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EToro OpenBook - A Whole New Social Fx Trading Platform For EToro Traders

If you are on the lookout for the trader's 'magic bullet', then eToro OpenBook is just not it, but there'll never be one despite many present claims to the contrary. It is however well more than merely worth a look, as it does show you what other traders are doing, and more importantly it shows you who wins, at what level, and how frequently. Prior to looking at how to utilize the 'tool', let's look at its features.

Etoro have right now added eToro OpenBook to their on-line trading platform, which is a little bit of an excellent touch. Etoro have at all times done their best to make their platform straightforward to utilize, and have included a 'what's selling, and what's purchasing feature' that enables you to notice what other traders are doing in terms of over-all trader buy/sell volume on a particular product/currency pair. Some other brokers do have useful features, for example access to trading room chat, but, OpenBook goes one step further.

You may 'copy' the trade, which means as long as you are logged in to on-line trading, it will input trade details into the interface for you instantly, although you'll have to alter your lot dimension, and place you own stop loss/take profit amounts. This makes good sense, as to directly copy the other trader's full trade details would possibly be quite wrong, and besides their account may be larger than yours so it may not work with incompatible lot sizes.

First of all, the traders feed is a live streaming list of all registered traders' opened and closed trades, which includes orders. This tells you who the trader is, the price of their trade, and if they closed, were they in profit or not. (It also lists percentage profit, however not percentage loss).

You can view the entire feed of all traders, or stick to the top 100 traders, which is probably the best choice, as it's not worth it following the newbies. Once you've identified a trader that has closed in profit you can click on their username, and view their profile to observe the way they do over-all. What you do from here is your decision. If you think that they are a prosperous trader you can 'follow them' that will add them to your 'friends feed'.

Nothing beats real trading, but paper trading is a superb way of stepping back which is important occasionally if you are likely to develop as a trader.

You can spend long hours with this tool, and although not a tool in the analytics sense, nevertheless it is a tool. It is possibly a great way to learn how to trade, although like any-thing else that involves money, you need to make use of it appropriately, with simplicity, and also bear in mind there are no 'magic bullets' with forex trading, you still have to take a balanced approach to placing your trades.

Check out entire eToro OpenBook review here & try it out, it's free of charge, but, take your time.
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