Social Trading Platforms has revolutionized the forex market to a great extent. It has been proven to be quite beneficial for new traders to learn new skills, strategies, and tactics for forex world in a short duration of time. But the question arises, “How are social trading platforms benefiting the forex brokers?”
If you are one of the forex brokers who already know some good strategies to earn good money in forex market, social trading platform might seem non-beneficial for you. But that is not true. A social trading platform is a strong tool from which forex brokers can highly benefit from.
Social Trading platform is a place where there is low risk of losing money in a forex market and therefore, new traders do not hesitate participating in forex market via these platforms. Participation of these new traders opens up a wide range of clients that brokers can acquire by having conversations, building trusts and gaining reliability from new traders. The lifetime of an average trader on social trading platforms are 14% higher than the ones who are not.
People follow experienced brokers on these social trading platforms. By making a good image and building a good relationship with your followers, you can actually retain all the followers. The new traders will build a trust in you and will be comfortable with your brokerage instead of going to a very new broker again.
Social trading platforms connects traders from almost all regions of the world. This can be the biggest platform to make more number of clientele. It will increase your trading activity by more than 50%. One of the reason behind this is traders can be from different time zones and will be active even in your downtime. Another reason for increased trading activity is whenever a broker opens a position, every new trader copying will also open the same position at the same time. When profiting by traders, these traders spend more time on these platforms which eventually increases trading activity and retention.
The attrition rates of social trading platforms are thus very low and it helps in boosting the retention of the traders. As a broker gets more and more followers, they tend to become a big community, attracting more new traders. The cycle thus grows and a forex broker can highly benefit from such social trading platforms, acquiring more and more traders every day.
Here is a list of forex brokers who are earning a big time using social trading platform as a tool.
- Jeroen Dekker with a gain percentage of 123.20% and 1905 Copiers.
- Fabian Gerspacher with a gain percentage of 47.08% and 1490 Copiers.
- Sergejs Kovalonoks with a gain percentage of 41.28% and 1631 Copiers.
There are more like them such as: LaserWinner on Zulu platform who has drawdown about 3 times than the average gains of other traders who do not use social trading platform opening 12 trades at the same time.
The average pip gains on these social trading platforms are at least 11-12 per trade. A broker named as TrendingFund have made over $15000 profit for their live followers
. There are various such brokers (Janhne
, Luck Pound
, Liam Davies
) who are making limitless profit from such social trading platforms.
The fond of social trading platforms are growing more and more in countries like Sydney, Tokyo, Hong-Kong, Bahrain, Zurich, London, Chicago, New York, San Francisco, Los Angeles, and many European and Asian countries as well. It has become the largest financial market in the world and registered a turnaround of more than 1600 billion dollars more and more traders are signing up on these social trading platforms to make a good trade and earn money. As the number of these new traders grows, the opportunities of high-end brokers to make a good client list grows. How to become a Broker that other’s follow? Make a good record:
Do not expect that as soon as you join a trading platform, people will start to follow you. People rely on your track record. So in early stages build a good track record which will encourage others to follow you. Make sure you followers are also making good money:
As soon as your followers will start making profits, it will encourage other traders to follow you. Real money speaks for itself. Make a clear trading strategy and the same goes with your profile:
The better your profile is, the reliable you look to the other traders. Do not rely on automated systems completely:
People rely on brokers who keep on making manual interventions with the change in market. Set stop levels to manage risk:
If you don’t keep a stop level, it will mean unlimited risk for your followers. Keep check on your draw-down:
It acts as a negative quotient for a broker’s account. Keep a check on your winning percentage:
Anything above 85% will portray that you carry a high draw-down risk because it will look like you were holding on to a losing position until it eventually turned positive again. Communicate with your followers frequently:
Keep them updated about your strategy and market. This habit will give your followers a sense that you analyze the market closely and hence you will react and adjust to market change effectively and much sooner. Followers and traders look closely on how you react and behaved in a bad run:
Keeping calm and sticking to your tried and tested principals could be your mantras. Do not start chasing your losses. It creates a bad impression on you followers and other traders.
Keep a track of your risks and traders and gradually you will build a remarkable network with immense profit. Internet in booming these days and so are these social trading platforms. Using these platforms can turn into your best decisions and one of your major income tool.
Reference Link - https://bit.ly/2rE9lli
for more information.
Hello, there. I guess everybody knows how important fundamental Forex analysis. However, are you really known every single detail of fundamental Forex analysis? Do not worry; herein I am going to list some basic information of it for your reference. submitted by
First of all, what is fundamental analysis? Well, fundamental Forex analysis is a type of market analysis which involves studying of the economic situation of countries to trade currencies more effectively.
It can give Forex traders information on how the big political and economical events influence currency market. Figures and statements given in speeches by important politicians and economists are known among the traders as economical announcements that have great impact on currency market move. In particular, announcements related to United States economy and politics are the primary to keep an eye on.
Second, what is economic calendar? Economic calendar is what Forex traders refer as calendar created by economists where they predict different economics figures and values according to previous months. Usually it contains data like: date, time, currency, data released, actual, forecast and previous.
Third, whose speeches to keep an eye on? The answer is: chairman of the Federal Reserve Bank of USA, Secretary of the Treasury, President of the Federal Reserve Bank of San Francisco and so on. Speeches of those prominent people are watched closely by traders.
Surely there are many other details you should know before you enter the live Forex market, stay with me and figure them out!
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