Topic: The Power of Social Trading: Can It Improve Decision-Making for New Traders? - page 2. (Read 394 times)
June 26, 2024, 06:57:45 PM
The owners/maintainers of cex keep up with the times by providing features to share information especially interacting with favourite influencers in search of information whether analysis, fundamentals or new projects. Social media is so important, if the cex is integrated as it is today, it is a solution step and can facilitate space, meaning that you don't have to move between the cex and media app for interaction even though it is sometimes not complex and on social media, at least when the influencer is trading it can accompany him with the same cex. For success in trading, of course, measure the capital, psychology and when to take profit even with the direction of the same person but the fluctuation of people in taking profit is different depending on the amount of assets being traded. I support the shell and updated over time, for me not bored on the cex because there is a medium of entertainment with other people's posts.
June 22, 2024, 12:22:24 AM
Social trading is good depending on the level of trader you. If you are beginner, social trading will help your learning so much and will shorten the entire leaning process as you will easily get all the much needed help from the experienced traders within the group, all you need do is to copy their pattern as well as implement all the trading tips they will be dropping often in the discussion group. However, if you are a professional trader, social trading will amount to nothin other than distraction because you will spend most of your time responding to questions of people who might be following your pattern. This might hinder progress somehow and not all individual would want to do that unless the individual decides its his own way of giving back to society. But in reality, social trading create a kind of community and helps in building confidence and sense of belonging, this improves trading decision making.
I do agree that it would be good for some newbie, but it is not easy for everyone, sometimes it takes time and we need to make sure that we are handling it well enough. Obviously that is not going to be easy at all, we just need to focus on whatever we can do, that's the only point.This means that we are going to be chasing something that will take a while, and we need to regroup and think about what we can do, if we can do that, then we are going to end up with a much better result without a doubt. This isn't some shady hidden thing, it's easy to see that we are going to see whales and veterans end up doing stuff that newbies will not understand, and newbies will never learn how to trade without help from someone at all if they keep following those people.
June 21, 2024, 04:28:30 AM
Social trading is good depending on the level of trader you. If you are beginner, social trading will help your learning so much and will shorten the entire leaning process as you will easily get all the much needed help from the experienced traders within the group, all you need do is to copy their pattern as well as implement all the trading tips they will be dropping often in the discussion group. However, if you are a professional trader, social trading will amount to nothin other than distraction because you will spend most of your time responding to questions of people who might be following your pattern. This might hinder progress somehow and not all individual would want to do that unless the individual decides its his own way of giving back to society. But in reality, social trading create a kind of community and helps in building confidence and sense of belonging, this improves trading decision making.
June 20, 2024, 06:59:29 PM
It definitely helps people that aren't really well versed with the trading world, since it might be better following credible pro trader than just investing blindly into something that's destined to fail [...]
You are addressing the crucial point for me here: trading with real money is not for completely inexperienced people. They are much better off getting to know themselves and the market with paper trades or free trading apps. Social trading and the like only dilute the whole thing. Although you are investing real money, you learn absolutely nothing from failed trades, let alone anything at all about trading mechanisms. So, in my opinion, it is simply a new business area of the exchanges to get inexperienced users to trade and take their money.
It's still best not to start real trading but focus more on studying the trading market first. When you think you're ready to trade, trade with your demo account first and evaluate the results. After several demo trading experiences, you can proceed to trading using small amount of money first. If you lose, then try to figure out why you lose and then repeat the same procedure until you see yourself in the end making real profits in trading.
June 20, 2024, 06:57:18 PM
I have to say it's kind of helping to new traders in the market, and open them to a lot of possibilities that may happen to their trades. But the problem with these new traders these days is that they don't exert much effort on studying the market first and learning to create good market analysis, instead they focus more on trading influencers and follow their tips and strategies that they suggest. With that, they will never achieve the real success in trading, but might probably profit today but suffer later on as they only trade following other people's decision making.
June 20, 2024, 06:49:53 PM
In this day and age, the various social media platforms are really helpful if all you really want is to learn because there are other platforms that can tell if you can really get knowledge about trading. There are a few of them that actually exist, and one of them is the YouTube tutorial, whose niche is trading tutorials.
as long as you need to do your own study, because you will see the difference between your understanding and the speaker's understanding in the video tutorial on YouTube. Because there are others that they explain from the exchange platform that you will use and the basic steps that they teach for viewers who are interested.
as long as you need to do your own study, because you will see the difference between your understanding and the speaker's understanding in the video tutorial on YouTube. Because there are others that they explain from the exchange platform that you will use and the basic steps that they teach for viewers who are interested.
June 20, 2024, 01:40:24 PM
As a trader, it is also important to draw ideas from your fellow traders, especially those that you believe have more experience than you and those that you can learn a new winning strategy from
For me, I can believe on what others have said that it's better to trade on our own. I can only give an exception to that if we are still starting. Quote
you also have to start developing your own trading skills
It make sense because skills cannot be passed but it can only be formed from within us. Quote
Develop yourself and also be someone that others can learn from
I'd rather be like this than the other way around. Not only that it can even make us more proud of our selves but I will also feel proud of those who got improved because of my help. Maybe there are other reasons on why you don't use Binance to trade and not only because they might have a social trading feature, though unnecessary features can make the platform load slower, so we might still find our selves later on, on the other trading platforms.
June 20, 2024, 10:52:08 AM
I guess, there are many traders in the market with different strategies to carry out their trading process to achieve their target, and even though you want to follow their strategies from the exchange market, make sure you follow those traders that are professional in the trading field, because it will help you to maintain a good strategy that will make you to make profit from exchange market which is another way some newbie use to improve in bitcoin trading, if you want to chose the exchange you want to trade your coins, I will advice you to try binance exchange, because their exchange is very easy to understand and it is very hard for traders to complain about their services, because their exchange is very safe for newbie and other traders to trade.
June 20, 2024, 09:02:46 AM
On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think? Could this kind of social sharing improve decision-making for new traders?
I don't pay much attention to these features when trading or take the time to share signals with others. Because for me, the main capital in trading is enjoying it myself. Isn't it true that in trading we are all vying for profit, if we only get a little PNL then we share it as if the technique is effective even though in reality it is not for other people's trading.My advice is not to be too reckless in following the signals they display on the front page, because you will have difficulty referring to other people's trades whose volume is already high. For beginners who start trading, it is best to start with a minimal amount, while learning to understand market movements little by little, try several ways that might be able to position yourself first. In trading, there is no need to rush to get big profits, there is always a process and stages. Most beginners, when looking at the trading volume of professionals, always put forward wishful thinking and forget the main basics which ultimately end up not being ready for the reality when they experience losses.
Of course, learning from other, more professional people is highly recommended, but you have to be able to adjust your trading portion, you don't have to always follow their trading method 100%.
June 20, 2024, 09:01:34 AM
On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think? Could this kind of social sharing improve decision-making for new traders?
You can consider this as your learning guide but I don't suggest to fully rely on this, you have to consider the risk of doing trades without understanding it's fundamental strategy. You can all have the signal and advises from the pros but still at the end of the day you should have your own strategy that will fit for you, and by this you can have real success in trading. hero member
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June 20, 2024, 07:53:18 AM
As a trader, it is also important to draw ideas from your fellow traders, especially those that you believe have more experience than you and those that you can learn a new winning strategy from, but while doing so, you also have to start developing your own trading skills; you don't have to be dependent on social trading. Develop yourself and also be someone that others can learn from. Don't be an irresolute trader.I don't use Binance for my trading, the exchange I am using doesn't have social features. I don't think I need them, but I believe they could be helpful to some newbie traders.
June 20, 2024, 07:15:40 AM
It definitely helps people that aren't really well versed with the trading world, since it might be better following credible pro trader than just investing blindly into something that's destined to fail [...]
You are addressing the crucial point for me here: trading with real money is not for completely inexperienced people. They are much better off getting to know themselves and the market with paper trades or free trading apps. Social trading and the like only dilute the whole thing. Although you are investing real money, you learn absolutely nothing from failed trades, let alone anything at all about trading mechanisms. So, in my opinion, it is simply a new business area of the exchanges to get inexperienced users to trade and take their money.
June 20, 2024, 06:01:19 AM
It definitely helps people that aren't really well versed with the trading world, since it might be better following credible pro trader than just investing blindly into something that's destined to fail, these exchanges also trying to farm engagement from these kind of features 
, on the other hand the pro trader or at least someone that are experienced enough will always have second thoughts about following other people signal, they wouldn't trust that easily.
But to be honest its just a gimmick, this feature no different than the copy trading feature they presented a lot earlier, literally just copying the pro trader portfolio, the big disadvantage usually is the entry price that the followers got, the pro trader already make position at price significantly lower than when the follower tries to copy so it can be problematic and put the follower at higher risk of losing money.
to be frank what's more interesting than these social trading features is probably their short summary analysis by the AI, it always piqued my interest whenever there's sudden notification about certain coin forming pattern and showing some concerning indicators. i find this a lot more helpful than just following some random guy.
, on the other hand the pro trader or at least someone that are experienced enough will always have second thoughts about following other people signal, they wouldn't trust that easily. But to be honest its just a gimmick, this feature no different than the copy trading feature they presented a lot earlier, literally just copying the pro trader portfolio, the big disadvantage usually is the entry price that the followers got, the pro trader already make position at price significantly lower than when the follower tries to copy so it can be problematic and put the follower at higher risk of losing money.
to be frank what's more interesting than these social trading features is probably their short summary analysis by the AI, it always piqued my interest whenever there's sudden notification about certain coin forming pattern and showing some concerning indicators. i find this a lot more helpful than just following some random guy.
June 20, 2024, 05:57:23 AM
So, what do you think? Could this kind of social sharing improve decision-making for new traders?
Is there any difference between signals shared on those platforms and signals in telegram, facebook or X? I bet they are the same, and if you think newbies can improve by taking signals from there, then why can't they improve from signals on social networks? I agree that having an environment for us to learn and share experiences with each other is a good thing. But if you make it a place for you to find free trading signals without your own analysis then it is no different from any other social network. I think whether they are really useful or not depends on how we use them , they are simply a place for discussion like any other social networking platform.
June 20, 2024, 04:58:44 AM
I see these social and sharing features from cryptocurrency exchanges as a double-edged sword.
On one hand, I'm all for exchanges creating a community where we can learn from each other and share experiences. It's a fantastic learning platform for new traders to observe how professionals analyze charts and develop strategies, which definitely helps improve trading skills.
However, on the flip side, I worry that some beginners might rely too much on these shared signals and neglect their own independent learning and critical thinking abilities. Trading requires independent judgment and decision-making skills. Simply following others' signals doesn't guarantee long-term success.
So, I think these social sharing features are a double-edged sword for new traders. They offer valuable learning opportunities but also pose the risk of falling into blind-following traps. It's all about how we use these features – as learning tools rather than replacements for our own thinking and decision-making.
On one hand, I'm all for exchanges creating a community where we can learn from each other and share experiences. It's a fantastic learning platform for new traders to observe how professionals analyze charts and develop strategies, which definitely helps improve trading skills.
However, on the flip side, I worry that some beginners might rely too much on these shared signals and neglect their own independent learning and critical thinking abilities. Trading requires independent judgment and decision-making skills. Simply following others' signals doesn't guarantee long-term success.
So, I think these social sharing features are a double-edged sword for new traders. They offer valuable learning opportunities but also pose the risk of falling into blind-following traps. It's all about how we use these features – as learning tools rather than replacements for our own thinking and decision-making.
June 19, 2024, 06:10:15 PM
On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think? Could this kind of social sharing improve decision-making for new traders?
You can consider this as your learning guide but I don't suggest to fully rely on this, you have to consider the risk of doing trades without understanding it's fundamental strategy. You can all have the signal and advises from the pros but still at the end of the day you should have your own strategy that will fit for you, and by this you can have real success in trading. 
June 19, 2024, 02:10:21 PM
On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think? Could this kind of social sharing improve decision-making for new traders?
You can consider this as your learning guide but I don't suggest to fully rely on this, you have to consider the risk of doing trades without understanding it's fundamental strategy. You can all have the signal and advises from the pros but still at the end of the day you should have your own strategy that will fit for you, and by this you can have real success in trading. I agree that it does not have to be a decision but one of our considerations in the analysis that we make, especially for beginners who still need a lot of knowledge in the world of trading, because they need to be guided to learn and understand the slightest risk in their trading activities to make them grow much faster, not a little also I see big traders also often read the analysis done by others, because it is possible at one time our bigotry can cover the truth that we consider wrong in making analytical conclusions.
June 19, 2024, 01:59:40 PM
On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think? Could this kind of social sharing improve decision-making for new traders?
You can consider this as your learning guide but I don't suggest to fully rely on this, you have to consider the risk of doing trades without understanding it's fundamental strategy. You can all have the signal and advises from the pros but still at the end of the day you should have your own strategy that will fit for you, and by this you can have real success in trading. 
June 19, 2024, 12:43:17 PM
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On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think? Could this kind of social sharing improve decision-making for new traders?
Almost all CEXs provide this kind of feature, as they will know better what their customers are doing and how they set up their trading strategies. On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think? Could this kind of social sharing improve decision-making for new traders?
And there will also be more new users who will be helped by useful feeds such as technical analysis carried out and some tips provided.
Increasing knowledge is of course because, but about increasing the profit of trading back again depends on the traders themselves how to use the information provided properly.
Do not blindly follow the analysis or purchase advice, because each analysis given will have details so that you can learn together.
Decision-making may be more attention because some of the available analyses shared by other members will be good considerations and combined with their own analysis.
June 19, 2024, 10:16:18 AM
On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think? Could this kind of social sharing improve decision-making for new traders?
If they, new traders, don't know how to trade, what should they do?They should not trade. Listeing to others, on media, Facebook, Twitter, Binance Feed, Coinmarketcap feed, to trade with total dependence on analysis of others, is stupid. They will not know how their trades will end and with dependence like this, they will not learn anything through their trading experience. They can not improve themselves and will get more loss with time.
New traders must start with learning on trading courses, before they start trading with small capital.
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