EToro OpenBook - A Brand New Social Trading Platform For EToro Traders

If you're looking for the trader's 'magic bullet', then eToro OpenBook is not it, but there will never be one regardless of loads of current claims to the contrary. It is however well more than just 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 often. Before looking at how to utilize the 'tool', let us have a look at its features.

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Etoro have right now added eToro OpenBook to their online trading platform, that is a bit of a nice touch. Etoro have constantly done their best to make their platform easy to utilise, and have incorporated a 'what's selling, and what's buying feature' which enables you to see what other traders are doing in terms of overall trader buy/sell volume on a particular product/currency pair. Various other brokers do have helpful features, for example access to trading room chat, however, OpenBook goes a step further.

One of the better things about forex trading is the fact that it takes little start up capital; you can certainly get started in trading with only around $10.

You can 'copy' the trade, which means that as long as you're logged into online trading, it will input trade information into the interface for you automatically, even though you will need to modify your lot size, 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 quite unwise, and besides their account may be larger than yours so it might 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, including 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, but not percentage loss).

The two kinds of forex trading applications that you can choose and the benefits of deciding on an automatic version over the other one.

You can view the full feed of all traders, or stick to the leading 100 traders, which is probably the best option, as it is not really worth following the beginners. Once you have recognized a trader that has closed in profit you can click on their username, and view their profile to see the way they do overall. What you do from here is of your choice. If you think that they are a successful trader you can 'follow them' that will add them to your 'friends feed'.

Transform the way you trade in the forex market with the Forex Autopilot System; a software that lets you earn money by trading automatically. With the help of the Forex Autopilot Software, you are able to choose a currency, its selling price prior to any buying.

Absolutely nothing beats real trading, but paper trading is a good way of stepping back which is necessary once in a while if you are going to develop as a trader.

You could 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 good way to learn the way to trade, although like anything else that involves money, you need to utilise it appropriately, with clarity, and also keep in mind there are no 'magic bullets' with forex trading, you still have to take a balanced approach to placing your trades.

Foreign currency trading works in the same theory as the stock market. The advantage of forex trading over stock trading is that currency trading is done 24-hours additionally the leverage commonly provided by online forex dealers significantly exceeds that provided by equity brokers.

Check out full eToro OpenBook review here & try it out, it is cost-free, but, take some time.

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