Binary options broker Pocket Option provides its clients with many different trading opportunities and tries to make trading as convenient as possible. Social trading is precisely the tool that makes trading more effective. With its help, traders have the opportunity to make more profitable transactions.
What is social trading of the binary options broker Pocket Option?
Social trading gives you the opportunity to see and copy the trades of other, more experienced traders. All transactions can be seen directly on the chart, both in the web version of the platform and in the Pocket Option trading terminal for Windows OS .
If we talk about the work of social trading, then everything is simple. One trader makes a trade on any asset, and another trader sees it and can completely copy it. This useful feature can be used to:
- Make more profitable trades.
- Understand how more experienced traders work.
- Make a decision when the market situation is ambiguous.
In addition to repeating trades, with social trading you can also see:
- The number of trades of a particular trader.
- Percentage of positive transactions.
- Volume of transactions in foreign currency and total turnover.
- Number of traders using social trading.
Having this information in hand, you can decide which trader’s transactions are best to take into account, because this makes it possible to increase the percentage of your positive transactions and earn more.
For beginners, social trading gives them the opportunity not to lose their entire deposit by receiving recommendations. And traders whose trades are copied most often are paid additional rewards.
Pros and cons of social trading binary options broker Pocket Option?
At the binary options broker Pocket Option, social trading makes it possible to significantly increase the number of positive transactions for both beginners and more experienced traders. For beginners, this is especially useful at first. This will also give you the opportunity to get acquainted with the functionality of the platform in more detail.
For experienced traders, this option for making transactions can help in a difficult situation when it is difficult to make a decision on your own. Another trader's trade can serve as a signal.
And as mentioned above, those traders whose trades are copied most often can increase their income through social trading through rewards.
One of the disadvantages is that constantly copying transactions will not provide a complete understanding of the market. And therefore, you won’t be able to learn full-fledged trading if you always use other people’s transactions.
How to use social trading with the binary options broker Pocket Option?
The binary options broker Pocket Option implements social trading directly on the chart of the asset you need. To activate it, you need to click on the “Social trading” button in the right side menu. There you can also find out the profit of each trader, his place in the ranking for the last 24 hours, the history of completed transactions and how many people are tracking his transactions.
In the social trading section, you can start following a trader you like or copy his trade. In the future, to copy trades, you do not have to open this window all the time. All trades will be shown on the chart and by clicking on the desired trade it will be copied immediately. In addition, the chart will show the percentage of winning trades and the trader’s remuneration.
General direction of transactions at the binary options broker Pocket Option
The indicator of all total trades is another system that clients of the binary options broker Pocket Option can use. You can also open profitable trades with it. The launch button is located at the bottom of the chart above the trading panel. This indicator shows the ratio of Call and Put trades for your selected trading asset.
This indicator is the simplest “representative” of social trading and should not be completely relied on. It combines transactions of all traders, including beginners. As an auxiliary tool, this indicator is suitable, but nothing more.
Conclusion
Social trading is a new tool that offers excellent opportunities for both beginners and experienced traders. If used correctly, you can increase your income. But in order to learn independent trading, it is best to use this functionality as an auxiliary one and do not forget that in addition to social trading for the Pocket Option broker, there are also Pocket Option signals , which will also help you in trading on the platform. In this form, social trading will be much more useful.
Open an account with PocketOption
See also:
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