From the dawn of man, people learned from each other and tried to copy what others did. If some guy possessed great hunting skills, the others wanted to learn from him and adopt his way of doing things. Fast forward a few thousand years, and you see people touching the screens of their computers or phones to input commands, electric cars are not sci-fi any more and we’ll probably soon see the first real Jedi light sabre; in other words, the future is here. But humans still follow leaders, still want to learn from them and do what the few, elite leaders are doing. However, there’s a difference between just copying and really learning from others or sharing in order to let others learn from you. Blindly copying will not turn you into a trader and will only be profitable as long as the guy you are following keeps winning so maybe just copying is not the best thing, but it is definitely something that many traders tend to do, especially in the beginning.
Copy Trading – Be the Flea on the Back of the Elephant…?
Ok, enough history for one article; after all, we are interested in binary options, not human evolution. Copying or following others is possible in trading as well with the help of social trading services like Currensee, Zulutrade or Etoro. These are all established social platforms where traders can see the performance of others and decide if they want to follow their actions and copy their trades. Most of these services have been around for several years and are focused on Forex trading which as you know, is more complex and involves careful position sizing and risk management. But lately, binary options trading has been moving in the same direction and we see that more and more brokers start to incorporate social trading on their platforms.
OSystems and TradeSmarter are good examples of binary platforms which allow you to copy what others do. But is copying what you really want to do? You can’t learn just by copying and after all, isn’t that what we want – to learn? Sure, you might say: ”Nah, I’m here to make money… couldn’t care less about learning.” But what are you going to do once the copying service disappears or the guy who you were copying stops trading. I’m sure that you’d wish you learned and not just copied.
I must admit that copying has some value though and even if binary options are easy to trade, they can still look complicated to a total newbie who had no previous contact with the financial market. That’s when copy trading really comes in handy by helping people get acquainted with trading. Following a more experienced trader is definitely more profitable than jumping right in the market with no experience. Of course, the goal is to learn and then rely on your own trading, but that takes some time.
Share your Trading – Be The Elephant!
Copying the winning signals of others has its benefits, but when you’ve reached a certain level of success and experience, it’s time to give back to the community; it’s time for you to become the skilled “hunter” who everybody wants to follow. And you can do that on another social platform which I didn’t mention yet: CommuniTraders. That one you will find at BinaryOptionsThatSuck.com, totally free and easy to use.
You can still copy others, don’t worry, but more important, you can learn from them and understand the analysis behind their trades. CommuniTraders is all about sharing and working together to achieve the same goal and of course, you can be the one who gives others a helping hand. More than that, once you share one of your trade ideas or your strategy, maybe some other guy will come with a great idea for a filter to avoid bad trades or will help you fine tune your entries. CommuniTraders is more than just a platform where you can copy and blindly follow and its “fueled” by the old saying “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.”
Sharing, learning and moving together towards the same goal will never be a bad call and neither is joining CommuniTraders.
About the Writer
Martin Kay is the Co-Founder and Chief Editor of BinaryOptionsThatSuck.com Community that fights binary options scams. He has an experience of over 8 years in Forex, both as a portfolio manager, trader, blogger and guest writer. Martin is proud to be a contributor for binary options trading education and scam fighting, always looking to share his knowledge and experience with others, and to be taught by the traders community.