Volume 1, Issue 1
How to Make Money by Copying the Best Traders Do I really need to spend hours analyzing charts and data in order to invest? The quick answer is no you don't and here is how! Not everybody has over a hundred thousand dollars sitting in the bank for investing with high profile firms nor the time to work through analyzing the markets. Especially when you have a full time job to worry about and then of course coming back to a busy home, your partner and kids all vying for attention. The time spent pouring over stock performance and analysis graphs, charts and latest happenings can for sure make you feel somewhat out of your depth, overwhelmed and in on the deep end.
Why does Investing in Stocks seem to be for those whom have a ton of money and expertise at hand? Hence for most of us whom have ideas of investing on the stock markets it can all seem out of reach and worse yet is that feeling of drowning in a sea of information when trying to learn and investigate the world of investments that little more. In fact where ever I look these days it seems that using money to make more money is really simple! The web is inundated with so many testimonials, get rich stories and dodgy schemes that if you are anything like me you will agree that passive income streams seem to be everywhere except in your own back garden of course. It really can turn you into a skeptic with the world seemingly appearing with a glass half empty at hand or is it half full? But look a little further, a little deeper and one term does seem to come out a lot these days when searching within Google. That is "social trading"… With today's sophisticated computing technology a new kid has arrived on the scene and many are jumping on the band wagon and making a healthy profit.
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So what is all this "Social Trading"? In a nutshell social trading is basically a means of connecting with thousands of other investors together and best of all it allows you to follow and copy the actions of the best performing traders in an open transparent manner. Its through the process of leveraging the "wisdom of crowds" to make decisions which normally would have you spending hours researching or consulting with a market expert and most likely at a cost that exceeds the amount that you are willing to invest in the first place. Studies indeed show time and time again that the aggregation of information and decisions shared within a group is in almost every instance far better than could of been made by a single member of the group or a individual working independently.
â€œHere is how you can connect with other traders & investors and copy their tradesâ€?
The proof is always in the pudding! There are numerous studies which have shown that people as a collective know way more than any individual. In fact one can argue that it is irrefutable. It has been verified again and again. For example take the anecdote relating to Francis Galton (cousin of Charles Darwin) surprise and amazement when a crowd at a county fair guessed the weight of an ox accurately through taking the average of all guesses and that being more accurate than individual guesses or that of cattle experts. This concept of taking the guesses from a group of people and calculating the average has been found to be incredibly close to that of any individual and can be applied to literally everything around us. You may have heard of similar tests such as guessing the number of jelly beans in a jar, the weight of a pumpkin. Try it for yourself and you will see that the average guess is incredibly accurate.
So how does "Galtons Ox" and the wisdom of crowds going to help with making investments? Well its simple really. By observing the outcome of the best trades and noting the number of trades made one can reliably follow what could be described as "insider trading". That is access to valuable information that is most likely going to earn you a nice profit, time and time again! Now for this to work it is worth noting that the essential components for the wisdom of crowds are as follows:
Diversity of opinion and knowledge.
Independence - everyone has to make their own independent decision.
Decentralization - in other-words no central authority or same hierarchical structure to influence decisions.
Aggregation - the means to combine and present the data.
If any one of these above factors is not met then its very likely that it will not work. So make sure to keep this in mind when adopting this approach! In fact when one thinks about this very concept relating to the "wisdom of crowds" that you will see it every where. Our society is built on it and depends on it. From being the driving force which influences supply and demand and ultimately stock prices to that of society, government, law and order. Democracy is built on the premise of the "wisdom of crowds"... and its no different to when it comes to matters of making money with on-line trading.
So where can I use this concept for investment trading? Well thankfully with today's technology it is really simple and easy. There are many platforms which provide social trading. Ultimately the ideal tool must allow you to copy and adopt the best and most successful traders and with a success ratio close 100%. The best to date has achieved 80% and more on that further down...
So what type of social trading platform should you look out for?
First of all it needs to be FREE to join and really easy to use with simple buttons and actions which perform complex actions in order to make things simple and intuitive. It needs to have great training, easy to read documentation, community support such as forums, wikis as well as dedicated support. Live support is a must these days with either telephone or live chat. Practice accounts are also a must. It is imperative that you get the chance to practice and improve your skills first before committing your hard-earned money. With the practice test accounts you can see how much money you would of earned before jumping in on the deep end as a beginner. The ability to contact the best performing traders for advice and mentorship for any stage during your trading is critical to success and if its available 24/7 that you can regard that as worth its weight in gold! Finally before choosing a given platform also ask how big and reputable is the company behind the trading platform? They of course need to be huge with regards to performance, net value and proof of handling billions of dollars reliably and successfully delivering profit and growth. In other-words reputation is an essential factor that you must consider.
Platform of Choice With time the recommended platform which meets all the criteria as discussed will also equip you with the necessary knowledge to improve your own skills. In time you will gain the ability to take a holistic approach based on your own judgment as well as combining it with experts. You'll find that you're not looking at charts and numbers all day and with simple clicks of a button you can be chatting with traders all around the world. You'll see that the trading platform recommended below is really simple to use and is above all is a lot of fun and can make you a TON OF MONEY! Check it out today!
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Published on Dec 19, 2013
Learn how to use the "wisdom of crowds" in order to copy the best traders on the planet for a healthy bank balance with little effort and un...