What the What Is This Social Trading?!

My goodness! I can’t believe I am just coming into this now! Where have I been? I won’t be too hard on myself though, my mom-hands have been full and there is a time for everything under the heavens, just thankful I can do this now.

Not here to endorse or promote any trading platform, person or organisation. I have basically just made this discovery and spent the last several weeks educating myself by watching loads of videos on YouTube, listening to trade influencers, reading trading blogs and even studying the different stock exchange markets.

I’ve familiarized myself with trading terms, what they mean, learnt about different types of trading platforms, investment types and just about everything related to it. It’s good to do your own due diligence when you want to try anything out for the first time, just so you feel confident enough to go into it.

This is what I have been doing. I have tried to understand the potential risks involved in trading crypto, stocks and shares and decided that I am comfortable enough to dip in my toes.

So let’s get into it….. oh my goodness! Where did all these trading apps come from? I can’t believe they have been in existence for so long. Its so easy to brush aside what you are unfamiliar with even when it pops up in your face, I have seen them around all these years but never gave them a second look, not the only one in this boat though, a lot of people are just like me – traditional ways of investing would be our go to, everything outside that - dubious. Call me old!

I’m not saying there is anything wrong with traditional investment banking or trading via a broker but like I heard someone say, "not in this 21^st century and not when you have a smartphone". This of course won’t be suitable for everyone and that is fine.

There are a lot of reasons why I must have probably overlooked cryptocurrency and social trading but giant amongst those reasons would be my conservative outlook towards investing and little experience. Looking at the growth stats on crypto make me regret not paying attention to it years ago. The profit I would have made and the joy that would have filled my soul!

 People truly perish due to lack of wisdom but like I said, it’s better late than never.

There isn’t a good or bad time to start investing.

I’ll put out a quick disclaimer and tell you I am not a financial advisor or broker and my comments and views here are entirely mine and not in any way any investment advice.

Fear of the unknown is always going to be there at the start of any new venture but in this case, research helped to open my eyes to the benefits of investing, potential risks of social trading and ways to mitigate the risks.

When it comes to investments, you must know there will always be some level of risk involved but the risk level you are willing to take is totally dependent on you. Even keeping money under your bed holds a level of risk e.g. flooding, fire, theft. Before you say anything, I have known people who do this, they don’t even trust the banks to hold their money!

I am comfortable using my own money and avoid leveraging, it’s also money I am willing to lose (hopefully not) especially with me being new to this social trading, basically just trying to find my feet and well determined to learn how to trade profitably! So, if you are reading this and trading sounds like something you want to look into, only risk money you are willing to lose.

It amazes me just how much things have changed, I have read testimonials of how teenagers have built careers out of social trading, especially through copy trading. It sounds like something that will require patience, discipline and intelligence; all qualities needed to be a success in any chosen career. Kudos to them!

So, after all my research and enquiries, I settled for a trading platform called eToro.

It had mixed reviews and it took me a while to decide on it. Knowing me, I laid it all before God, and prayed for success and guidance on this venture!

“The blessings of the Lord brings wealth without painful toil for it.” – Proverbs 10 vs 22 NIV

I am only a few days old in this so I can’t really review and make any comments on the eToro trading platform other than it was a straightforward process getting set up and I am yet to find any pain point I can complain about. A few of the guys I follow on YouTube mention processes that can do with some improvements but I’m keeping a close watch. For now, the ride has been smooth, and I will keep this space updated.

Not keen on trying multiple platforms as a lot of people have suggested but will not cross it off my list just yet.

My next move is to consider copy trading, I’m eyeing a few portfolios already… but we’ll see.

In the meantime, stay well and don’t shy away from challenges, they usually bring out the best in you.

You are loved.

Ige