Recently we have wrote about social trading as a new trend in Forex and now would like to introduce the visitors of Trading in Singapore website to the eToro OpenBook application where every trader can see, follow and copy the best eToro real traders for free.
What is OpenBook:
eToro OpenBook is a social trading network of eToro real traders. It contains trading profiles of the eToro traders including such important trading information as total gain or profit for a certain time period, risk level or leverage that traders use and traded instruments (currency pairs, commodities, indices). Whether you are trading in demo or real account, you have a free access to the eToro OpenBook where you can find the most successful eToro real traders and follow or copy their trading strategy absolutely free. From now on you don’t have to spend hours deciding what to trade and analyzing the market. You can just pick up the most successful traders in eToro social trading network OpenBook and let them trade for you by copying their trading strategy.
How to find the best traders to copy:
Choosing which traders to copy is a very important step. A trader you choose must be reliable enough to manage your investment. In the eToro OpenBook you can find lists of top eToro real traders who made the highest profits during the certain time period. For example you may want to view top performing traders for a last month period or for a last year. When opening a trader’s profile you can see a graph of a trader’s gain that will show you how stable the strategy of that trader is. Whether he/she gains all the time or had only few successful moments during the certain time period. We recommend following and copying the traders whose trading strategy shows stable profitable results without sharp downfalls.
Pay attention to the risk level (leverage) and the currency pairs (trading instruments) a trader is using. High leverage might be too risky and we recommend being on a safe side by picking up the traders using medium or low risk level in their Forex trading. Traders who concentrate their trading strategy on just few trading instruments are more reliable than traders who trade random currency pairs. Working with only few instruments a trader usually is familiar with their movement factors and can easier predict the trends.
How to copy the best traders:
After selecting few eToro traders (gurus) that on your mind are the most reliable and have the best trading strategy you can click on the “Copy” button you find in a profile of a trader and the system will automatically connect that trader to your trading account (demo or real). Upon giving a command to copy a trader you will have to set an amount you want this trader to manage. You are allowed to trust maximum of 10% of your total investment per trader. For example if your total trading account balance is $10,000 you can invest no more than $1000 per trader you copy. For the security of your funds, currently eToro allows to copy maximum 5 traders at the same time.
When logging in to your eToro trading account you will see a list of traders you copy and their actions in a real time as well as in the trading history. Once a trader you copy opens a trading position in his own eToro real account, the same position will be opened in your trading account automatically. The system will copy each action of the traders you copy. Of course you are staying the owner and the boss of your trading account. You can monitor what your copied traders are doing and interfere by closing the opened by them positions at any time and made different adjustments. If you are not satisfied with the trading results of the traders you copy you can drop them and add the new ones.
By developing the OpenBook application, eToro has opened a door to a transparent Forex trading, where every Forex trader has a chance to make profit by using the trading skills of other successful traders for free. Read eToro review>>