MQL5 can be considered as one of the largest communities which consists of traders from different [arts of the world. MetaTrader 4 and MetaTrader 5 trading terminals are very closely related to the MQL5 platform. There are some special features which can allow the users to perform copy trading and be a part of the social network of traders who are already experienced in the field. Social trading in MQL5 can turn out to be quite unique in the manner that it is connected very closely to the servers of the brokers. The broker can refuse to offer any kind of social trading features, but he or she will be connected to the network of MQL5. MQL5 is considered to be among the largest social trading platforms in the world.
What do you mean by a Social trading platform?
When you are involved in the global financial market, there are certain aspects that you must keep in mind. Special trading is one of the threads of trading which has been developing the financial world for over ten years. The brokers and traders communities have come forward to build the chain of social trading, which has been very helpful for beginners in the field. MQL5 social trading platform is one of the fields that has proved to be very helpful for most traders, whether professional or novice.
Copy trading is an integral part of the social trading platform as it helps to connect the new traders with the experienced ones in the field. The service website can help the new trader to choose the strategy provider from which you can copy the trades. Copy-trading parameters can also be set on most of the platforms so that only certain features of the portfolio are copied from the system.
MQL5 as a copy trading platform
The real and full names of the traders are quite easily visible on the MQL5 platform. You can check out the profits and losses made by the traders from whom you have chosen to copy the trades from. The verified users can use this platform only, which increases the amount of security for the new users. There is a list of managers as well which can help you to analyse the exact list of traders that might come to help.
Benefits of social trading
It can be well assumed that social trading platforms have the ability to build bonds with the traders which is absent in any other system. There are several methods in which you might be able to use the precautions that have been used by the more experienced traders so that you do not face the same amount of losses that they have suffered. You can also set up the criteria and keep a close eye on the profits so that there is no change in the values.
There are times when you might need the assistance of the more smart players in your field. This is where the features of social trading might come to help. Personal bonds can also help a beginner to learn the ways of the more successful traders.