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EToro OpenBook - A Whole New Social Trading Platform For EToro Traders
If you are seeking for the trader's 'magic bullet', then eToro OpenBook is just not it, however there will never be one regardless of many existing statements to the contrary. It is however well more than merely worth a look, because 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 the way to utilize the 'tool', let us take a look at its features.
Etoro have right now added eToro OpenBook to their on line trading platform, which is a bit of an excellent touch. Etoro have at all times done their best to make their platform simple to utilize, and have included a 'what's selling, and what's purchasing feature' that enables you to see 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 helpful features, for example access to trading room chat, however, OpenBook goes a step further.
You can 'copy' the trade, which means that as far as you are logged into on line trading, it will input trade information into the interface for you automatically, although you'll have to adjust your lot dimension, and place you own stop loss/take profit amounts. This makes sense, as to directly copy the other trader's full trade information would possibly be rather wrong, and besides their account may be bigger compared to yours so it may not work with incompatible lot dimensions.
Firstly, the traders feed is a live streaming list of all subscribed traders' opened and closed trades, which includes orders. This tells you who the trader is, the price of their trade, and when they closed, were they in profit or not. (It also lists percentage profit, however not percentage loss).
You can view the full feed of all traders, or stick to the leading one hundred traders, which is possibly the best choice, as it is not worth it following the newcomers. As soon as you've recognized a trader who has closed in profit you could click on their username, and view their profile to observe how they do over-all. What you do from here is in your hands. If you feel that they are a successful trader you can 'follow them' that will add them to your 'friends feed'.
Nothing beats real trading, however paper trading is a great way of stepping back which is important once in a while if you are going 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 good way to learn the way to trade, although like anything else that involves money, you need to utilize it correctly, with simplicity, and also remember there are no 'magic bullets' with forex trading, you still have to take a balanced approach to placing your trades.
Check out full eToro OpenBook review here & give it a try, it is free, however, be patient.
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