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If You Are Searching For The Trader's 'Magic Bullet', Then EToro OpenBook Is Not It

If you're on the lookout for the trader's 'magic bullet', then eToro OpenBook is not it, but there will never be one regardless of many current statements to the contrary. It is however well more than just worth a look, as it does show you what other traders are doing, and more significantly it shows you who wins, at what level, and how often. Before looking at the way to use the 'tool', let us look at its features.

Etoro have right now added eToro OpenBook to their online trading platform, which is a bit of an excellent touch. Etoro have constantly done their best to make their platform simple to utilise, and have integrated a 'what's selling, and what is buying feature' which enables you to notice what other traders are doing when it comes to over-all trader buy/sell volume on a given product/currency pair. Other brokers do have helpful features, such as access to trading room chat, but, OpenBook goes a step further.

You may 'copy' the trade, which means that as far as you're logged into online trading, it will input trade details into the interface for you instantly, even though you'll need to alter your lot dimension, and place you own stop loss/take profit amounts. This makes sense, as to directly copy the other trader's complete trade details would potentially be quite unwise, and besides their account may be bigger compared to yours so it may not work with incompatible lot sizes.

First of all, the traders feed is a live streaming list of all subscribed traders' opened and closed trades, including orders. This lets you know who the trader is, the price of their trade, and when they closed, were they in profit or not. (It also lists percentage profit, but not percentage loss).

You can view the full feed of all traders, or stick to the best a hundred traders, which is possibly the best option, as it is not worth it following the rookies. Once you've identified a trader who has closed in profit you can click on their username, and view their profile to see how 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' which will add them to your 'friends feed'.

Absolutely nothing beats real trading, but paper trading is a superb way of stepping back which is vital occasionally if you're gonna develop as a trader.

You could spend a lot of time with this tool, and even though not a tool in the analytics sense, still it is a tool. It is potentially a good way to learn the way to trade, even though like any-thing else which involves money, you have to make use of it correctly, with simplicity, and also bear in mind there are no 'magic bullets' with forex trading, you still need to take a well-balanced approach to placing your trades.

Check out full eToro OpenBook review here & try it out, it is free of charge, but, take your time.
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