Ayondo Social Trading
What do you do if you are interested in making money trading, but feel you do not have the skills and knowledge to do it on your own? One answer is to find an experienced mentor or two whose trading you can follow, either to trade for real and hopefully make money, or simply to observe and learn. This is the idea behind the spate of social trading platforms that are now available over the Internet.
Ayondo (www.ayondo.com) is one of the lesser-known trading platforms that allow you to do this. You are able to follow and copy the actions of so-called Top Traders whose records are available for anyone to see and form their own judgment of their ability.
You can join ayondo as either a “Trader” or a “Follower”, and the meaning of these is fairly obvious. As a Follower, you can name up to five Traders that you wish to follow with your account, and trades will automatically be made according to their moves. If you name more than one Trader, then your account is split equally between them, though you can adjust the proportions if you wish.
It is open to anyone to join as a Trader, and details of their trades will be available to other users. As ayondo keeps careful records of profit and loss, maximum drawdown, etc., it is easy to see who the better traders are from their track record.
There are a number of risk management tools that you can apply to your account, which will hopefully avoid any major catastrophe in the event that one of the traders makes a big mistake, and you can at any time decide that you wish to exit any trade has been made for you. This does not prevent the risks inherent in trading, but can do something to mitigate them.
There are more than one thousand Traders available for you to choose from, and many have just a handful of followers. Inevitably, the better ones rise to the top, and get more followers. Many do not risk their own money, at least on this trading platform, and run only virtual accounts. But being a trader allows you to show off your skills, does not impact the profitability of your own trades, and also generates additional income in the form of commissions according to how well you do and how much you are followed. In fact there are five skill levels ranging from Street Trader up to Institutional Trader, which identify various levels of proven ability.
As Ayondo increases in popularity, there will inevitably be a greater selection of Top Traders, which will potentially increase your possible earnings, but the platform would seem to have sufficient traders now for you to be able to select from excellent performers. Ayondo provides a ranking list of the traders with important information such as profit, maximum drawdown, volatility, number of followers, and the number of trades you can expect per month. There is also a chart for each, which graphically shows the consistency of their trading.
When it started, the company was a broker independent, allowing you to use an existing relationship. Now it has a division called ayondo Markets, which was formerly known as Gekko Global Markets. This integrates real time trading with the platform. You can trade on a wide variety of Contracts for Difference, including CFDs for more than 30 Forex pairs, the number of indices, interest rates, precious metals, and even some individual shares.
As the live trading is integrated, there is very little slippage between the price that the trader you are following pays and what you are charged, making the results consistent. Once you move beyond using a demo account to try out the system, you will find that you only need a deposit of €100 to open a real money account with ayondo, making it accessible to virtually anyone. The system allows you to trade what amount you want to, rather than requiring you to buy whole numbers of lots, etc.
If you want the support of social trading, there are a number of different options and brokers who offer this facility. Ayondo provides it in a neat and usable package, and it is worth taking out a demo account to see if it will satisfy your requirements.
- Learn from the pros
- Wide range of financial securities available
- Low entry cost for live trading
- Integrated broker account
- Demo account available
- No way to download individual trader’s history
- Many traders use virtual accounts
- Fewer traders than the most popular social trading sites