SocialTRD is a website where you can find an easy way to jump into the depths of social trading. The SocialTRD platform is web-based and you can use it through the available web browsers. In addition, there is a downloadable application for smartphones.
The workspace is as simple as possible. A main part of it is assigned to the charts.
By default, they show real time sell prices and can be viewed as candles, bars, and lines. You can switch to buy prices as well. There are 11 timeframes – from 1 minutes to 1 month, including ticks. Zoom can be done by clicking on the Zoom-in and Zoom-out buttons or by the mouse scroll wheel. Using the mouse scroll button is very convenient for a quick overview of current and past candles. Horizontal and vertical scale can be changed by dragging the time or price scales. Customers can add graphical objects such as Fibonacci retracement, trendlines and free drawings, collected in a separate menu. Fans of technical analysis can enjoy nearly 120 technical indicators sorted alphabetically. There are single- and multi- chart modes and they can be switched by clicking on the multichart button next to the close button in the chart tab.
The instruments are located on the left side and can be hidden, so that all the workspace will be occupied by charts. The favorites list can be arranged by dragging and dropping. Adding and removing is done by the + button. Next to the name of each instrument where a customer has open positions, a blue circle with the number of positions is displayed. Clicking on the symbol opens a detailed trading menu.
Customers can use two order execution models. By default, the market execution model is active. Orders are executed at the last available market price. This is the fastest way to open a market order. The new position appears below the sell and buy buttons and stop-loss and take-profit can be attached to it.
The instant execution model is activated by a separate button. Here the attached stop-loss and take-profit orders can be set before entering the market. Orders are fulfilled at the displayed price. Pending orders can be placed from this section as well. It is good to mention that stop loss orders are guaranteed and will be executed at the set price, regardless of market volatility and the presence of a gap. All open positions can be viewed in detail and modified by clicking on the Positions tab, next to the Charts tab. In addition, an economic calendar, real-time news, and notification are incorporated into the platform.
Past deals reports can be found through a separate menu.
One of the most interesting features the platform provides is the ability to follow an experienced investor – the so-called social trading. By clicking on the Top Investors tab, you will see the top 30 available investors. You can view their profitability, current or past activity and start following your favorites by simply clicking the Follow icon. After confirming that you have read the copy trading agreement, you are ready to copy the deals of the chosen investor. Each position opened by the investor will be copied to your account with the same balance to amount ratio.
We can conclude that the terminal is well organized and provides all the important trading tools for beginners and regular traders. In addition, you can use the social trading feature of the platform by just a single click. The more experienced traders would probably prefer the MetaTrader platform, which unfortunately the company does not offer.