Social trading has come of age with the launch of OpenBook, eToro's social trading platform. Understand how you can make it work for you whether you're new to Forex trading or an experienced trader.
OpenBook is eToro's standalone social trading platform. It runs alongside its traditional brokerage service and allows you to search, follow and copy top traders in seconds.
If you're new to Forex, social trading is a chance to learn from experienced traders and make money at the same time. Here's how you can make it work for you.
eToro makes it easy to find top traders whathever your investment preferences. You can filter traders by leverage, trade duration or exposure. Hone in on high leverage day-traders or investors with a longer term investment horizon in minutes. Every time, eToro shows the traders with the highest ratio of winning trades.
At any one time, you can see what other traders are buying and selling inside the social network. eToro broadcasts feeds whenever participating traders open or close a position, in the same way that Facebook or Twitter shows status updates in their news feed. This can give you a good feel for what's happening in the market or even spark new trade ideas.
Once you've found traders with an outstanding track record, you can either follow or copy their trades. If you choose to follow a trader, you'll receive his updates in your news feed. Alternatively, you can copy his positions automatically in which case a fraction of your portfolio will copy their trades. Sit back, relax and let others work for you.
If you're an experienced trader, this is a chance to raise your profile amongst the investor community and network with other top traders. In addition, you'll also earn money from every trader that follows up.
It's easy to get started with eToro's OpenBook platform. You can open a demo account if you want to. However, we suggest opening a live account and funding it with a deposit you're comfortable with if you're keen to start making real money right away.
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