It is a fact that today Forex Trading is one the fastest growing markets in the word that reached over $110 billion volume this year. Its rapid growth developed a social trading trend that shows a great popularity among Forex traders. Social trading networks such as eToro OpenBook provides the users with the real-time information of trading positions, strategy and profits of other traders. Every eToro user is able to watch, share and automatically copy the trading actions of his/her favorite real-time traders.
In order to take an advantage of the social trading, a Forex trader must know how to identify the top traders in the eToro investment network and follow them. Newbie traders don’t need to spend years of learning and practicing their trading strategy in order to start making profit. With eToro social trading network, everyone can start trading like a pro by copying the strategy of their favorite traders.
Here are few tips that can help every new trader successfully benefit from the social trading.
1. Find the list of the eToro’s best traders by visiting the OpenBook Rankings page. You can find the best traders sorted by 1 week, 1 month, 3 months, 6 months and 1 year total gain.
2. Decide which traders you would like to follow and copy. Looking at the portfolio of the traders you will have an idea about a trading strategy of each trader. Whether it is a long term or short term trader, does his trading strategy make him a stable income or not, what risk level (leverage) he/she is using, what currencies does he/she trade. All these factors are very important when choosing the traders to follow and copy. You must trust the strategy of a trader you will copy as he/she is the one who will manage your investment.
3. Pay attention on the number of followers every guru trader has. It is a great indicator of the trader’s popularity and trust among other eToro users. The gurus who have 500 – 1000 followers are more likely to be highly successful, with extensive experience and sharing their expertise with others.
4. Decide on the amount you want to invest per trader you have chosen. The eToro copytrader feature allows you to invest maximum 20% of your initial deposit per trader. You can start from a small amount and increase it any time when you feel confident in the trading strategy of the traders you copy.
Social trading opens a door to easy and successful Forex trading for every person interested in financial markets.
Click here to open eToro trading account and start using this amazing tool.