Trading News: Do Social Trading Gurus Have All the Answers?

Who, and what, is a social trading guru? And, more importantly, what can this guru do for you?

Some of the social trading gurus live at FXTM Broker. The FXTM stands for ForexTime. It has been reported, that not all the aptly named trading gurus, can present you with all the answers. This is because, unlike most traders, they tend to be more vocal about what advice they can offer. This, in turn, creates an unhealthy stereotype, that anyone who trades successfully and shares their success knowledge, is likely to be a fraud. The flipside is that, strangely enough, social trading advocates the following of trading gurus, because not all knowledge provided is detrimental. There are undoubtedly pearls of wisdom to be had, by astute and information-sieving traders.

Platforms Make the Difference

FXTM is a very innovative, and easy to use, social trading platform, trading in over 250 trading instruments. Selecting a forex trader, ideally who knows about crypto coin prices, to deal with trades on your behalf, you base your selection of a forex trader on his performance, and he thus becomes your strategy manager. After opening a web-based FXTM account, you need an investment account, which is an easy process.

Once you have invested funds into your account, it is then connected to the strategy manager’s account, thereby copying his trades. Several criteria can be used to choose a strategy manager, such as monthly profit made, the all-time profit made, age activity in days, or by the number of investors following them. Age is a good selection point, which shows how long the manager has been active, and still making a profit. It might be a prudent idea to review your strategy managers risk level, their profitability, trade instruments, the duration of trades and their pip gains and losses.