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If You Are On The Lookout For The Trader's 'Magic Bullet', Then EToro
OpenBook Is Not It
If you're seeking for the trader's 'magic bullet', then eToro OpenBook is just not it, however there'll
never be one regardless of loads of existing claims 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 frequently. Prior to looking at the way to use the
'tool', let us have a look at its features.
Etoro have now added eToro OpenBook to their on line trading platform, that is a bit of an excellent
touch. Etoro have at all times done their very best to make their platform straightforward to make
use of, and have integrated a 'what's selling, and what is purchasing feature' that enables you to
notice what other traders are doing in terms of overall trader buy/sell volume on a given
product/currency pair. Some other brokers do have useful features, such as usage of trading room
chat, however, OpenBook goes one step further.
You can 'copy' the trade, which means as long as you are logged in to on-line trading, it will input
trade information into the interface for you instantly, even though you'll need to modify 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 information would potentially be rather wrong, and besides their
account may be bigger compared to yours so it might not work with incompatible lot sizes.
Firstly, the traders feed is a live streaming list of all registered 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 additionally lists percentage profit, but not percentage loss).
You can see the entire feed of all traders, or stick to the top one hundred traders, which is possibly
the best option, as it's not worth it following the beginners. Once you've identified a trader who has
closed in profit you can click on their username, and view their profile to observe how they do
overall. What you do from here is your choice. If you believe that they are a successful trader you
can 'follow them' that 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 are going to develop as a trader.
You could spend a lot of time 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, even though like any-
thing else which involves money, you have to use it correctly, 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.
Take a look at entire eToro OpenBook review here & try it out, it is free of charge, but, be patient.
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