Social Trading means selecting one or more successful traders in the social trading network, filtering them according to a few criteria like average profit, and simply copying them.
Before we move on with the BRXcapital Social trading review I want to mention that, BRXcapital.com is a Forex trading broker with a very good social trading tool. This is a serious company and based on the positive reviews of the users, it is a legitimate and proven broker.
If you are interested to make quick money in financial markets, I must say that you are in the wrong place. Financial markets is a very dangerous place for gamblers as in this business you need to be smart and careful even if you trade with the help of the social trading tool. You need to be very thoughtful with your money and your investment decisions.
What I have learned during conventional Forex trading with BRXcapital.com is that you need to be aware of what is going on the market, read the news, analyze the charts in order to make it work. But this is not the case with social trading. With social trading, you just copy the best traders who know all staff about investing and read the news and analyze the chats. Let them do the job while you can just copy their trades and enjoy the results of their hard work.
Let me share with you my experience with BRXCapital Social trading feature.
If you want to invest in social trading or trade Forex normally, you have to be really clear about what you want to achieve. From my experience copying trades may generate income, but usually this income is not that big. Besides it requires some time to search for the best traders to copy and analyze their portfolio. But the good news is that you don't need to do it often. Once done, you choose your trader to copy and just check the performance from time to time.
One of the biggest problem in social trading networks is that traders just copy each other. There are only few real traders there who trade. So if a master trader makes a mistake, there is a chain reaction that effects hundreds and even thousands of traders who copy him. But on the other hand, you usually don't put all your money on one master trader. Let's say you diversify your portfolio and split your balance to 10 best traders you want to copy. Thus you minimize your risks in case if one of the traders makes a mistake and has losses.
Another important thing to mention is that traders' success is not long-lasting and they do not make a profit on a regular basis. The best approach would be always to try to find a better trader and then copy him while he is profitable. This is called monitoring your portfolio. If you see that one of the traders stopped being as good as he or she was in the beginning, just remove it from your portfolio and find another one that shows better results.
Those profits that you earn can be reinvested and you can earn more money using your earnings. Thus you increase your balance and grow your account even further.
IMPORTANT: It is recommended to monitor your portfolio every day or every couple of days. You can easily log in to your BRXCapital Web trading platform from any computer and check how your master traders are trading. You need to know that not every trader trades every day. Sometimes they trade often and sometimes take a break for a day or two. So you cannot expect them trading all the time.
In general, I was not logging in to my account every day and actually forgot about it for 2 weeks which led to some losses as one of the traders I was copying started losing and me too. I discovered this too late and lost some money, maybe that would not happen if I had been more careful and was checking my account more often.
Social trading is a great development in financial markets, but as any other strategy and tool it requires a right approach. BRXCapital's social trading feature is very easy to use and you can start with it in just a few clicks.