eToro Open Book
EToro Open Book Creates New Trading Options
Do you like to earn money online by trading in the Forex market? Do you worry that you might lack critical knowledge that can affect the outcome of your trades? You do not have to worry any longer. If you can use social networks, such as FaceBook, you can trade Forex. EToro Open Book gives you real time trading feeds from top professional traders and allows you to copy their original trades instantly.
This platform provides an ideal environment for traders of all experience levels. Experienced traders can recruit their own followers and gain recognition for their skills in choosing successful trades. They can also follow the trades of others like themselves and, possibly, spot positions they might have overlooked as they open up.
Novice traders can benefit from the experience of seasoned professionals while they learn the ropes. They can follow the trades of their chosen gurus and copy any of these trades they choose on a one-to-one basis.
Benefits of the eToro Open Book Trading Community
It is possible to chat with top traders in real time and ask them questions about trading strategies and market trends or indicators. Their answers are posted on a board for you to see, as well as other traders using this platform. This can lead to conversations as those who agree or disagree with the advice post their responses.
At any given time, you can view the open positions of some of the leading traders in the world. You can see what direction currency pairs are moving and how these traders react to such movements. You can use this information to help you formulate your own trading strategies.
One added feature with the eToro Open Book platform is the ability to copy active trades being carried out by others. This means that you can see the trade being made by someone you have been watching come out ahead in trade after trade and duplicate their trades. Your copied trade will mirror theirs right up to the moment when they close out of the position. Your trade will automatically close at the same time.
Of course, it is only fair to warn you that a trade may look favorable at the time of copying, but turn the other direction before the person you are copying closes out. Therefore, it is important to reiterate the warning, “Do not invest money you can not afford to lose.” You will also have the ability to close out of the position manually at any time if you do not like the way it is moving.
How to Use eToro Open Book for Maximum Profit
By selecting a button on the page, you can pull up the trades of the top 100 traders in the market at that time and see what positions they have open, as well as how their trades are faring in the profit or loss category. This information can be used to help you decide which currency pairs are most profitable at that time and formulate strategies to get you started.
You may also follow other successful traders and add them to your watch list. You will be able to see how their trades fare, much like the top 100. The difference is that you can choose to follow whomever you want. You may find individuals who are in a very similar financial situation to yours so that it will not be difficult to copy their trades. Some may have much more money to risk than you.
You should always evaluate the risk factors of each individual trade for yourself before copying traders. All traders will enter into a losing position from time to time, and all it would take is one major loss to wipe out any profit you had made from previous trades. It is one thing to copy trades and something completely different to just copy a trader.
Even the trading gurus who show high profit margins consistently run the risk of choosing a bad position and losing money. For this reason, it is essential that you follow the market indicators and look at everything from your own standpoint before investing.
Copied trades will automatically close when the original trader closes it. However, it will be safer for you if you monitor your copied trade until it closes because even seasoned professional traders can make a mistake. Remember, you can always close your trade manually if you think the profit you have earned is enough or to reduce the amount of loss if the trade goes against your position.
The eToro Open Book blends the technology of social networking with the financial market in a unique way. It gives new traders a power they never had before while helping experienced traders improve their skills and chat about the current factors affecting the market.
Tags: Copy Trader, critical knowledge, currency pairs, Etoro, experienced traders, Facebook, followers, Forex Brokers, forex market, Forex Platforms, gurus, market trends, novice traders, open positions, Openbook, professional traders, real time trading, social networks, top traders, trades, Trading Strategies
Tagged with: Copy Trader • critical knowledge • currency pairs • Etoro • experienced traders • Facebook • followers • Forex Brokers • forex market • Forex Platforms • gurus • market trends • novice traders • open positions • Openbook • professional traders • real time trading • social networks • top traders • trades • Trading Strategies
Filed under: FOREX
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