Forex Trading Made Social: eToro OpenBook

Forex Trading Made Social: eToro OpenBook

Online financial trading has long been an industry in need of a push forward. In the transition of forex trading to the internet, most forex providers have inexplicably opted to ignore the multiple advantages of the new online medium and have instead simply translated existing offline capabilities into their online counterparts. Few providers, however, have chosen to break away from this unfortunate rule and explore the vast possibilities that the web has to offer. One of these renegade forex service providers is eToro whose secret to worldwide success has undoubtedly been its bold exploration of the social capabilities that lie in the Web 2.0 medium.

From the get go eToro has incorporated community elements into its software: eToro's forex forum , chats, and competitive trading challenges have drawn massive crowds from all over the world. In 2010, however, eToro has upped the ante by releasing the bombshell that is the eToro OpenBook. The OpenBook application is the culmination of eToro's previous notions of forming a forex trading community, creating a truly social way to trade.

The application enables traders to form bonds not just of friendship, but of trading mentors and pupils, by enabling traders to follow the activity of any trader they choose. When viewing said activities traders can also "like" a particular trade or order, comment on it, or even copy a trade instantaneously with the click of a button. And the benefit goes both ways: traders who collect large numbers of followers can then earn extra money by trading on behalf of others.

The amazing thing that eToro OpenBook reveals is that in a forex community traders risk nothing by sharing information. On the contrary, they stand to profit from others' insight and comments on their actions. Novices in particular can learn a great deal from participating in eToro OpenBook. Not only can they follow professional traders until they get their own bearing on the market, but they can also study their strategy and view their statistics, and by doing so learn how to become successful traders themselves.

In short, eToro OpenBook harnesses the power of online community in a way that's never been seen before in the online trading industry. It is this writer's sincere recommendation to any trader to try using eToro OpenBook at least once you'll wonder how you ever traded alone before.

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