eToro offers a unique way for both new and experienced traders alike to profit from trading currencies, commodities, stocks and indices. Thanks to the groundbreaking eToro OpenBook, you can copy traders that suit your strategies, allowing you to take advantage of more profitable traders’ knowledge and knowhow.

The eToro OpenBook is a revolutionary way to trade and invest in the world’s financial markets. Not just a run of the mill trading website, eToro is so much more. The OpenBook is a collective community of traders and investors whose trades can be seen by all. This gives you an insight into the strategies adopted by the best traders on the site, displaying their winning (and losing) trades, which you can then copy.

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eToro is quickly becoming one of the biggest names in online investment providers, with millions of active investors regularly trying their hand at beating the markets using the eToro trading platform. To make the platform more appealing to prospective investors, there’s a new welcome bonus at eToro that offers you up $1,000 when you first fund your new online investment account.

The bonus comes in the form of an eToro Gift Card. Unlike the previously offered bonuses at the site, the gift cards can only be used to copy trades using the OpenBook and you must be signed into Facebook in order to place these trades. This is because eToro will post each of your free trades to your Facebook timeline, telling all of your friends about your investing activities at eToro.

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Whether you’re a new online Forex trader or you’re an experienced ‘old hand’ at buying and selling currency pairs, the ability to copy other Forex traders and share in their good fortune will be an advantage. No matter how long you’ve been knocking about the virtual trading floors, there will always be someone who knows better than you and, if you can find such traders, maybe you could make gains by copying their trades, which is exactly what you can do with the eToro OpenBook.

Over 85% of all copied trades at eToro are profitable, which is more than can be said for non-copied trades. The reason for this is your ability to fully analyse other traders positions, both current positions and previously traded positions. This allows you to only copy online Forex traders who display a proven track record for making profitable trades at eToro.

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After OpenBook, a highly innovative piece of software from eToro comes something tied in and potentially even better. Launched this Summer, Copy Trader allows you to select Forex and Commodity traders from OpenBook to copy their trades automatically. You can only allocate 20% of your account to these copies, and you get to invest 10% of the traders trade, so unless you’ve got a huge account you’re not going to make a mil overnight.

Having said that, if you look at what is going on at the platform, it’s quite obvious that a lot of traders see it as a valuable tool. So, it’s time to revisit it, and take a look at the ‘ups and downs’ of this fascinating new product.

Just select, click and sit back, goes the blurb, no need to learn about trading etc, all on autopilot. Hmm… Now this software is great, but as we all know there is no such thing as a magic bullet, although in this case, it could be referred to as a ‘smart bullet’ (in the right hands).

You will need to pick your traders carefully, based on a variety of criterion. If you listened to the ‘pitch’ (and believed it), you could go away for a few weeks vacation, safe in the knowledge that your account will be a lot bigger in the black on your return.

Hmmm… Worst case scenario, while you’re away, Rod, Jane, and Freddy all for some reason simultaneously go bonkers, and rack up a load of losing trades – which have been automatically copied to your account. All very unlikely, but, in this game you’ve always got to be aware of the potential downside, even more so when you are literally putting your hard earned cash in someone else’s hands.

So you are probably not going to get wiped out, but the point is, you cannot leave anything to run on autopilot without at least checking in on a pretty much daily basis. A trader that you are copying may decide to experiment with a new currency pair, or commodity, which may not suit their style, and bang, a run of losing trades reflected in your ‘p and l’.

In short this is a potentially great tool which needs a bit of care in use, and attention to detail. If you would like to check what types of elements you should be looking at when copying traders, then head on over to a newly launched Copy Trader learning site, which is taking an experimental look at the software to assess it’s viability, and to create a learning base for new traders.

The site is taking real examples using a demo account, and at the very least gives new traders a couple of ideas on where to start with Copy Trader.