Questions

What are the best practices for social trading strategy?

1answers

Hi, this is Ann, a business coach for startups and entrepreneurs.

One of the best social trading strategies is supposed to be "copy trading". Copy trading allows you to copy the traders who actually know what they are doing. And the more people do the same, the more it will increase in the value of the investment. So if you are new to the game, copy trading is the best way for you to gain profits and "learn by practise" so that you will be able to make riskier decisions in the future (the riskier the investment is, the more the required return will be).

There are 3 things I would love to suggest if you use this strategy:
- be picky when choosing who to copy: you would want to make sure whether "the one" is a serious investor or has "a strike of luck".
- diversify: never put all eggs in one bag!
- choose frequent traders to copy: the more frequent, the more reliable since short-term traders may have short-term strategies to get money.

Hope that I have answered all of your problems. Should you need any help, Ann is always available.


Answered 3 years ago

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