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EToro OpenBook - A Whole New Social Trading Platform For EToro Traders If you are on the lookout for the trader's 'magic bullet', then eToro OpenBook is not it, however there will never be one despite loads of 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 significantly it shows you who wins, at what level, and how often. Prior to looking at how to use the 'tool', let's take a look at its features. Etoro have right now added eToro OpenBook to their on line trading platform, which is a bit of a nice touch. Etoro have at all times done their very best to make their platform straightforward to utilize, and have integrated a 'what's selling, and what's purchasing feature' that enables 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, for example usage of trading room chat, but, OpenBook goes one step further. You may 'copy' the trade, which means as far as you are logged into on-line trading, it will input trade information into the interface for you instantly, although you'll have to modify your lot dimension, and place you own stop loss/take profit amounts. This makes good sense, as to directly copy another trader's full trade info would potentially be quite wrong, and besides their account may be larger than yours so it might 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, which includes orders. This lets you know who the trader is, the price of their trade, and if they closed, were they in profit or not. (It additionally lists percentage profit, but not percentage loss). You can see the full feed of all traders, or stick to the top a hundred traders, which is possibly the best option, as it's not worth it following the newcomers. Once you've identified a trader who has closed in profit you could click on their username, and see their profile to observe how they do overall. What you do from here is your wish. If you believe 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 good way of stepping back which is important occasionally if you're going to develop as a trader. You can spend long hours with this tool, and even though not a tool in the analytics sense, nevertheless it is a tool. It is potentially a great way to learn how to trade, even though like any-thing else which involves money, you need to use it properly, with simplicity, and also remember 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 of charge, however, be patient.
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