The Power of Social Trading: Can It Improve Decision-Making for New Traders?

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Quote from: Peanutswar on July 04, 2024, 08:44:28 AM

These are the features let their community to make a decision what's up in that trade but it's not a the tool to make you more lazy people now want to learn in crypto with the use of other people and one of this is the copy trading you are letting other people make trade with your money. For some people yes it's convenient but if you are more conscious with your money you want to learn it from your self of course people want to make trade on their own it's part of their growth too so they don't become dependent with other peoples signal they can now decide on their own and make a come up strategy.

Social trading can be both beneficial and dangerous if you misuse it. Social trading should be used to improve your skills as a trader and not be used to be depending on other people to do the analysis of the market then you wait to profit from them. You are going to be dependent on other people and you soon would not be able to make your own trades because you have lost touch of how to analyzed the market. You would not also have experience to depend on to improve your trades because the only thing that you now rely on is what other have predicted about the market. You do not know if their predictions will be correct or not therefore you are taking more risk and not different from a beginner that carries a gambling mindset to join the market with the hopes of being lucky.

wiss19

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Quote from: SmartGold01 on July 01, 2024, 02:09:06 PM

Following up someone else trading signal as a newbie trader is not always advisable because when you keep following that person in form of copy trade whenever such person make seriously makes it surely affects you that is following up the person. What do you do then is better to develop yourself and have your personal trading guides and techniques for a better trading experience, for instance you can learn from various people and create your own methods that could suits you more better than following up others on how they trading.

Anything fun to learn by yourself should not be copied from someone else and the same is true in trading. If you find a good expert who you are copying. If the signals all sound right and he is a successful trader, then you can make a good profit, but if you are following someone who is self-destructive or who does not understand the market very well, you lose a good amount of money.

It is also worth noting that when we are copying someone else, we are not learning anything from ourselves, our minds become dependent on others, and the ability to think for ourselves is not enough. Our self-confidence also decreases, so a person should learn and trade by himself.

This is the reason why I'm against copy-trading.

Peanutswar

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These are the features let their community to make a decision what's up in that trade but it's not a the tool to make you more lazy people now want to learn in crypto with the use of other people and one of this is the copy trading you are letting other people make trade with your money. For some people yes it's convenient but if you are more conscious with your money you want to learn it from your self of course people want to make trade on their own it's part of their growth too so they don't become dependent with other peoples signal they can now decide on their own and make a come up strategy.

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Quote from: Maus0728 on June 28, 2024, 06:38:00 PM

The concern about following someone blindly when it comes to trading which might lead you to things that might not work for you is a valid concern but as OP stated earlier, it's the professional traders that are sharing their stuff so I'm not keen on leaning too much on that very concern if it's the pros that are giving you the tips on how to read the charts and it probably would only matter when you're reading a different chart but other than that, I don't think that we're ever going to see some kind of difference and I think that the cons is just too low to not consider social trading as a good way to learn how to trade, wouldn't that be the best thing though? People sharing ideas and tricks on how to make money in the market in real time?

It’s highly possible that in every social trading group, there are of course some reputable traders that are going to share their knowledge and trading experiences, which creates an advantage for new traders to learn the process faster than trading on their own. So with that, social trading is quite beneficial for new traders in the market.

However, enriching their knowledge and own learning experience in the market should still be given the highest priority. They can’t be good traders in the process if they are not definitely inclined with trading, and they can’t be reliable and reputable traders in the future if they keep relying their success on their co-traders.

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Quote from: Maus0728 on June 28, 2024, 06:38:00 PM

The concern about following someone blindly when it comes to trading which might lead you to things that might not work for you is a valid concern but as OP stated earlier, it's the professional traders that are sharing their stuff so I'm not keen on leaning too much on that very concern if it's the pros that are giving you the tips on how to read the charts and it probably would only matter when you're reading a different chart but other than that, I don't think that we're ever going to see some kind of difference and I think that the cons is just too low to not consider social trading as a good way to learn how to trade, wouldn't that be the best thing though? People sharing ideas and tricks on how to make money in the market in real time?

Still, this isn't enough reason to trust those pros wholeheartedly just because they are well-experienced traders. Not all that work for them will also work for beginners, so it's a fact that beginners should also study the market as well and even make an in-depth research. Although listening to the suggestions and advices of the pros is never a problem, but at the end of the day, the trader itself should learn to validate those what he hears and should only follow his own final trading decision.

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Quote from: Tycoon01 on June 19, 2024, 08:41:47 AM

(....)
It's pretty exciting how these platforms are creating communities where we can all learn from each other. Recently, Bitget introduced Real-time K-line Sharing. That allows affiliates to share buy and sell signals directly on the charts with their referrals.

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?

For me, there are advantages in social trading, most are you learn from the experts and interact in the community - it will help you to become more open with other people and possibly to learn also other skills from them.
The disadvantage is you could become dependent on others but don't practice it.
So for me, it can indeed improve decision-making in trading by providing educational resources and community support.

DarkState

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Yes, I agree with you. Recently, Binance and Coinbase have been facilitating trading. Apart from these two, there are many other platforms that encourage trading. Yes, you can take advice from skilled and experienced traders, but remember that the risk is still there. Because if you make a decision depending 100% on someone else, it may not be good for you. Yes, social sharing helps new traders make decisions, but new traders also need to do their own research. Trading should not be done solely based on others persons research.

SmartGold01

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Following up someone else trading signal as a newbie trader is not always advisable because when you keep following that person in form of copy trade whenever such person make seriously makes it surely affects you that is following up the person. What do you do then is better to develop yourself and have your personal trading guides and techniques for a better trading experience, for instance you can learn from various people and create your own methods that could suits you more better than following up others on how they trading.

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Quote from: justdimin on June 28, 2024, 05:35:52 AM

Quote from: johnsaributua on 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.

The main idea for a CEX is to keep people trading, because that's how they make a profit and the more you trade the more money you will make. So, they will create a lot of features and have created a lot of features that makes people stay at the website.

A long term investor is not someone they like, but someone who can trade a lot? They love that person. So, when you do something like social trading, when one person trades a lot, and others follow that person and trade a lot with him, causing tens even hundreds of people trading endlessly, that is a dream for an exchange. This is why they created this feature, doesn't mean the feature is bad, just means that we are talking about something that is a little bit cheeky that's it.

This is true, they are going to of course benefit from someone like this, they are going to make some good return from it as well. I think the best way to approach this subject would be just looking at what we can do with what we have. I know that it is going to be hard, but we need to do a better job at it if we know what we are doing.

This doesn't mean that we are going to start making a profit right away, it just means that we have a chance to give it some time instead of judging it. Social trading could be something exchanges done to profit their pockets again, but that doesn't mean you can't make money from it, doesn't mean you will make money either, just means that it's another way if you want to give it a try.

uswa56

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Quote from: stadus on June 28, 2024, 05:52:42 PM

Trading decision making is always hard and tough, most particularly if you are a beginner trader. However, with frequent experience in the market, with the help of social trading, that concern may also come to improve. But it’s always a must to gain knowledge and clear understanding on trading the market first before you decide trading with real money. Or else, you will keep losing your money, the more you trade, the bigger the losses you will continue to incur.

When someone is just starting out in trading, of course they will need a long process when deciding on something to trade and it is true as you said, when they continue to practice and learn about trading, of course they will be able to have skills in trading, continue to learn about trading first. before deciding to trade with real money, of course this is the right choice because when someone trades without a clear understanding and knowledge of course they will not be able to get any profits from the trades they make and even those who have a lot of experience still learn about trading so they can make the right decisions when trading.

bitvestorhacked

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Stay away from trading if you intend to freeload information and signals from blog posts, telegram groups and off others, the misery with trading hits home hard, if you a desperate new trader binance dying to trade so much that you get blinded by the fact of being called a trader, well just follow other traders and open the same position as them and good luck, they win you win and if they lose you lose, but don't forget most of this traders you copy have more time and patient, so to make sure you have the same time and patient, please do not trade with money you cannot afford to lose, trade with that money that would have been spent anyways on Friday night in some bar looking for random chick to take home for the night ,so it will be trading over guilty pleasure

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Quote from: justdimin on June 28, 2024, 05:35:52 AM

Quote from: johnsaributua on 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.

The main idea for a CEX is to keep people trading, because that's how they make a profit and the more you trade the more money you will make. So, they will create a lot of features and have created a lot of features that makes people stay at the website.

A long term investor is not someone they like, but someone who can trade a lot? They love that person. So, when you do something like social trading, when one person trades a lot, and others follow that person and trade a lot with him, causing tens even hundreds of people trading endlessly, that is a dream for an exchange. This is why they created this feature, doesn't mean the feature is bad, just means that we are talking about something that is a little bit cheeky that's it.

You are right, I went through a phase where cex was nothing to feast my eyes on, too full of charts and indicators and speculating on my own, it was boring. The original purpose of trading changed to just monitoring and closing again. Grin

There was buying and withdrawing to my personal wallet, at that time social media became a convenient means even to find new coins/tokens that were sought after. So far, cex innovation is the most suitable, can copy trades, copy take profits and follow the trend of investors including those who are feverish or in the future can be more personalised. it really feels that this social technology is integrated, sometimes I even feel more at home in cex with their posts and forget my purpose, because there is free worthy of general media (airdrop posts). the need for cex is increasing and I think the current cex ui /ux is very easy to understand including those who are new / new to having an account though. Indeed, the purpose of the cex is to make visitors come more and the aspect that I feel the most is as a fun and comfortable place to interact will gradually trade and collect in the cex, because it is used to being there with small daily activities.

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Quote from: Tycoon01 on June 19, 2024, 08:41:47 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 have answered the question, following them blindly is foolish but there is a lot we can learn from them by studying and comparing with our own analysis, so decisions are still made with caution and after doing our research or analysis.

Such social sharing is held with good intentions to provide lessons to traders both new and old, but it is also wrongly interpreted for lazy traders who consider it an easy-to-determine position because they do not need to be tired of analyzing, but only traders who are willing to improve their trading skills at all costs will survive and make a profit.

michellee

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Social sharing can improve someone skills if he wants to learn that for his own good. But many people will not wants do that and willing to wait for other people signal trading. They don't wants to learn trading for more and thinks that they can gets the signal trading from that way.

If they can learn from social sharing about trading, they will gets new experience and knowledge so they can improves their skills. They can gets the signal from that way but they don't have to use it or depends on that signal because we don't knows where the market will go exactly.

They can also share what they learn using that way so they can discuss with other people. That will helps them to improves their way because they can gets many things from sharing that. They can learn something from that discussion so that will improves their skills better.

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Quote from: Tycoon01 on June 19, 2024, 08:41:47 AM

-snip-
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?

To be frank with you, what I think is that trader's performance will not still improve by it. Social trading is not just starting and this is not the first time that social trading is being fine-tuned to achieve success for the broker/exchanges, followers and master/signal providers, but what has the result become? I've also seen enough bots in operation for many years by bot labs and signal providers, tutors doing their things like, you name it, but to what end? This is why it is good that you even learn how to trade rather than rely on anyone or a bot because, in the end, it doesn't work. And even if it works but later the source is no longer accessible, what will be the lot of the person?

If at all you will be enjoying the service of social trading, it should be for two reasons, 1) Educational and 2) Secondary. The first is to learn whatever could be learned from the program, which is why I like those ones who trade live and also explain what they are doing to their audience. As it is said, "no knowledge is lost." As for the secondary, it means to do it on another side while you have your real trading quest that you are handling solely by yourself and not relying on social trading.

Hypnosis00

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They are trying to help newbies learn about trading which I would say is a trademark for any exchanges making new traders stay on their site and trade. They feed information and some sort of learning activities that could encourage learners and think that simply following all the ideas will able for them to generate profit. It is give and take, a good marketing strategy helps both parties.

Why are exchanges doing this? Of course, they benefit more if many people trade with them, their commission increases and generates more income.
But still, the future of our trading journey lies in the hands of the trader, not the exchange.

Maus0728

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The concern about following someone blindly when it comes to trading which might lead you to things that might not work for you is a valid concern but as OP stated earlier, it's the professional traders that are sharing their stuff so I'm not keen on leaning too much on that very concern if it's the pros that are giving you the tips on how to read the charts and it probably would only matter when you're reading a different chart but other than that, I don't think that we're ever going to see some kind of difference and I think that the cons is just too low to not consider social trading as a good way to learn how to trade, wouldn't that be the best thing though? People sharing ideas and tricks on how to make money in the market in real time?

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Quote from: SquirrelJulietGarden on June 19, 2024, 10:16:18 AM

Quote from: Tycoon01 on June 19, 2024, 08:41:47 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.

Awesome cryptocurrency trading

Trading decision making is always hard and tough, most particularly if you are a beginner trader. However, with frequent experience in the market, with the help of social trading, that concern may also come to improve. But it’s always a must to gain knowledge and clear understanding on trading the market first before you decide trading with real money. Or else, you will keep losing your money, the more you trade, the bigger the losses you will continue to incur.

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Quote from: goaldigger on June 19, 2024, 01:59:40 PM

Quote from: Tycoon01 on June 19, 2024, 08:41:47 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.

Well, aside that it can be of more help to you that serves as your supporting team in trading and leaves a positive effect emotionally, this is also a great avenue to improve your own trading skills and strategies that you will only completely rely when this trading community suddenly gone. So it’s more on creating positivity than the other way, but as long as you also learn on yourself and build your own confidence in trading, at the end of the day, you will only trade following your own decision in trading, and not rely on others as they are not actually 100% reliable at all times.

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Quote from: johnsaributua on 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.

The main idea for a CEX is to keep people trading, because that's how they make a profit and the more you trade the more money you will make. So, they will create a lot of features and have created a lot of features that makes people stay at the website.

A long term investor is not someone they like, but someone who can trade a lot? They love that person. So, when you do something like social trading, when one person trades a lot, and others follow that person and trade a lot with him, causing tens even hundreds of people trading endlessly, that is a dream for an exchange. This is why they created this feature, doesn't mean the feature is bad, just means that we are talking about something that is a little bit cheeky that's it.

johnsaributua

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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.

beerlover

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Quote from: Moreno233 on 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.

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.

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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.

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Quote from: Lakai01 on June 20, 2024, 07:15:40 AM

Quote from: shinratensei_ on 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 [...]

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.

Yes, trading is not for beginners but only for those capable ones. So if one thinks to trade just by following the ideas from social trading, without proper learning on how to trade, you are just giving free money to these people in exchange for unreliable trading strategies. I would say unreliable, otherwise they won't share it to everyone and keep them all for theirselves for consistent profits.

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.

Russlenat

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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.

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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.

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Quote from: Dr.Bitcoin_Strange on 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

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.

Oshio-man

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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.

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Quote from: Tycoon01 on June 19, 2024, 08:41:47 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%.

Distinctin

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Quote from: goaldigger on June 19, 2024, 01:59:40 PM

Quote from: Tycoon01 on June 19, 2024, 08:41:47 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.

This could open you to more tips and strategies in trading and just do your part studying them so you can take advantage of them when needed. However, know that other’s strategies may possibly work for them but won’t definitely work on you, that’s why you should have to do your own research and try them on your own. Otherwise, if you keep relying on them for your trading decision making, you won’t learn and grow on your own, and won’t develop your own trading skills and strategies knowing you only adapt what has worked for them.

Dr.Bitcoin_Strange

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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.

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Quote from: shinratensei_ on 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 [...]

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.

shinratensei_

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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 Grin

, 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.

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Quote from: Tycoon01 on June 19, 2024, 08:41:47 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.

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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. Grin

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Quote from: goaldigger on June 19, 2024, 01:59:40 PM

Quote from: Tycoon01 on June 19, 2024, 08:41:47 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.

True, social trading is there so that you can know why they have come up with the trade or what is the atrategy and indicators that the traders do in order to formulate that signal, if you are a wise trader and you will take advantage of those things and you actually digest the new learnings or tricks of other traders then you can achieve a greater knowledge and skills with doing social trading you can encounter many different ways or method that those traders do and that is the beauty if social trading, but if you are a trader that only cares about the profit and just relying on the signals without any odea why they come up with that then I think you can't go anywhere because those social trading, signals are not always there so if you dont have anything to follow then it could be the end of your trading career.

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Quote from: goaldigger on June 19, 2024, 01:59:40 PM

Quote from: Tycoon01 on June 19, 2024, 08:41:47 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.

In other words, this is one of the places to look for references to how our trader activities are not necessarily perfect the strategy that is done, the analysis that is done is not necessarily in the calculation correctly, therefore we need another brain that explains the ignorance in our brain, so the existence of these features in my opinion is a very good decision to make it a reference in your 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.

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Quote from: Tycoon01 on June 19, 2024, 08:41:47 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.

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Quote from: Tycoon01 on June 19, 2024, 08:41:47 AM

-snip-
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.
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.

SquirrelJulietGarden

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Quote from: Tycoon01 on June 19, 2024, 08:41:47 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.

Awesome cryptocurrency trading

shield132

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Quote from: Tycoon01 on June 19, 2024, 08:41:47 AM

Hey there, fellow trader! Have you noticed how crypto exchanges are stepping up their game with features to make our trading lives easier? Binance, for instance, has its Binance Feed and Binance Live, where you can share your trading ideas and even stream your charts in real-time. And over at Coinbase, they've got educational content that you can share, sparking great discussions about trading strategies.

It's pretty exciting how these platforms are creating communities where we can all learn from each other. Recently, Bitget introduced Real-time K-line Sharing. That allows affiliates to share buy and sell signals directly on the charts with their referrals.

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 also follow traders on Binance who share their trading positions or you can even offer your trading position to others to follow.

By the way, if everyone knows the signal and everyone knows when to sell and when to buy, then what's the point of trading? In trading you gain profit because someone loses money, that's how trading works. I wouldn't trust any trader that sells signals because in the best case, they depend on pure luck and in the worst case, they are lying to you, are the whales and want to make money from you by giving you a fake signal and then manipulating the market.

Tycoon01

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Hey there, fellow trader! Have you noticed how crypto exchanges are stepping up their game with features to make our trading lives easier? Binance, for instance, has its Binance Feed and Binance Live, where you can share your trading ideas and even stream your charts in real-time. And over at Coinbase, they've got educational content that you can share, sparking great discussions about trading strategies.

It's pretty exciting how these platforms are creating communities where we can all learn from each other. Recently, Bitget introduced Real-time K-line Sharing. That allows affiliates to share buy and sell signals directly on the charts with their referrals.

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?

Topic: The Power of Social Trading: Can It Improve Decision-Making for New Traders? (Read 394 times)