Here’s the firstsocial investment network adding further value to its service by introducing mirror-trading to its clients in a rather more leveraged manner, hence taking the entire process of trading and profit-making beyond its ease. The social investment network name is eToro, the application is eToro Open Book and here we will quickly see why I place this application one-step above other conventional mirror-trading websites like collective2 or zulutrade.com.
The application eToro Open Book is an innovation based on the three pillars of trading success i.e. see, follow and copy. When you open an account with Etoro, you get to download an application eToro Open Book onto your system that runs alongside your trading platform. This open-book displays the current trading activity of all your chosen traders as they go and then you are free to follow them and copy their trades onto your own account also, hence making the same profit or the same loss as they would do in their own accounts. To choose your preferred traders, you just need to go to the LIVE RANKINGS option on eToro Open Book where they have ranked each of the winning traders based on his profit- loss ratio, average trade-duration, trading Sharpe-ratio and all similar factors that make the essential ingredients of risk-free profitable trading. The ranking procedure is carefully drafted, hence the chances of finding a rogue trader or a bad system are minimal or even nil. Even better is the fact that all trades that are displayed on the eToro Open Book are taken only from the live accounts and not demo; hence you know how serious these trades are.
The advantage of using the eToro Open Book over other mirror-trading websites is that it allows you to copy the trades in real-time unlike others where the trader’s trades are automatically copied into your account. This gives you more control over your account trading activities as you are free to skip some of the trades in case you find a better trade on the same pair with some other trader. Yes, it does call for an active involvement with the market all day long which is not precisely the essence of automated mirror- trading but remember that success comes for a price, so if you want to reap the profits of trading, you better pay the devil the dues. Otherwise, eToro Open Book also has another interesting feature called Copy-trader that allows automatic copying of the chosen trader’s trades in your account and then you can find your hands-free income. Remember, all features of the Open-book come to you absolutely free.
However, there’s another interesting feature to eToro Open Book and that is its innovative Trade-story feature. Every time a trade is closed in profit, the user gets the option the read the story of this trade, i.e. learn why this trade was made and the logic with the system behind this trade. This helps the followers understand the system in good details and thereafter become independent, i.e. be able to read the market on this system and then do all the trading on his own. This helps you on a long run when you want to set- up a business in forex-trading using a tested trading system; this trade story on eToro Open Book is precisely THAT.
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