The Power of Social Trading: Can It Improve Decision-Making for New Traders?

[Tycoon01]

Hey there, fellow trader! Have you noticed how crypto exchanges are stepping up their game with features to make our trading lives easier? Binance, for instance, has its Binance Feed and Binance Live, where you can share your trading ideas and even stream your charts in real-time. And over at Coinbase, they've got educational content that you can share, sparking great discussions about trading strategies.

It's pretty exciting how these platforms are creating communities where we can all learn from each other. Recently, Bitget introduced Real-time K-line Sharing. That allows affiliates to share buy and sell signals directly on the charts with their referrals.

On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

[shield132]

Hey there, fellow trader! Have you noticed how crypto exchanges are stepping up their game with features to make our trading lives easier? Binance, for instance, has its Binance Feed and Binance Live, where you can share your trading ideas and even stream your charts in real-time. And over at Coinbase, they've got educational content that you can share, sparking great discussions about trading strategies.

It's pretty exciting how these platforms are creating communities where we can all learn from each other. Recently, Bitget introduced Real-time K-line Sharing. That allows affiliates to share buy and sell signals directly on the charts with their referrals.

On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

You can also follow traders on Binance who share their trading positions or you can even offer your trading position to others to follow.

By the way, if everyone knows the signal and everyone knows when to sell and when to buy, then what's the point of trading? In trading you gain profit because someone loses money, that's how trading works. I wouldn't trust any trader that sells signals because in the best case, they depend on pure luck and in the worst case, they are lying to you, are the whales and want to make money from you by giving you a fake signal and then manipulating the market.

[SquirrelJulietGarden]

On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

If they, new traders, don't know how to trade, what should they do?

They should not trade. Listeing to others, on media, Facebook, Twitter, Binance Feed, Coinmarketcap feed, to trade with total dependence on analysis of others, is stupid. They will not know how their trades will end and with dependence like this, they will not learn anything through their trading experience. They can not improve themselves and will get more loss with time.

New traders must start with learning on trading courses, before they start trading with small capital.

Awesome cryptocurrency trading

[taufik123]

-snip-
On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

Almost all CEXs provide this kind of feature, as they will know better what their customers are doing and how they set up their trading strategies.
And there will also be more new users who will be helped by useful feeds such as technical analysis carried out and some tips provided.

Increasing knowledge is of course because, but about increasing the profit of trading back again depends on the traders themselves how to use the information provided properly.

Do not blindly follow the analysis or purchase advice, because each analysis given will have details so that you can learn together.
Decision-making may be more attention because some of the available analyses shared by other members will be good considerations and combined with their own analysis.

[goaldigger]

On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

You can consider this as your learning guide but I don't suggest to fully rely on this, you have to consider the risk of doing trades without understanding it's fundamental strategy. You can all have the signal and advises from the pros but still at the end of the day you should have your own strategy that will fit for you, and by this you can have real success in trading.

[topbitcoin]

On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

You can consider this as your learning guide but I don't suggest to fully rely on this, you have to consider the risk of doing trades without understanding it's fundamental strategy. You can all have the signal and advises from the pros but still at the end of the day you should have your own strategy that will fit for you, and by this you can have real success in trading.

In other words, this is one of the places to look for references to how our trader activities are not necessarily perfect the strategy that is done, the analysis that is done is not necessarily in the calculation correctly, therefore we need another brain that explains the ignorance in our brain, so the existence of these features in my opinion is a very good decision to make it a reference in your trading.

I agree that it does not have to be a decision but one of our considerations in the analysis that we make, especially for beginners who still need a lot of knowledge in the world of trading, because they need to be guided to learn and understand the slightest risk in their trading activities to make them grow much faster, not a little also I see big traders also often read the analysis done by others, because it is possible at one time our bigotry can cover the truth that we consider wrong in making analytical conclusions.

[Assface16678]

On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

You can consider this as your learning guide but I don't suggest to fully rely on this, you have to consider the risk of doing trades without understanding it's fundamental strategy. You can all have the signal and advises from the pros but still at the end of the day you should have your own strategy that will fit for you, and by this you can have real success in trading.

True, social trading is there so that you can know why they have come up with the trade or what is the atrategy and indicators that the traders do in order to formulate that signal, if you are a wise trader and you will take advantage of those things and you actually digest the new learnings or tricks of other traders then you can achieve a greater knowledge and skills with doing social trading you can encounter many different ways or method that those traders do and that is the beauty if social trading, but if you are a trader that only cares about the profit and just relying on the signals without any odea why they come up with that then I think you can't go anywhere because those social trading, signals are not always there so if you dont have anything to follow then it could be the end of your trading career.

[shanhaigamefi]

I see these social and sharing features from cryptocurrency exchanges as a double-edged sword.

On one hand, I'm all for exchanges creating a community where we can learn from each other and share experiences. It's a fantastic learning platform for new traders to observe how professionals analyze charts and develop strategies, which definitely helps improve trading skills.

However, on the flip side, I worry that some beginners might rely too much on these shared signals and neglect their own independent learning and critical thinking abilities. Trading requires independent judgment and decision-making skills. Simply following others' signals doesn't guarantee long-term success.

So, I think these social sharing features are a double-edged sword for new traders. They offer valuable learning opportunities but also pose the risk of falling into blind-following traps. It's all about how we use these features – as learning tools rather than replacements for our own thinking and decision-making. 

[fuguebtc]

So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

Is there any difference between signals shared on those platforms and signals in telegram, facebook or X? I bet they are the same, and if you think newbies can improve by taking signals from there, then why can't they improve from signals on social networks?

I agree that having an environment for us to learn and share experiences with each other is a good thing. But if you make it a place for you to find free trading signals without your own analysis then it is no different from any other social network. I think whether they are really useful or not depends on how we use them , they are simply a place for discussion like any other social networking platform.

[shinratensei_]

It definitely helps people that aren't really well versed with the trading world, since it might be better following credible pro trader than just investing blindly into something that's destined to fail, these exchanges also trying to farm engagement from these kind of features  , on the other hand the pro trader or at least someone that are experienced enough will always have second thoughts about following other people signal, they wouldn't trust that easily.

But to be honest its just a gimmick, this feature no different than the copy trading feature they presented a lot earlier, literally just copying the pro trader portfolio, the big disadvantage usually is the entry price that the followers got, the pro trader already make position at price significantly lower than when the follower tries to copy so it can be problematic and put the follower at higher risk of losing money.

to be frank what's more interesting than these social trading features is probably their short summary analysis by the AI, it always piqued my interest whenever there's sudden notification about certain coin forming pattern and showing some concerning indicators. i find this a lot more helpful than just following some random guy.

[Lakai01]

It definitely helps people that aren't really well versed with the trading world, since it might be better following credible pro trader than just investing blindly into something that's destined to fail [...]

You are addressing the crucial point for me here: trading with real money is not for completely inexperienced people. They are much better off getting to know themselves and the market with paper trades or free trading apps.

Social trading and the like only dilute the whole thing. Although you are investing real money, you learn absolutely nothing from failed trades, let alone anything at all about trading mechanisms. So, in my opinion, it is simply a new business area of the exchanges to get inexperienced users to trade and take their money.

[Dr.Bitcoin_Strange]

As a trader, it is also important to draw ideas from your fellow traders, especially those that you believe have more experience than you and those that you can learn a new winning strategy from, but while doing so, you also have to start developing your own trading skills; you don't have to be dependent on social trading. Develop yourself and also be someone that others can learn from. Don't be an irresolute trader.I don't use Binance for my trading, the exchange I am using doesn't have social features. I don't think I need them, but I believe they could be helpful to some newbie traders. 

[Distinctin]

On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

You can consider this as your learning guide but I don't suggest to fully rely on this, you have to consider the risk of doing trades without understanding it's fundamental strategy. You can all have the signal and advises from the pros but still at the end of the day you should have your own strategy that will fit for you, and by this you can have real success in trading.

This could open you to more tips and strategies in trading and just do your part studying them so you can take advantage of them when needed. However, know that other’s strategies may possibly work for them but won’t definitely work on you, that’s why you should have to do your own research and try them on your own. Otherwise, if you keep relying on them for your trading decision making, you won’t learn and grow on your own, and won’t develop your own trading skills and strategies knowing you only adapt what has worked for them.

[naira]

On one hand, it can be awesome to learn from the pros and see how they're reading the charts. On the other hand, blindly following someone else's signals might not be the best recipe for success. So, what do you think?  Could this kind of social sharing improve decision-making for new traders?

I don't pay much attention to these features when trading or take the time to share signals with others. Because for me, the main capital in trading is enjoying it myself. Isn't it true that in trading we are all vying for profit, if we only get a little PNL then we share it as if the technique is effective even though in reality it is not for other people's trading.

My advice is not to be too reckless in following the signals they display on the front page, because you will have difficulty referring to other people's trades whose volume is already high. For beginners who start trading, it is best to start with a minimal amount, while learning to understand market movements little by little, try several ways that might be able to position yourself first. In trading, there is no need to rush to get big profits, there is always a process and stages. Most beginners, when looking at the trading volume of professionals, always put forward wishful thinking and forget the main basics which ultimately end up not being ready for the reality when they experience losses.
Of course, learning from other, more professional people is highly recommended, but you have to be able to adjust your trading portion, you don't have to always follow their trading method 100%.

[Oshio-man]

I guess, there are many traders in the market with different strategies to carry out their trading process to achieve their target, and even though you want to follow their strategies from the exchange market, make sure you follow those traders that are professional in the trading field, because it will help you to maintain a good strategy that will make you to make profit from exchange market which is another way some newbie use to improve in bitcoin trading, if you want to chose the exchange you want to trade your coins, I will advice you to try binance exchange, because their exchange is very easy to understand and it is very hard for traders to complain about their services, because their exchange is very safe for newbie and other traders to trade.

[jaberwock]

As a trader, it is also important to draw ideas from your fellow traders, especially those that you believe have more experience than you and those that you can learn a new winning strategy from

For me, I can believe on what others have said that it's better to trade on our own. I can only give an exception to that if we are still starting.

you also have to start developing your own trading skills

It make sense because skills cannot be passed but it can only be formed from within us.

Develop yourself and also be someone that others can learn from

I'd rather be like this than the other way around. Not only that it can even make us more proud of our selves but I will also feel proud of those who got improved because of my help.

Maybe there are other reasons on why you don't use Binance to trade and not only because they might have a social trading feature, though unnecessary features can make the platform load slower, so we might still find our selves later on, on the other trading platforms.

[Ben Barubal]

       In this day and age, the various social media platforms are really helpful if all you really want is to learn because there are other platforms that can tell if you can really get knowledge about trading. There are a few of them that actually exist, and one of them is the YouTube tutorial, whose niche is trading tutorials.

      as long as you need to do your own study, because you will see the difference between your understanding and the speaker's understanding in the video tutorial on YouTube. Because there are others that they explain from the exchange platform that you will use and the basic steps that they teach for viewers who are interested.

[Russlenat]

I have to say it's kind of helping to new traders in the market, and open them to a lot of possibilities that may happen to their trades. But the problem with these new traders these days is that they don't exert much effort on studying the market first and learning to create good market analysis, instead they focus more on trading influencers and follow their tips and strategies that they suggest. With that, they will never achieve the real success in trading, but might probably profit today but suffer later on as they only trade following other people's decision making.

[mirakal]

It definitely helps people that aren't really well versed with the trading world, since it might be better following credible pro trader than just investing blindly into something that's destined to fail [...]

You are addressing the crucial point for me here: trading with real money is not for completely inexperienced people. They are much better off getting to know themselves and the market with paper trades or free trading apps.

Social trading and the like only dilute the whole thing. Although you are investing real money, you learn absolutely nothing from failed trades, let alone anything at all about trading mechanisms. So, in my opinion, it is simply a new business area of the exchanges to get inexperienced users to trade and take their money.

Yes, trading is not for beginners but only for those capable ones. So if one thinks to trade just by following the ideas from social trading, without proper learning on how to trade, you are just giving free money to these people in exchange for unreliable trading strategies. I would say unreliable, otherwise they won't share it to everyone and keep them all for theirselves for consistent profits.

It's still best not to start real trading but focus more on studying the trading market first. When you think you're ready to trade, trade with your demo account first and evaluate the results. After several demo trading experiences, you can proceed to trading using small amount of money first. If you lose, then try to figure out why you lose and then repeat the same procedure until you see yourself in the end making real profits in trading.

[Moreno233]

Social trading is good depending on the level of trader you. If you are beginner, social trading will help your learning so much and will shorten the entire leaning process as you will easily get all the much needed help from the experienced traders within the group, all you need do is to copy their pattern as well as implement all the trading tips they will be dropping often in the discussion group. However, if you are a professional trader, social trading will amount to nothin other than distraction because you will spend most of your time responding to questions of people who might be following your pattern. This might hinder progress somehow and not all individual would want to do that unless the individual decides its his own way of giving back to society.  But in reality, social trading create a kind of community and helps in building confidence and sense of belonging, this improves trading decision making.