There’s a dangerous growing trend in the Forex trading arena that’s causing clueless newbies, and sometimes even experienced traders to literally lose their pants.
It’s called Copy or Social Trading, and unless you’ve been living under a rock, you’d have noticed many of these platforms popping up all over the Web.
What Exactly Is Copy/Social Trading?
Copy/Social Trading is the convergence of Forex trading and social media.
Since it’s inception, the Copy/Social Trading revolution has been touted to represent the very best that traders, social media and electronic trading have to offer.
Traders get to create and join Internet communities to foster a social environment where they can network, interact and most importantly, get to choose and follow other ‘successful’ traders with the click of a button.
Based on the specific platform you choose and the trader you elect to follow, the plethora of benefits can range from receiving updates to trading tips, signals and even symbiotic automated trade execution in your own account, almost like having the answers to an exam before the teacher even gives out the test questions!
Pretty cool, don’t you think?
Needless to say…
What makes this entire concept so seductive is that it becomes pretty apparent that one is able to forgo the need for a real education in Forex trading and simply “monkey see, monkey do” (Very dangerous)
In fact, some of these platforms even purport to be very transparent with the data that they share with investors, to the point of supplying:
- Every single trade with time and date stamp a trader has done in the past in a downloadable format so results can be analyzed off-line using other tools
- How much actual investors (followers) have made per trader and in total
- Uncensored comments from followers on the trader profiles
- Full profiles and trade data of traders who are no longer actively trading
- If a trader sends signals from multiple accounts, they will all be linked and displayed (this to detects traders who tried multiple failing systems in the past)
With ammunition like this who wouldn’t think that we’re talking about the Holy Grail of trading right?
Well, as it turns out, all that glitters in not gold.
Because in my upcoming posts in this series, I’ll be doing LIVE, uncensored interviews with actual victims of Copy/Social Trading and getting them to open up and speak out against the hidden dangers of Copy/Social Trading.
Honest hardworking people who lost their hard-earned money because of sheer ignorance.
It’s time for people to KNOW exactly what they’re getting into and not get sucked into the pipe dream of “pushbutton” Forex success.
Till part 2…