eToro: The Advantage of Communal Trading
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In the digital age, when every trader has the opportunity to trade from the comfort and privacy of their own home, it is very easy to feel isolated from the market and the trading industry. This is why platforms like eToro are paving the way for a new communal approach to trading that enables individual traders to profit from each other's company, knowledge and experience while they trade.
eToro, a forex trading platform that started its life as a user friendly platform for novice traders, has quickly become a global hit among a wide range of traders thanks to its comfortable interfaces, advanced tools, competitive trading condition, and most of all its vibrant and constantly expanding community. With its platform embedded chats, trading challenges, customizable profiles and other innovative tools, eToro eliminated the need for traders to turn to outside forex forums in order to interact with each other and become exposed to general trader sentiment.
One of the more innovative tools that eToro developed for its growing community is the Top Traders' Insight tool. This easy to use tool tells you the top 10 currency pairs bought and sold by eToro's top 100 traders at any point in time. The great advantage of this tool is that it is up to you how to use this information. Many novices find it profitable to simply emulate the trading decisions of the pros, or if they're more interested in learning, to analyze the pro's trading strategy in order to improve their own.
Due to the great success of the Top Traders' Insight tool, eToro has recently developed an entire platform that allows traders to follow the actions of other traders. The new platform is called Social Trading, and is available for free with the downloadable eToro software, as well as the online WebTrader. With this new software, traders can now choose specific traders that they wish to follow and get the scoop on every trading action those traders make.
The great thing about forex trading is that there is absolutely no interest in keeping information to yourself; on the contrary, it is to your advantage to influence others in order to swing the market in the direction you desire it to go. The new eToro Social Trading platform doesn't just give you the benefit of seeing how others trade, it also gives you a platform to become an influential force among hundreds of thousands of traders. Some experts even use this platform to make some extra cash by getting paid to trade for others.
Let's say for example that you win one of eToro's weekly challenges. The eToro community takes notice of people who can prove their profitability and next thing you know, you can have a career in trading for your peers. On the other hand, you can check out who the winners of the week are and choose to follow their actions in order to improve your performance. Unbelievably enough, it is an actual win-win situation, and the eToro platform gives you the chance to become a member of this community just by opening a free account.
To learn more about the eToro platform go to eToro.com
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