Many brokerage companies started offering social trading features in their platforms striving to attract more customers. Social trading is a form of investing in order to follow the investment strategies of more experienced traders, using copy trading or mirror trading. Social trading requires little or no knowledge of financial markets. SocialTRD.com is one of these websites that gives you the opportunity to use social trading in just a few steps.
SocialTRD.com provides a web-based platform that can run on any currently available browser without the need to install anything. However, it is not possible to open a demo account, and if you want to use this copy trading platform, you must first open a real account. The terminal consists of two parts – for the instruments on the left and for the charts in the center.
You should click on the Top Investors tab to use the social trading features of the terminal. The top 30 investors will be displayed, and you can know their profitability, current or past trades and the average risk they use to trade. When you choose an investor to follow, click on the Follow icon. Once you confirm you are aware of the copy trading agreement, you can start mirroring the trades of the selected investor. Your positions will be opened with amounts recalculated according to your account balance.
If you would like to trade by yourself, you should know how to use the terminal. You can add and remove instruments by clicking on the ‘plus’ sign in the search field. Instruments can be rearranged by dragging and dropping them to the new place. Next to the name of each instrument you can monitor sell and buy prices. Clicking on the name turns the prices into trade buttons. You can quickly find out which instruments you have open positions with. Next to the name of each instrument that has at least one open position, there is a blue circle with the number of open positions.
As with some more complex platforms, here you have the opportunity to open positions in two modes of execution of market orders. Initially, you can place market orders through the market execution mode. Just enter the desired amount and click on the sell or buy buttons. The new position appears below the buttons and now you can attach stop-loss and take-profit orders to it. If you would like to attach stop-loss and take-profit orders before placing the market order, you should select the instant execution mode. This can be done by clicking on the symbol at the upper right corner of the selected instrument. Here you can also place pending orders. We would like to note that both companies claim to guarantee the execution of the stop-loss orders at the set price, no matter what happens in the market. You can monitor all open positions simultaneously by clicking on the Positions tab. They are shown in the chart window. You can follow economic events from the economic calendar and the real-time news, without the need to leave the platform.
Charts show real-time prices that can be switched to buy or sell. They are displayed as bars, candles, lines, and mountains starting from 1 minutes to 1 month. You can change the vertical and horizontal scale of the chart by dragging them. You can also place Fibonacci retracement, trendlines and some other drawings. There are more than 100 technical indicators available. You can watch up to 6 charts simultaneously. If you want, the entire workspace can only be for charts by clicking the left arrow between them and the instruments.
