- Profit without the usual trading chaos as a social trader
We all have to start somewhere, and trading is not an exception. Nevertheless, amateur traders with little to no previous trading experience have to master trading techniques and strategies on their own, which involves a great deal of risk. As a newcomer, you have to be really tough in order to bear the burden of analyzing news and market trends on a daily basis, to say nothing of learning to use advanced charting tools and following market signals. All these efforts often end up pushing beginners away. Social trading takes away a lot of the pressures away and provides traders with several ways to start closing profitable trades from day one.
The major advantage social trading has to offer, compared with the traditional trading opportunities, is a copy trades feature that allows everyone to copy the more experienced users of the same trading platform. Thus, newcomers are simply able to copy the experts’ elaborate trading strategies without any overwhelming preparation.
- Best effort-outcome ratio with Copy Trading
Among a number of outstanding social trading features, the copy trading feature provides the best effort-outcome ratio. Copy trading gives any newbie trader a chance to get easy profits by copying experienced traders. Moreover, this feature not only eliminates the newcomer’s fear of increasing their initial capital by trading, but it also allows them to quickly come up with their own trading strategies, which they will be able to use in the future.
Now, even this simple feature may sometimes raise more questions than answers when you get to the financial part of it, namely earning bonuses from getting copied.
Bonuses while trading stocks: myth or reality?
Trading platforms strive to make their award bonuses more and more appealing to traders. NAGA Trader, a German social trading platform, for example, has recently updated its bonus structure to incentivize those in the trading community whose trades are being copied and add more transparency to the scheme.
The new NAGA Trader copy trading structure allows traders to get up to €0.60 for a single copier on a trade.
There is also more to this: while those with fiat NAGA Trader accounts are able to receive bonuses in EUR, USD, and GBP, cryptocurrency stock trading bonuses can also be gained by setting up an NGC trading account.
There are some pretty straightforward conditions to be eligible for this award: the bonus can only be gained from a real-money trade held open for a minimum of 5 minutes before being closed.
Thus, not only do traders get a chance to gain insight into successful trading but the experts they are copying the trades of can gain an extra bonus on top of the profit made on their trades.