If You’re Trying To Find The Trader’s ‘Magic Bullet’, Then EToro OpenBook Is Not It

If you are searching for the trader’s ‘magic bullet’, then eToro OpenBook is just not it, but there will never be one regardless of many present 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 importantly it shows you who wins, at what level, and how often. Before looking at how to utilize the ‘tool’, let’s take a look at its features.

Etoro have right now added eToro OpenBook to their on-line trading platform, that is a bit of a nice touch. Etoro have at all times done their best to make their platform simple to utilize, and have integrated a ‘what’s selling, and what’s purchasing feature’ which allows you to see what other traders are doing when it comes to overall trader buy/sell volume on a particular product/currency pair. Some other brokers do have beneficial features, for example access to trading room chat, but, OpenBook goes a 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 details into the interface for you instantly, although you will need to modify your lot dimension, and place you own stop loss/take profit amounts. This makes sense, as to directly copy another trader’s complete trade details would potentially be rather unwise, and besides their account may be bigger than yours so it may 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 tells you 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 view the full feed of all traders, or stick to the leading one hundred traders, that is possibly the best choice, as it is not really worth following the novices. After you’ve recognized a trader that 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 up to you. 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 great way of stepping back that is vital once in a while if you’re gonna develop as a trader.

You could spend lots of time with this tool, and although not a tool in the analytics sense, nevertheless it is a tool. It is potentially a good method to learn how to trade, although like any-thing else which involves money, you have to make use of it properly, 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.

Take a look at full eToro OpenBook review here & try it out, it is cost-free, but, take the time.