Social Trading Guru Tips & Guides
Before you read through our Social Trading Guides and Tips, please note this important disclaimer:
” SocialTradingGuru.com does not offer investment advice or make recommendations as to the suitability of social trading for you. This website is to be used for information purposes only. Should you require advice, please contact a financial advisor.
Please note that the value of investments may fall or rise and you may not get back the full amount invested. Past performance is not necessarily a guide to future performance.”
What we’ve tried to do in our guides and tips is write down our own experiences and our own thinking process when we make certain decisions.
Getting Started with Social Trading:
So, what are the steps you need to take to start “social trading”?
1) Select a Social Trading Network
2) Select a Broker (only if trading with real money)
3) Select the Traders you want to follow and copy
4) Select how much money to allocate to each Trader (Money & Risk Management)
Each of these is discussed in more details over the next pages in our tips section.
A quick way to start get started (and this is what we did) is to open a free demo account with ZuluTrade and/or eToro (click here to open demo accounts). This allows you to get a complete feel of what social trading is without any risk. The selecting of the traders to follow and money management guides apply as well to demo accounts. You will however only get value from opening and playing with a demo account if you treat it in the same way as you would with a real money account (there’s no value in treating this like a casino game).
If you’re only considering investing $1000 in real money, then only allocate $1000 across different traders in your demo account. Otherwise your expectations will not be met when you move to start trading with real money because your profits will be lower than what you managed in your $10000 demo account.
Try to use the same process and risk profile in your demo account, as you would use when investing with real money. I.e. spend some time reading through the tips on selecting traders on each of the social trading networks, and if you want to take a low risk approach, apply this to your demo account as well. There’s never a total substitute for trading with real money as people tend to be happy to take more risk with virtual money.