Social Trading, by virtue of its string of benefits, has earned a huge popularity among traders in the foreign exchange market. It is a concept which allows new traders to connect with the experienced (and successful) traders, so that they can adopt their trading strategies and strengthen their own chances of winning. It is a bit different from the copy trading phenomenon. In copy trading you can actually replicate the trades of top traders (chosen by you) in to your own account. With social trading, you may choose not to “copy” trades but definitely learn about their strategies to include them in your own marketing moves.
Exploring ZuluTrade: A Leading Social Trading Platform
ZuluTrade is one of the well-known trading platforms which has facilitated social trading in a major way. The platform had been established in the year 2007 by Leon Yohai. Notably, besides being a social platform where experienced traders can share their trading tips with new and seasoned traders, ZuluTrade also has the capacity to monitor traders across the globe. Traders have the freedom to connect any trading platform on a global level and share their knowhow.
Exploring ZuluTrade: Is there any advantage?
This platform can be accessed by everyone. One of the biggest advantages of this platform is that you can start trading with as little as $300 here!
As a trader you can start trading here by opening a free demo account which allows you to choose from a large number of signal providers out there. With a live account you can monitor your portfolio. You can do the same with a demo account as well. One of the biggest advantages of this platform is that there are around 10,000 (or more) signal providers from whom you can choose.
If you want to trade with a live account then you are required to sign up with one of the partner brokers of ZuluTrade or with one of the 40 brokers listed with them. And yes, the sign up process is quite uncomplicated.
It is very important for you to track the performance of investors before trading with them. Before you start trading with them, be informed about the fact that there is a range of graphs and performance indicators which will help you assess their performance. Trades can be copied with the help of a single click.
The transparency of this platform can be estimated by the fact that a trader is able to view everything the signal traders have done in the past. You have the option of downloading each of these performances in an excel sheet so that you can analyze them.
Exploring ZuluTrade: What you should consider
Please note that though it is easy to gain access to a platform like ZuluTrade, you cannot really expect to win money easily. You need to have some knowledge about the trade in order to make money here. As already mentioned above, there is a large number of signal providers to choose from. However, you need to ensure that you are discreet with your choice of the trader whom you want to follow. Be careful enough to match your trading profile and risk-reward strategy with that of the signal provider.
Since the platform allows easy access to everyone, traders with variant levels of skills can act as signal providers here. So, choose cautiously. ZuluTrade does not really inspect these profiles personally. Make sure, you are using its advanced search engine which enables you to browse through your preference list.
ZuluTrade also mails its traders weekly summary of performance reports. Keep track of these trades to facilitate your portfolio as a trader.
Be prudent enough to consult the trading and user guidelines provided by the website.
Exploring ZuluTrade: Conclusion
The whole purpose of offering the review of ZuluTrade is to acquaint you with the fact that though it is easy to gain access to a number of reliable brokers here, it is not so easy to earn money. You would still be required to evaluate the performance indicators over a considerable period of time in order to succeed.
Trading foreign exchange carries a high level of risk, and may not be suitable for all investors. The high degree of leverage available can magnify profits and as well as loses. You can lose more than your initial deposit. Before trading, please carefully consider the risks and inherent costs and seek independent advice as required.