Topic: What is social trading in crypto? Do you EVEN use them? (Read 407 times)

Social trading is a socialization platform.  Here most traders share their experiences and opinions.  And those new to the trading platform learn from that feedback and experience.  That is, they learn or imitate trading from the discussions of experienced traders.  Here, trading analysts share knowledge derived from both technical analysis and fundamental analysis.  And those who are new to trading or those who are learning trading i.e. other traders learn or imitate trading and how to trade from these technical analysis and fundamental analysis.

They are mostly shilling, they are not "successful investors" because such people dont share their secrets, but sell what companies give to them to sell. Eventually this becomes a shilling game where you are paid to promote a coin and you dont care about what your followers are paying for.

I always suggest people to trade solo, because trading is such a thing that your profit is another person's loss, if you are not being secretive about this you will be at the disadvantage.

So dont be followed by someone on the internet, remember that it takes nothing to speak bullshit on internet, this is a free world.

Binance has copy trading now, and there are few people who make a good chunk of money as well because it is in a profit sharing system which means that if you follow someone and they make some money, then you are going to make money from their money as well.

This should be something that will take a while and it could also be hard to find followers but there are some people who have significant amount of followers and that usually results with them making good profit from them. I am not really saying that it is a good idea or anything, well if you are the one who is getting copied maybe it is a good idea, but to copy someone else could be very good or very bad based on who you follow and usually we do not learn which one until it is too late.

I won't use social trading because it'll make me to be depending on other traders for signal to trade. Social trading is also like receiving signals from a signal group but the difference is that with social trading you're getting the  signals directly from top traders and you have more opportunity to make profits because the traders will be using the correct signals as they took want to make profits but signal channels can send anything and give excuse when the signal is wrong and you didn't make profits. Every trader should learn to make their own analysis of the market and open a trade on their own without depending on signals from other traders through some copy trading or signal groups. When you're analyzing the market, you'll gain experience that you'll be able to use when next you want to trade.

I believe that many of the names or terms used actually mean what we understand having pronounced these term/names.

Social trading as it sounds involves tapping into other well invested trader's knowledge of the market and strategy to make profit . It is just one of the forms of investing that allows newbie investors observe the trading path and techniques of their peers and expert traders and possibly  follow their investment strategies using copy trading or mirror trading strategy.
These names in trading are close in meaning to their functions they perform, like copy trading and mirror trading, which falls under social trading.

Copy trading means to link a newbie trader's account to perhaps a peer's or expert investor's account. That is, the copying trader's funds is linked to the account of the copied investor and performs in synchrony with the copied investors account.
 One just got to relax while their trading account copies and replicates the process opened by the trader being copied from, such as when the trader is opening a position, assigning Stop Loss and Take Profit orders, or closing a position.  The process will be automatically replicated in the copying account, unless one stops it eventually. While mirror trading might just be restricted to copying few strategies instead.

Haha, brother you need to figure it on your own that is social trading is good for you or not, no one will answer this because everyone has here different perspective and a different approach to the market.

Personally, I would Social trading strategies to learn and experience new things but when it comes to real-time trades, you need to be self-dependent you can use experts' opinions in your analysis but at the end of the day, a good trader follows his plans whether he loses or wi because he experiences the market to beat it for the success. Haha it might sound like Instagram's usual motivation post but that's the fact, it is perfect to relaie yourself no copies no shortcuts if you are a learner if you just want to make 10 to 20 bucks and want to exit the market forever then you are open to such signals and strategies with shortcuts. Becasue to stand in the market you need to develop your own skills.

Successful investors don't make a great teacher and to be honest I had seen lot of influencers who were financially successful selling their courses for certain prices but the one who subscribed to it learn very basic or nothing at all, I didn't know its different with certain traders but generally its preferable to learn on our own that will teach us more than others teaching stuffs.

I don't recommend either of the two. I know that copy trading is a bit more trustworthy if it's done on a trusted platform and if you can find someone who has a high success rate for their trades, but it is still better if you can make your trade manually after learning everything yourself instead of being dependent on someone else to make you profit because you won't have such things readily available all the time for you, besides, why pay someone money to make trades for you when you can do that yourself?

I know that some people find it difficult to learn everything about trading, but it's all about giving it enough time and showing determination to learn over the time. Learning is a slow process and if you cannot be patience while learning then you may not be fit for live trading for sure.

     The only thing I see often are the signal groups on the Facebook social platform, and almost all of the signal groups on that platform are scammers. They are preying on a lot of people out there who don't know anything about cryptocurrency. So when someone promotes here on that platform, most people don't believe in such tactics.

     Maybe in copy trading there are some of those that are legitimate because there are other well-known crypto exchanges that promote their copy trading in the features of their
exchange platform.

Famous traders such as Tone Vays or Brian Beamish (The Rational Investor) do not give away their experience for nothing. You have to book (relatively expensive) courses, but you actually learn a lot there - and not just the basics, which you can otherwise teach yourself via YouTube and the like.

I wouldn't follow any Youtuber and certainly not their picks. If then only after a few weeks/months when the person has shown that they actually understand the subject matter.

     I have a question for you, Op: are you new to trading in the crypto industry? because if the answer is yes, what I can suggest to you is that you don't learn or study social trading right now. What you should learn first or find out if you are really interested are the basics of trading, simple step-by-step for beginners. When you know those, you should follow them to learn the use of indicators that can help you when you analyze or read the chart or graph in the exchange or trading view, as we call it here.

     Don't confuse yourself and don't trust too much what you watch on YouTube channel videos that say, especially recently, copy trading has been trending. What if you copy the wrong thing? It's wrong immediately, and worst of all, you lose your capital.

  According to you, I have seen on tiktok, but there are many traders who post videos of your signals, in which case they show their pockets, but they don't show the losses they eat. In this case, are they trying to brainwash us? Those who understand.  Those who do not follow them.  Then they lean that I will also treat how easy how easy it is to earn money.  Then no one would have been unemployed bro then no one would have been poor in that case you have to understand bro earning money is as easy as it is difficult bro ok if you are skillful or you have basic idea you can also earn money in that case your basic idea must be  have to stay  A professional trader has his personal course or lifelong dream of earning good money as a professional trader in the country but he spends five years after that.  In case you get some profit, you must open the school and you must know and understand first then come here.

True, YouTuber's and influencers can be dangerous and they will destroyed if anyone following them, but some Youtubers those are experienced in trading they making good videos and sharing their strategies and technical knowledge but mostly traders are fake even they don't about trading. I don't like social trading also i don't recommend.

I agree with you in principle, but unfortunately the whole thing has nothing to do with trading. You neither trade yourself nor are you responsible for the success/failure of a trade, so you don't learn anything from it.

You also have to be extremely careful when choosing the trader you want to follow: The profit and loss statistics are calculated over a longer period of time and say nothing about how the trader is currently performing. If, for example, he had a winning streak at the beginning of the year, then at first glance he appears to be a very successful trader, even if he is currently in a losing streak and the trades are going wrong in rows. So you have to take a very close look when selecting a trader.

My opinion on social trading in cryptocurrencies is mixed. On one hand, it's a great way for newcomers to access successful traders' strategies and start trading without a deep understanding of the market. On the other hand, copying trades can be risky if the trader doesn't understand the market's risks or dependencies. Ultimately, success in social trading depends on careful selection of traders to copy and risk management skills.

People are now using copy trading because they don't have enough time and they just let other people make a trade on their own, with the help of the platforms offering this feature people have a commission and of course, they need to show off those details how their trade success win rates, it's up to you if you want to use this feature but are you letting other people have your money?, I guess in my part, not so ill make a trade on my own, it could be from a self-investment so you don't need to become dependent on the decision of other people.

Social trading is similar to copy trading.
But there is a small difference between both of them. In social trading you have the choice to copy a trade, as the other influencer are taking trades. In this way, you can choose your favourite trader as per their profit.

The more I look at this, the more it looks like pure market manipulation.  'Price discovery' is meant to be organic.  That's no longer the case if someone can make a trade and then a bunch of people automatically repeat that same trade.  There's nothing organic about that.  It's just as abusive as 'HFT' or High-frequency trading.  Effectively pushing enough trades to target a desired price.  Manipulation.

I'm glad I got out of all centralised exchanges before this became a thing.  I personally wouldn't trust a platform where this was going on and market rigging can easily take place.  Be wary of what you're signing up for.

Social trading is not much different than copy trading. In social trading you will be following a trader and copy his trades in anticipation of making profit. I see one of my fellow forum mates has given a list of social trading platforms for you to explore. But from my occasional trading experience, I can say it is better to control and decide your own trade rather than following anyone else.

I have personally invested couple hundred dollars in copy trading but always lost money. So I would suggest you to invest when you can afford to loose.

Most of them are, I dont rule out the fact that some of them might still be legitimate and you can clear a thing or two about the basics.

From the OP's point of view, social trading seems to be same as copy trading, maybe a little bit here and there, but correct me If I am wrong. Though I am old skool and prefer just being a one man army while trading because hey my win is your loss here, why tell others about it?

Going by that statement it seems strange that someone will socialize with you and tell you what to trade on, unless they are looking to dump that shitcoin on your head - does that make the OP ponder why youtubers make such shilling videos?