ForexNewsNow – OpenBook is a social network for forex traders to help them learn and grow from watching the trades of others. It has a much greater emphasis on showcasing individual traders than other networks, but lacks many of the social features that other forex trader networks, such as Tradeo, have. It is also only compatible with eToro, severely limiting your options if you have accounts on multiple brokers or want to trade with someone else.
If you are trading with eToro, the OpenBook feature is a great way to learn and build a team of traders using their copy trader feature. If not, other forex social networks can give you many of the same benefits without having to switch brokers.
The focus of OpenBook is to try to help you find other successful traders to learn from and copy, so it foregoes the traditional dashboard that shows you aggregate trades over the community in exchange for a news feed showing the open and closing trades along with profit or loss by everyone in the community. This is one of the key ways that you can find traders who are doing well.
The other way to identify good traders is the top performer sidebar. The sidebar shows you the most successful traders over the last one, three, and six month span. If you’re just getting started, this is the go to place to check.
Once you’ve used OpenBook to identify a top trader, you can go to their trading profile to see various different stats about them, including recent stats, their trading behavior, risk levels, and an investment breakdown. If everything is to your liking, you can move on to the next step, the CopyTrader feature.
CopyTrader is free, and fits seamless into your eToro account. It lets you use real or virtual money to try out your trading strategy and build a team of people that you would like to manage your money. The best feature is you can allocate what amount you would like to have the traders you’re following invest and then the platform will automatically invest that amount proportionally depending on the trades of the trader you’re following. Your money will have the exact same risk level as your new team member.
Platform Ease of Use
The OpenBook platform is web based, clean, easy to use, and integrates seamlessly with your eToro account. Any issues can be resolved by the same award winning eToro customer support.
Pros and Cons
OpenBook is one of the least buggy, best performing forex social networks out there today. Best of all, the price is free, unlike other networks which will take a percentage of the profits you make from following traders or add a few pips onto each trade.
Unfortunately, you can’t use any forex trading brokers other than eToro with the account, which rules out anyone who doesn’t want to use their web-based platform to trade.
Rates of Return
The rates of return that you can get with OpenBook will vary depending on which traders you decide to follow. Always put a large amount of research into the traders and diversify your portfolio by finding several top traders to use on your team, instead of using only one person.
eToro’s OpenBook platform is a great addition to their online forex offerings. It’s easy to use, clean, and can help people who want to see what other traders are doing or simply want to find a team of traders to manage their money for them. Unfortunately, since it is only compatible with eToro’s platform, if you aren’t planning on using them to trade, you should look at other social platforms, which might be more expensive but will give you a lot more for your money.