Not everyone is a trader. In order to be a successful trader, you’ll need to have a good eye and understanding for everything that is happening within a chart, and a solid interpretation of all the news, announcements, and events involving a particular asset or market. Furthermore, you’ll need all the resources, tools, and trading platforms you’ll need. However, this doesn’t mean that a person without these trading skills, knowledge, and resources is unable to trade.
In this article, we’ll be sharing with you a comprehensive guide about Social Trading in Pocket Option and how effective it is in turning a person with zero trading experience and knowledge, into a trading expert.
What is Social Trading?
Social Trading is a special feature of Pocket Option where a member is able to copy trades from other members. This feature is especially useful for members who absolutely don’t have the skills and knowledge about trading. By copying a trader through the Social Trading feature, a member is able to win trades as much as the copied trader.
Furthermore, the Social Trading feature comes with a number of options and functions that improve the copying experience. Among the functions and options included in this feature include top ranked traders, top 100 traders, list of copied traders, list of watchers, and so much more. To know more about the Social Trading feature, let’s discuss its features and functions one by one.
To access the Social Trading Feature, you’ll need to have a live account by depositing real funds to your account. Furthermore, you’ll need to have your account verified to start copying trades from other members in Pocket Option.
What’s Inside Social Trading?
Here is a list of the things that you can expect to find in Social Trading to improve the copying experience. To check out the different tabs of the Social Trading feature, simply go to the right-most corner of the dashboard and look for the feature.
Top Ranked Trades
The first tab in the Social Trading feature is the Top Ranked Trades which shows a list of the traders with the most profits. While it shows the name of the trader, it also shows the asset, stock, or currency which the trader is trading. Furthermore, the profit amount is also provided beside the trader’s name.
Every trading profile in the list shows all activities of the trader from the present-day, previous day, and even the all-time trades. Every profile also shows the level of the trader, the times he or she was copied, and the number of watchers.
If you choose to copy the trader, simply click the ‘copy trades’ tab, or ‘add to watch list’ if you prefer to keep the trader on your watch list for future reference.
The list is updated every minute. Also, the time when the trader was active is also provided in the list.
Top Ranked Traders for the Last 24h
The top ranked traders for the last 24h as its name suggests is the list of ranked traders within 24 hours. It has the same option as that of the Top Ranked trade’s function. This is a good list to copy trades from if you’re considering recent trades. And just like the top ranked traders’ function, the list is also updated every minute.
Furthermore, the profitable deals percentage of each trader is also provided within the list.
Top 100 Traders
The next tab is the list of top 100 traders that shows the leading 100 traders according to specific metrics such as the number of trades, profitable deals, and profit. Likewise, clicking a profile shows all the details about the particular trader.
The search tab provides you with a way to find specific traders using their trading ID.
List of Copied Traders
The next tab is the list of copied traders which shows a list of previously copied traders. This is a good list to refer to if you’re looking to copy specific traders again.
List of Traders Who Copy Me
As the name suggests, there is also a tab where you can find traders who are copying you. A unique feature of this option is that it gives you the opportunity to block traders who are copying you.
List of Watched Traders
When you watch specific traders, their profile goes to your list of watched traders. Each profile in the list shows the total profit within the day, and the time when they were active.
This tab shows a list of those who are currently watching your trade. Whenever other traders are watching your trade, they are also given the opportunity to copy your trade. A good thing about this particular tab is that you get to block your watchers if you prefer to keep your winning strategy on your own and remain hidden from other traders.
Last but not the least on the list of tabs is the Settings tab that lets you tweak your Social Trading experience according to your preference. This tab gives you the option to display or show your social trades, watch copied trades, hide profile, and display only watched traders. With the settings tab, the most essential trades and traders according to your preference become immediately available for faster trading.
How to Copy Trades
At this point, copying trades through the Social Trading at Pocket Option is already straightforward. Here are a few simple steps to get started with copying trades.
Find a Trader to Copy
For this first step, you’ll need to find yourself a trader to copy. Now, this first step can be done in different ways. First by looking up traders from the other tabs such as the Top Ranked Trades, Top ranked traders for the last 24h, and Top 100 traders.
As you find the best trader to copy, you need to consider a few important factors to ensure that the trader uses a strategy with a high winning percentage. These factors include the number of trades, profitable deals percentage, and the amount of profit. All these factors can be viewed through the Top 100 Traders tab.
Additionally, you need to go through the other details of the trader’s profile to make sure that his or her trading strategy is actually working. Among the other details that are worth checking include the trading turnover amount, maximum and minimum trading amount, max profit per deal, number of times the trader was copied, number of watchers, and so on.
As soon as you’ve found a trader to copy, the next would be to adjust the copy settings to your preference.
To edit the copy settings, simply click the ‘Copy Trades’ tab from the trader’s profile. The first information to edit in the settings is the ‘copy in proportion’ which tells how much of the traded amount you want to copy. Next is the ‘Stop Balance’ which serves as your stop loss, followed by the ‘Minimum Copy Trade Amount’ which stops any trades that are lesser than the amount specified. Last but not the least is the ‘Max Copy Trade Amount’ which stops any trades that are higher than the amount that is specified.
Copying the Trader
After tweaking the copy settings, you can then proceed with copying the trader by simply clicking the ‘Confirm’ button at the bottom right of the trader’s profile. After which, a confirmation window will open containing the copied trader along with the copy settings. The copy settings can be edited anytime by simply clicking the ‘edit’ button below the copy settings.
Should you choose to stop copying the trader, simply click on the ‘Stop Copying’ button found in the left corner.
Advantages and Disadvantages of Copying a Trade
If you’re looking for reasons why you should and should not copy trade, here are a few things you should know.
Advantages of Copying a Trade
Among the most common reasons why copying a trade is beneficial to include the following:
Limited trading knowledge and skills
One of the best reasons why it is better to copy traders is because a person has limited knowledge or skills in trading. Let’s admit it, not all people can trade, but that should not keep them from trading. Copying trades helps beginning traders gain an advantage over the market despite limited trading experience and skills.
Another reason to opt for copy trading is for the reason that it helps automate the trading process. One thing that will always be required out of trading is time. A trader needs to spend a lot of time tracking, monitoring, and even researching a specific asset, stock, or currency. Copying a trade, however, enables the trader to use parameters and settings that save time.
Learn from the Experts
One more great advantage of copying trades is that it teaches others how to trade. Whenever copying trades, the person copying the trade is able to watch the actual trading. Just by watching, the trader is able to learn winning as well as losing strategies, money-management strategies used by the copied trader, and other essential trading tactics for better trading.
Disadvantages of Copying a Trade
While there are advantages of copying a trade, there are also a few disadvantages. Here are some of the disadvantages.
The first disadvantage of copying a trade is having no control over what is going on in the trade. Although it is possible to set parameters and settings to make the copied trade more favorable for the person copying, strategies, as well as trading decisions, and money-management strategies are all controlled by the copied trader.
Requires High Budget
Many trades happen using a high budget. Thus, if you’re dealing with a low budget, it is probably not an ideal decision to copy trades especially if you’re trading with high original orders out of every trade.
Our Final Thoughts
Copying a trade through the Social Trading feature of Pocket Option indeed makes trading easy and fast, especially for beginning traders. While there may be some disadvantages of copy trading, these disadvantages can be immediately averted by taking precautionary measures. One of which is by making sure that the copy parameters are set in a way that is favorable to your specific budget. Another is to learn the strategy being used by the trader – having an understanding of how the trader thinks and decides will help you gauge a winning strategy from a losing one. Also, you can engage the trader by sending a message through the ‘send message’ tab located on the traders’ profile. The advantages of copying a trade far outweigh the disadvantages which are why many traders (both beginners and experts) prefer copying trades to doing the actual trades themselves. Furthermore, it is always best to know how to navigate through the platform, and have a basic idea about trading – especially the tools, indicators, bars, candles, and everything that is seen on a chart, in order to have an understanding of what’s happening.
Remember, planning and preparation are key components to copying a trade effectively. Enjoy copying trades and good luck with your trading journey on Pocket Option!
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