Social trading is one of the most innovative and unique features offered at Pocket Option and allows you to easily copy positions of other users on this trading platform in one click. Let’s have a closer look at this great possibility.
Social Trading overview
To access the feature on Pocket Option, click on the “Social Trading” button on the right-hand side panel of the platform user interface, like shown on the image below.
By default, a list of top-ranked traders appears on the bar and it is ranked based on the profitability of their trading orders for you to choose from.
There are several other ways in which you can choose which traders to copy. The “star” sign on the bar represents traders that have made the most profitable trades and this list is renewed every minute. The “cup” provides you with a list of traders who have been the most successful for the past 24 hours and you can access the full list by clicking on the “Show full rating” where you can look up other users using their ID or nickname. You can also search for specific users through their unique user ID’s manually under the “Search” option on the bar, like shown below.
You can always have a closer look at the performance of the trader you have decided to copy yourself rather than copying the top-performing ones ranked by the platform. To do so, click on their name and look at the key statistics of their trading over the current day, the previous day or during the entire time of their trading activity, such as the percentage of profitable dealsm profit from trading or the total trading turnover.
Once you have decided on who you want to copy, you can click on that user and choose the amount you want to place on them. The “Copy in proportion” option on the platfrom allows you to set a percentage of the original trade amount you want to invest; so, if the original trade is for the amount of $100 and you decide on a 50% investment proportion, after copying a trade a position of $50 will open on your account. In case you decide to stop copying a trader, you can do so by either terminating the position manually at any point in time or using the “Stop balance” option, which determines the specific amount on your account after which the copying process will be ended. For example, if you set the “Stop balance” at $100 and the balance on your account is equal or less than that specific amount, the process of automatic copying will be terminated.
If you want to watch the performance of a certain user for some time rather than copy them immediately, you can choose the “Add to watch list” option instead of placing your funds on them at once. Finally, the “Copy” button provides you with the list of traders you are currently watching.
If you want to stop copying a trader, you can do so by going to the list of copied traders and choosing the “Stop copying” button on that position.
Your Social Trading profile
You can always change several key parameters related to your Social Trading activity on the platform through the “Settings” button on the right bar of this section. This allows you to hide your profile from other traders, alter the visual appearance of this feature by watching copied trades or watch only copied trades. You can also disable the “Social Trading” option on your account altogether by sliding the “Social Trading” button; however, if you are already copying trades of another user, this action is not going to terminate the existing set-up.
Once you have started using social trading it may be a good idea to see how well you are doing. If you are doing a combination of trading yourself as well as copying others, you can analyze and evaluate these activities separately to adjust performance accordingly. To do so, you can always have a look at the historical statistic of trading under the “History of Social Trading” section on your profile:
Guidelines to Social Trading
There are a few rules of social trading you might want to consider:
- The platform requires a minimum amount of $1 to be placed on a copy order. You can also choose the minimum copy amount for each copied trade yourself before placing an order, as well as the maximum amount in the copy setting.
- You cannot copy trades on a Demo account but only on a real account, which means you are placing your real capital at risk and using your real trading account to copy trade.
- If you decide to stop copying another user, the trading orders that were placed before you decide to terminate copying (by clicking the “Stop copying” option) will be executed.
There is another nuance to look at if you are considering to use the minimum amount option. If the minimum copy amount set is higher than the original amount of the trade, the copy order for the trade will not be executed. For example, if the original trade amount is $10 and the minimum copy amount is $20, it would not be possible to execute the trade. The same applies to the maximum copy amount.
Of course this copy trade option offers several advantages to your trading. Through Social Trading on Pocket Option you can easily watch and copy other traders on the platform, monitor their performance, choose who you want to copy based on their ranking or other preferences. It allows you to become a member of the market even if you are a beginner, do not have the time and expertise to place and monitor trades yourself or simply want to invest passively. You have the opportunity to make profit like the most successful members of the platform through a simple automatic replication of their positions (remember that any trading involves the risk of losing capital). Of course, copying other traders, no matter how successful they are, does not guarantee constant profit for you and you might end up copying their losses as well as profits, so beware of the associated risks.
Hopefully now you have a better idea on how Social trading works on Pocket Option and can enjoy this and other features on the platform. Wish you Successful trading!
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