Social media has influenced many spheres of life, one of them being the stock market. January 2021 highlighted the extent of social media’s influence on the markets. GameStop’s stock reached a new high of about $483 from a measly $20 because of a cheeky influence from Reddit users.
The event is not new in the stock market—at least not in the way highlighted by GameStop. Social media has a profound influence on young people, who spend a ton of their time on various social platforms.
The avenue carries many opportunities for social trading brokers that have embraced social media. Social media can also disrupt the harmony that exists in the stock market by allowing rogue actors who spread misinformation and other malicious software.
What Is Social Trading?
Mirror trading and copy trading are crucial terms that dominate the social trading area. The two terms have one common ground—they allow a group of experts to create trading trends in the stock market, easily picked by armatures for their own trades.
The strategy is a driver for compelling young people to enter the stock market or subscribe to top trading platforms. Leaders take many years to learn to trade, but they make it easy for young people to try their hand at stock trading.
Social trading creates a new avenue for brokers like NAGA to explore. Brokers create a connection between the leaders and the followers who want to learn the intrigues of trading. The procedure begins by creating copy trading accounts in a social broker app; the leaders set the pace and create a live feed where newbies can follow.
Social trading takes many dimensions depending on the followers looking for ways to become successful in the stock market. Some traders do not totally copy the strategies of the head trader but look out for useful tips that they can implement in their trades. However, those devoid of any trading knowledge can mirror the strategies of the leaders. NAGA’s trading app has the copy-trading feature that easily connects the leaders to other traders.
How the NAGA Free Trading App Helps Beginner Traders
Investing in stocks is a complex affair that needs a lot of experience for traders to take the best positions to increase the chances of success. The NAGA app offers tech stocks, indices, and volatile crypto stocks. Dealing with a diverse set of assets requires a ton of experience that comes with specialization.
The NAGA app also has a ton of experienced traders who have specialized in trading volatile crypto assets, while others have had a good run trading forex. Newbies with an eye on gaining from a Tech stock rise can have their eyes fixated on a pro specialized in trading Google or Amazon stocks.
While following perceived winning strategies does not guarantee success, the process improves the chances of success many times over.
Why NAGA’S Social Trading Platform Stands Out Among Many
NAGA sets the stage for newbie traders by offering them demo accounts, helpful to sharpen their trading skills before risking their money. The platform tops the feature with an interactive UI that enables quick access to trading tools and the relevant trading terminal for real-time stock prices.
The social function goes beyond what other platforms in the market have done as it offers the copy-trading feature. Leaders using the social feature talk to other people about the best routes to follow to succeed in their trades. They also top the advice by providing real-time strategies to get into a winning position.
In terms of safety, the platforms hide personal data. In addition, NAGA uses secure payment APIs that have cybersecurity experts checking them round the clock to prevent a hacking incident.
Social media has revolutionized communication; people can now talk to each other in record time. Trading platforms are looking for ways to integrate massive communication networks into their platforms by creating social brokerage apps. The apps, NAGA leading the way, have proved that young people can trade when they get the guidance and motivation from leaders.