Topic: What is social trading in crypto? Do you EVEN use them? - page 2. (Read 379 times)

Social trading is a platform where people can interact to share analysis and information about upcoming trends.  You can doing communication and find friends there.  You can also use the results of their analysis to apply to your activities.

For your question, I don't use social trading.  Social trading may be good for learning, making friends and increase your knowledge.  Dependent to other people in tradingi think is suicide.  People definitely hide some things from their published, and many even give false hopes or fraud.  Instead of following other people, it's better for you to keep learning until you become an expert.  You're better off spending a lot of money on self-study and gaining enlightenment, than spending a lot of money to someone else who won't give you the key to know it all.  eventually you will depend on it forever.

One else, most trading content on youtube is misleading. in fact, trading is not a simple thing like their published. You must try it with your hand and know how it work.

As for someone like me, I don't think I even have time in making wasted efforts in putting into practice what all these social media influencers are saying, not to even talk about the YouTubers, they can create contents with nasty upset on you, so I will always say this that we should not take direct action on e everything we heard on the social media, but instead digest them and investigate on how they could be harmful or beneficial to us.

As the name implies, Social trading is trading that involves more than you alone, once it involves other parties in an online interactive means, then it becomes social in the electronic trading world. Specifically, this style of trading has existed for decades now, it started with traditional market trading where developers believed that since most traders were losing, they could still be helped by the traders that are not losing and were good with what they do, I mean the so-called successful and professional traders. This is why they often entice the traders who are popularly called the signal providers some incentive or edges due to the service they are rendering to those who are popularly called the followers. The relationship between the two is that some traders which are called signal providers will allow the account of the followers to be linked to their accounts, thereby all their (signal providers) trading activities will be replicated into the account of the followers.

This is so simple and convenient and it is to encourage those who do not have time for trading or that are not good at trading to still participate in it and make money. Is social trading really working? Well, this is a very good development, even in the crypto industry, and yes, some are working, but the guaranty of them working for so long is what I can't ascertain.

When I started trading, Social Trading was following P&D groups on Twitter.

It was really bad times and a lot of people got Rekt and were left with bags.

Best to learn the fundamentals your self and start slowly. If you blindly follow others you may know what to do but you will never know why.

They are addressing the laziness and greed of investors. Instead of learning to trade and taking risks, why don't you find a successful person who has collected millions and will help you collect those millions? It is like the channels that learn the language in 7 days, and I liken it to those who promise you to achieve 1000 dollars a day. The truth is that you will try to imitate the trading of an account and you may achieve profits, but in the short term. Long term losses are inevitable. Learning to trade Bitcoin is not complicated, especially if you want to trade long-term, and learning to fish is better than being given a fish.

Following YouTubers is the best way to lose all of your money in crypto. So don't listen to everything they say because all of them are not true and they even don't know this. Instead, use some educational platform to learn about the basics, and the rest you will learn from your experiences.

In social trading what traders do is research people's sentiments, what they are doing, or how they are managing their investment in a certain asset or time. It can be anything that is related to socializing with people to get some insight and make an assumption about the market movement based on data collected from the community.

Although most of the users here say that social trading is good for everyone, especially beginners in trading, because they can interact with other traders, both experienced and inexperienced, and they can share their opinions and learn from each other's technical analysis. Yes,  because you can pick up a lot of tips and tricks and learn knowledge from experienced traders, but the thing is, not all of us are okay with socialising. That's why they choose to do copy trading or learn from their own, which is their choice. But really, I don't like the concept of copy trading. Maybe it is really profitable, but will you let yourself be a trader just because you are copying someone's trade without knowing it? Without analysing, why does the trader do this more or why is he in this position in the market? Yes, maybe if you analyse the trade, it's good because you still want to learn and pick up the strategies of other traders, but if you are a copy trader only, will you call yourself a trader? No offence, but it's a shame. So it's better to do social trading; just pick the right and good platform to do so.

Or it could simply be perpetuating the myth that any of these people have any technical understanding at all.  I'm not convinced, personally.  Anyone can draw lines on a graph to make it appear technical, but none of them are doing anything other than guesswork.

Think for yourselves. 

As the name suggests, social trading is a platform where users with or without experience socialize and share views on the crypto market. On this platform, users will share their technical and fundamental analysis of the crypto market, and later other users can observe and refer to it for their trading decisions or they can copy it directly. But do I use the platform? I'm not at all interested in things like that, it's better for me to analyze the market myself with various existing information rather than having to rely on information from other people for my trading decisions. It just doesn't suit my preferences.

I believe this is much better than copy trading because you have the chance to learn, so next time you will not fully rely on them.
Social trading, will be beneficial to the community because knowledge will be share to each other and everyone can learn.

Crypto Social Trading Platforms are like a mix of social media and trading. You follow experienced traders, copy their moves, and chat about crypto. It's a way to learn and profit. I don't use them, but they can be handy if you're into that scene.

anything that sounds like it is influencing people to mimic some organisers trade patterns, ends up basically becoming a pump and dump scheme.

the  issue is when the influencer does a buy. it triggers lots of others to then buy. making them the cause of the pump and the first person to take advantage of the gain is the influencer who then sales first. then triggering everyone else to sell. where by the other people lose out by working after the fact/change.

the only one who benefits is the influencer/organiser

Not an advisable start, to be honest.  YouTube is generally not a reliable source for financial advice.  You have to be really careful about who you listen to.  In a lot of cases, you're far more likely to fall victim to scams following people on such a platform.  

Also, anything that involves you leaving funds under control of a third-party custodian is a significant risk.  Consider carefully whether you can afford to lose the funds you are gambling by doing this.  You aren't just risking price movements, you're risking hacks, exit scams and regulatory shutdowns.  The funds you deposit to these platforms are no longer under your control and can be seized or stolen.

Aspiring traders uses this platforms to help perfect their act in the trading world. It is all about doing a little research to see the different platforms where you can join to perform social trading. As a noob in trading, this platforms provide a community of different trading experience to interact with and gain more knowledge alongside. If you don't have any background knowledge about trading or want to be a pro trader,  it is a great place ot start.

You're right, the difference there is just about the word social being stated on it, before you can have access to copy trading, you may have the privilege of interactions, this will involve with the other members of the social platform you're using, exchange ideas and other people take opinions from there, since most traders don't engage in copy trading, there may be less interest on social trading as well since the platform is what interact them altogether, I also don't make use of them either when trading, which is my own personal decision anyway.

I think the keyword here is "social", so you interact with our traders are opposed to copy trading wherein you simply copy the strategies of others without any contact. But in social trading, you not just copy their trades or mimic them, but you and them can share information. I think the best advantage of this kind of trading is that you simply learn from others and if you talk to them, you might pick up their mind and their trading decisions.

However, regarding your questions, no I don't used social trading and not this strategy. For me, it's better to learn trading itself, there could be ups and downs and losses in the beginning, but at least you can gain experiences and uses this to leverage and become a successful trader yourself.

Thanks for the explanation. Do you personally use social trading platforms? or do you follow your heart?

I just did some research and found someone posted an article about social trading this week. YOU ARE RIGHT, not much on the internet yet.
After reading the article that I found, let me rephrase that for you. Social trading platforms serve as crucial resources for traders of all skill levels, enabling them to stay on top of market trends, emulate successful trading strategies, and engage in discussions about the ever-evolving world of cryptocurrency.

Also, here is what I found~~

Top Social Trading Platforms as of 2024

Phemex: Phemex is celebrated for its cutting-edge social and copy trading features, making a name for itself in the crypto and derivatives exchange market. It allows users to mimic the tactics of experienced traders, with options to adjust these strategies to suit their own risk tolerance.
Pros of Phemex:
-Customizable settings for copy trading
-In-depth analysis of trader performance
-User-friendly interface
-A diverse selection of trading bots for different cryptocurrency pairs

Cryptohopper: Operating as an automated crypto trading bot, Cryptohopper also incorporates copy trading features. It empowers users to replicate the trades of seasoned traders, providing pre-configured strategies and a marketplace for exchanging these strategies, thus facilitating automated trading with adjustable bots.
Pros of Cryptohopper:
-Compatibility with multiple exchanges
-Availability of a demo account for training purposes
-Customizable bots and analytical tools for technical analysis
-Strategy testing capabilities
Cons of Cryptohopper:
-Charges for signal services
-Limited functionalities in the free version
-Possible restrictions in certain regions

OKX (formerly OKEx): Formerly known as OKEx, OKX introduces a feature called OKX copy trading. This allows individuals to duplicate the trades of proficient traders, eliminating the need for extensive personal research or trading expertise, and supports an extensive array of coins and trading pairs.
Pros of OKX:
-Competitive pricing structure
-Interface that is easy for beginners to navigate
-Low fees for deposits and currency conversion
-Ability to filter traders by their Assets Under Management (AUM)
Cons of OKX:
-Inaccessibility for users in the United States
-Increasingly stringent Know Your Customer (KYC) protocols globally

Wundertrading: Wundertrading is centered around creating a community-focused social trading experience, promoting cooperative learning and offering educational resources. Participants can follow the strategies of successful traders, exchange ideas, and make use of various automated trading tools.
Pros of Wundertrading:
-Strong focus on community development within social trading
-Collaborative and educational opportunities
-Availability of educational resources and tools
-Promotions for a free first month of use
-Support for multiple exchanges
Cons of Wundertrading:
-Relatively small but expanding user base
-Presence of traders with varying levels of skill

BingX: Emerging in the cryptocurrency exchange sector, BingX offers a straightforward yet adaptable copy trading feature. Users can assess the past performance and risk profiles of traders before opting to follow them, and also benefit from a community forum for sharing trading strategies.
Pros of BingX:
-Engaged social trading community
-Straightforward and user-friendly interface
-Demo accounts for practice
Cons of BingX:
-Higher fees for transactions
-Unavailability to users in the United States

In social trading, you can know the strategies used by people that copy traders are copying in mirror trading which most people refer to as copy trading, but the trader will have is own choice to make which makes it different from mirror trading. In social trading, traders will be able to interact and learn from good traders.

I have watched YouTube and learnt about crypto & BTC stuff.
Recently, I heard people talking about Crypto Social Trading Platforms.
I know about Copy Trading, but I have not found any thing about Social Trading.

What are these and Do you use them for crypto?