Etoro, one of the world’s leading FX platforms, has introduced CopyTrader the first social networking trading application. Copy trader lets you piggy back off the trades of the most successful eToro traders. By examining the rankings of each trader, you can copy their trades with the click of a button.
You can also specify what time period you want to examine user’s trades over as well before choosing which user to copy. Obviously the larger time period that you examine trades over the more likely you are to find a winning trader. We would suggest look at the 1 year option. Hopefully, eToro in future will show the number of trades a user has made as well as that will help even more in identifying the most profitable traders.
CopyTrader is absolutely perfect for new traders who are looking to gain some experience by following advanced trader’s positions. Even for experienced traders, CopyTrader is desirable as it will enable you to examine trading positions you might have missed. You can also follow more than one trader as well and build a portfolio of traders.
CopyTrader does allow you to manually overwrite trades including agreeing what to trade in the first place (including commissions), and when you take your profits etc. However, the whole point of CopyTrader is to profit from others trading strategies, so we suggest you set aside an amount you are comfortable with and follow the trades verbatim, but the manual override button does exist!
Of course the ultimate goal of a trader should be to have people following your trades. If you get to that level, eToro will pay you via their guru rewards program that they will be introducing very soon.
eToro is one of the leaders when it comes to social networking. Their Open Book system was the first serious social networking application aimed at allowing users to share trades in a real time environment. CopyTrader is the next step in the evolution of social network trading. Check out our eToro Review to see what else they offer!
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