Trading Apps for the New Generation
When you think of traders and trading, it’s no longer about large trading floors with hundreds of traders shouting and buying and selling amidst all the chaos. Neither is it about online trading while sitting in your PJs at home. It’s gone beyond online now, because trading apps for the new generation allow you to not only place trades from anywhere and at any time, but also network with traders. This is what is called as a social trading application, and millennials are taking to it like ducks to water.
Using apps like copyop, eToro and Openfolio, you can literally copy the trades placed by highly successful traders. How does it work? Let’s take a look.
Copyop – This is a new social binary option trading app from anyoption. The app lets you take advantage of the more than 1 million traders on the platform, and learn and profit from the trading strategies of the top traders. You can use the app to automatically copy a specific trader, but on your terms. In other words, whenever that trader places a trade, the app will copy that and place it for you too. It’s not a blind copy mechanism either. The copyop app provides an array of tools to help you understand and analyze a trader through a study of their trade history, data tables and historical charts. Copyop is also a social platform, so traders can share their knowledge and experience with others and learn from their trades too. One of the key features in the app that is of value for options trading is the ability to postpone the expiry time of a trade in loss, to the next available expiry time.
eToro – eToro bills itself as a social trading and investment network. Similar to Copyop, you get to copy the trades placed by leading traders on the platform. You can copy traders to invest in stocks, currencies, indices and commodities. Getting copied on the platform is also lucrative, providing you additional revenue streams without having to lift a finger. Put simply, you are able to leverage the trading methods and techniques of 4.5 million registered traders on your behalf, without knowing anything about how to interpret market data, charts and historical data.
Openfolio – You don’t even need to have a brokerage account to use Openfolio. You can choose to follow specific stocks, investors and funds that you are interested in. No doubt you can get a ton of information from all kinds of experts and financial analysts about a specific stock or investment that you are considering. But the difference with a social trading application such as Openfolio is that whatever opinions and knowledge are provided on the over 25,000 pages of the site are backed by the power of the portfolios of successful and famous investors like Warren Buffett. If you are a successful investor, then Openfolio will show people what you’re investing in terms of percentages, but never how much you’re investing. If you don’t want to share your portfolio, you can always set it to be private.