Currently, the Forex broker eToro has implemented a sort of social network for traders called eToro Open Book, in which traders around the world are sharing their analysis, thoughts, ideas and experience on the market and mainly on possible opportunities to trade.
Among the major advantages of eToro Open Book, is the fact that allows to view trading signals that the various members of the social network include in their profiles. Basically, when we open an account, the system connects directly to the trading account that we have with eToro (if we have one, otherwise we must open at least a demo account) and from there shows all the trades that we make in the market in real-time. Likewise, the affiliate can follow the trades of hundreds of traders who like him have an account with eToro Open Book.
For each trader, the site shows the daily, weekly and monthly performance that have had their trades, so that we can select those traders that are more profitable. It also includes a chart with the top five traders, which presents the overall performance of them during a given period of time and the number of followers that they have, an important fact considering that the more followers a trader have, more profitable should be its trades.
The following is a picture of the profile area for each affiliate of eToro Open Book:
As shown in the image below, in each profile is possible to check the historical data of trades carried out by the trader along with other data as the percentage of profits, the percentage of winning trades, the risk level of itstrades and its followers. In each trade, the visitor can leave a response, which favors the exchange of ideas and experiences among traders. This contributes to increase the general knowledge of the community about the market.
This site also shows the number and identity (profiles) of the traders who are buying or selling at a given moment in the different instruments that eToro offers its customers, whether currency pairs, commodities or stock indices. In this way, we can have even a vague idea of market trends at a given time in any instrument of our interest such as gold or the EUR/USD for example. Using this function we can know in detail the operations that are making the members of eToro Open Book.
In summary, this social network for traders offers the following advantages:
- Like any social network, this site allows us to share experiences with people who have our same interests, in this case the financial markets.
- Allows sharing ideas, trading strategies, experiences and general knowledge of the market with other traders.
- eToro Open Book allows to monitor the trades of successful traders with years of experience in the market, whose ideas we can apply in our own trades in order to improve our performance as traders.
* Note: It should be noted that in most cases, the members of eToro Open Book are not professional traders, so that their trading signals must be used with care as otherwise it may result in heavy losses.
To open an account with eToro Open Book you need to register on the website and have a demo account with eToro. Both procedures are free.
You can open an account at eToro Open book through this link:
You can open a demo account with eToro through this link: