Social Trading just got better: the new Revolution to benefit Traders who are struggling to make profits and inexperienced trades as well
eToro is proud to take its community to a new level and launch the OpenBook, A first of its kind social trading network, allowing its traders to see the trading activity of other traders in real time, follow traders that fit their trading preferences and copy the trades they like.

This is a form of Social trading where you copy what those doing profitable trades are doing. In essence by copying a successful trader you get the results they get. Which means you trade like an expert even when you are not one.

Here is an excerpt explaining more on Social Trading

SOCIAL TRADING

Social networking has been a platform which has been incorporated into many other industries. Why have you decided to implement this within your services, and in what ways?

The introduction of social trading has been a major corner stone for eToro. We felt that one of the major obstacles that novice traders, and indeed most traders in general, face is the sensation that they are alone against an enormous market. That sensation can be intimidating, and can affect their trading emotionally.

Social trading means that any trader that signs up with eToro immediately steps in to a huge worldwide support network which can provide them with an endless amount of information, as well as emotional support. Right now our traders communicate through integrated chats, forums, trading competitions, and our Top Traders’ Insight tool.

How have your traders reacted to social trading?

Our traders are ecstatic about it. They all participate in our challenges, and most of them use at least the chats to discuss forex while they’re trading. We’ve found that novice traders especially love the Top Traders’ Insight tool because it enables them to see the actions of our top profiting traders, which provides them with an expert perspective on the market that they can either emulate or analyze. Our forums are also extremely active, and in general it seems like our traders jump at any opportunity to interact.

How do you plan to develop this further?

We’ve just launched a new online Social Trading platform that will enable traders to see any trading activity conducted by other traders. This new feature provides traders with the opportunity to follow any trader in order to learn from them, to get advice from them, or to simply emulate their actions.  It is also an excellent tool for spotting trends as they happen, for example, if you see all the traders you follow start to sell a certain instrument.

For professional traders it provides the unparallel opportunity to become a Guru for an entire trading population, and what’s more, in the future it will allow them to earn money by trading for other people who have been impressed by their performance record.

To enjoy the benefits of  eToro OpenBook follow these steps:

Step 1. Open a Free eToro Account

Step 2. When logged in in your newly Trading account visit eToro Open Book

Step 3. Copy what the Strategy and trades of the top 100 Successful traders

Step 4. Repeat step 2 and 3 and harvest as much profits as you like