EToro OpenBook – A Brand New Social Fx Trading Platform For EToro Traders

If you are searching for the trader’s ‘magic bullet’, then eToro OpenBook is just not it, however there’ll never be one despite loads of 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 frequently. Before looking at how to utilize the ‘tool’, let’s have a look at its features.

Etoro have 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 use, and have included a ‘what’s selling, and what is purchasing feature’ which allows you to notice what other traders are doing when it comes to over-all trader buy/sell volume on a particular product/currency pair. Other brokers do have useful features, such as usage of trading room chat, however, OpenBook goes one step further.

You may ‘copy’ the trade, which means that as far as you are logged in to on line trading, it will input trade info into the interface for you instantly, even though you will need to adjust your lot size, and place you own stop loss/take profit amounts. This makes good sense, as to directly copy the other trader’s complete trade info would possibly be rather unwise, and besides their account may be bigger than yours so it may not work with incompatible lot dimensions.

First of all, the traders feed is a live streaming list of all registered traders’ opened and closed trades, which includes 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 additionally lists percentage profit, however not percentage loss).

You can see the full feed of all traders, or stick to the best one hundred traders, which is probably the best option, as it is not really worth following the novices. Once you have recognized a trader that has closed in profit you can click on their username, and see 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’ that will add them to your ‘friends feed’.

Absolutely nothing beats real trading, however paper trading is an excellent way of stepping back which is necessary once in a while if you’re gonna develop as a trader.

You could spend a considerable amount of time with this tool, and even though not a tool in the analytics sense, nevertheless it is a tool. It is possibly a great way to learn how to trade, even though like anything else which involves money, you have to utilise it correctly, with clarity, and also keep 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 & give it a try, it is free, however, take some time.

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