eToro is a leading social trading network for binary options traders around the world. Its social trading platform is equipped with variety of tools that can connect you with millions of other traders on the platform. The following are 7 social trading tools that you can find on the eToro platform.
- CopyTrader
eToro copytrader allows you to copy the trading strategies of professional traders who have a high winning rates on the trades they place. There are hundreds of professional traders on eToro and the copytrader enables you to conveniently copy the trades of these traders in just one click.You can go into the personal profile of the professional trader to take a look at their portfolio and find out the stats to their account. You can also find the news feeds of the professional trader on his profile. The profile provides insights on all the trading activities of the trader and their risk levels. Spending time to find the right people can help minimize the loss.
You can use the search function in the copytrader to find your favorite investor. After you have located your favorite trader, you simply enter the amount you want to trade and click the copy button. You can use copytrader to automate the entire trading process including opening, closing and stop. You can completely control your funds and decide how much you want to invest. You can pause the trade and resume at anytime you want. You can turn off the CopyTrader connection if you want to stop copying the trades of other traders.
- Trading Insight of Popular Traders
The trading insight of popular traders is a tool found in the eToro Web Trader section. The tool reveals the type of asset the top 1000 successful traders are trading. Using this tool allows you to find out the top 10 most popular financial instruments along with their buy/sell positions. You can use this tool to analyze the successful traders and make a better decision in your trading activity.
- People Discovery Tool
The people discovery tool can connect you to millions of traders on the eToro platform. There are more than 5 millions traders on the platform and this tool makes it easy for you to search for a trader based on various criteria. Some of the criteria that you can use to search for the traders on the eToro platform are asset type, country, time period, risk, activity, profits and performance. The tool can also be used to find the most successful traders on the platform.
- Copy Stop Loss Tool
Etoro copy stop loss tool can automatically stop your account from copying the popular traders when they experience a loss of a large amount that is too much for you to afford. This tool is handy in that you don’t have to continually monitor your account when you are running copy trades.
- Economic Calendar
Economic calendar is where you will find announcement of important global economic events throughout the year. You can plan your trading strategy based on the economic events in the economic calendar. The economic calendar informs you about the impact of the current market announcement as well as the past economic events.
- Market News
Market news is a tool that offer the latest investment news from all over the world. Reading these news can give you an insight about whether it is the right time to make an investment in the binary options trading market. The tool only display news that are from authority financial portals that have millions of visitors per month. These financial portal sites are frequently updated with the latest news in the international market. With the market news tool, you can save your time on searching the internet for financial news in the market.
- Pips Calculator
Pips calculator is used for calculating the amount of changes that will occur in the forex currency you invest in the event that the market is very volatile. To use the calculator, you must first choose your trade size. The calculator will show you the predicted result of the invested currency based on the trade size you enter. With the pips calculator, you can save a lot of time on calculating manually.
Conclusion
In conclusion, etoro social trading tools makes it easier for you to talk to other professional traders and take advantage of their wisdom. Every trader on etoro platform should make use of these social trading tools to analyze the market before placing a trade.