experts" or stupid social media trading sites. If you don't have a basic level understanding of technical analysis and thus can't trade yourself, you shouldn't trade, period.

Dart18

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So I read the blog and somehow I saw this.

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In return, followers will be charged a minimal monthly fee, which is a small price to pay for these insights.

How much will be that fee?
It's social right? Don't they make money with advertisements?
Something new to me and I have still a lot of question because I haven't tried it yet.

nelson4lov

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Quote from: crabby on August 30, 2019, 08:15:15 PM

What do you guys think about this idea?

I would love to hear your thoughts!

Like the article said:

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There is a sea of untapped potential in the social crypto market.

I agree with you guys on that. However, a few platforms notably eToro & Coindash (now Blox) have tried to accomplish social trading/ social portfolio but haven't really driven the point home so far. One of the major platforms these platforms face was that majority of the so called "leaders" turned out to be professional hype men. During the bear market, people thought they would be on the safer side since they were following leaders who would always make the best decision at any instance.

How would Shrimpy solve this problem?

Strongkored

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It seems this is the same as copy trade, I have followed it, but in forex and the result is a loss, I have never tried it in crypto maybe the results can be different (who knows).

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With a single click, you can implement the same strategy as these leaders. This will allocate the same portfolio as the leader and follow their future actions.

source

My question is it is will run automatically?

avikz

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Quote from: JessicaVL on February 06, 2020, 06:23:52 AM

Quote from: crabby on August 30, 2019, 08:15:15 PM

Hi Everyone!

I wanted to see if anyone had an opinion on social trading in cryptocurrency. There are a number of different platforms which offer social trading. The one I would like to get your thoughts on is the one here:

https://blog.shrimpy.io/blog/shrimpy-adds-social-portfolios-for-crypto

What do you guys think about this idea?

I would love to hear your thoughts!

I really like social trading, and I definitely would credit my strategy development and confidence to it. Being able to watch more experienced traders and how they tackle decision making helped me fine-tune my strategy. I still use eToro, and often watch other traders trade, because I always think there is something more to learn.

It's great to know that you have made a good profit through socia trading. On the contrary, I have made losses in FBS. I tried to follow a hugely popular trader on FBS platform and lost $50 within few minutes. It seems they have issues with the allocation system where percentile factor wasn't followed properly. It was a really bad experience!

Copy trading is definitely a good option for newbies to see and learn. But it's risky at times if the trader you follow decides to go all-in!

SquallLeonhart

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By social trading do you mean copy-trading or something like this? At the initial stage it was what I was personally following in order to start my trading career which have landed me on great heights. But I didn't use platform like shrimpy but instead I used eToro because it seemed easy and reliable that time. I am not that close related to social trading or copy-trading anymore so I can't posses excess information about the same.

But, copy trading can be a good option for you to start investing and it would also make you gain some knowledge by speculating the results from the trader you are copying about where he bought coins and where did he sell.

JessicaVL

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Quote from: crabby on August 30, 2019, 08:15:15 PM

Hi Everyone!

I wanted to see if anyone had an opinion on social trading in cryptocurrency. There are a number of different platforms which offer social trading. The one I would like to get your thoughts on is the one here:

https://blog.shrimpy.io/blog/shrimpy-adds-social-portfolios-for-crypto

What do you guys think about this idea?

I would love to hear your thoughts!

I really like social trading, and I definitely would credit my strategy development and confidence to it. Being able to watch more experienced traders and how they tackle decision making helped me fine-tune my strategy. I still use eToro, and often watch other traders trade, because I always think there is something more to learn.

crabby

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Quote from: tonyvo2017 on August 31, 2019, 03:22:44 AM

Shrimpy is really a great platform. My friend introduced me 2 weeks ago and I am really interested in trading here.
fast, convenient, and even earn money if you successfully implement some tasks. I highly appreciate shrimpy platform.

That's great to hear! I really appreciate your feedback. Don't hesitate to let me know if there is anything you would like to share about Shrimpy!

Ucy

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TradeView is more like a social trading website. It's where lots of traders meet and share trading ideas/strategies. It is quite engaging and advanced.
Wish I could find better ones though. I probably will start compiling list of best social trading sites/apps soon.
Social trading is an idea I liked alot back then even though I never understood it well.
Bookmarked your article for future reference.

tonyvo2017

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Shrimpy is really a great platform. My friend introduced me 2 weeks ago and I am really interested in trading here.
fast, convenient, and even earn money if you successfully implement some tasks. I highly appreciate shrimpy platform.

crabby

member

Activity: 276

Merit: 48

Hi Everyone!

I wanted to see if anyone had an opinion on social trading in cryptocurrency. There are a number of different platforms which offer social trading. The one I would like to get your thoughts on is the one here:

https://blog.shrimpy.io/blog/shrimpy-adds-social-portfolios-for-crypto

What do you guys think about this idea?

I would love to hear your thoughts!

Topic: Anyone try social trading for cryptocurrency? (Read 140 times)