E-Toro can boast as being a true pioneer and innovator in the field of offering social and copy trading services to traders. E-Toro has made and continues to make great efforts to render the taking advantage of the collective wisdom, skills and capabilities of the more experienced traders as easy and effective as possible. To this end it has developed and puts at the disposal of each eToro member a variety of social trading tools, which are briefly presented below. It should be noted that these tools complement the live streaming feed of trading information provided by eToro’s social trading platform, thus enabling each user to tailor make the filtering of this feed and consequently apply the information obtained to their investment portfolio.
The CopyTrader ™ is indeed an unprecedented system enabling the automated copying of other traders as well as the management of the ensuing copy trading activity. To use this system you simply need to pick the trader you want to copy, set the amount you want to allocate to them and decide whether you want to also copy their already open trades as well. Once you select these fields you simply click the copy button and your job is done! From that moment on your account will be automatically copying very trading action made by the copied investor, such as opening new trades, managing stops and closing positions. Nevertheless, automation is not complete and doesn’t mean you lose the control of your own money, since at any time you decide you can decrease or increase the amount allocated to each trader you are copying or even terminate the copying relationship completely.
People Discovery (Beta)
The eToro network consists of millions of investors and it is constantly expanding, so a special tool had to be created to ease the process of locating the right expert trader to copy. The People Discovery tool (currently available in Beta) meets this need, through being a simple search mechanism that makes it easy for each user to identify the right traders to follow and copy, based on his or her specific trading needs. To find those traders that better match your own preferences and criteria, simply perform a search by specifying the parameters you are interested in and a list with all matching traders will be generated for your use. The search results obtained may be saved for future reference or even be shared with other members of the eToro community.
Top Traders’ Insights
This cool tool comes in the form of a live updated widget, that can be accessed through the “Trading Tools” section of eToro’s WebTrader. Collecting data from the top 1000 most profitable traders on the platform, its purpose is to provide users with an insight into which markets these successful traders are investing in. The widget allows one to obtain a pretty clear and accurate overall measurement of the sentiment among the most successful investors, since it does not only display the top 10 most traded instruments, but a breakdown into buy and sell positions as well.
Economic and other news as well as the announcement of several data and indicators usually affect the trading markets and the prices of assets and are invaluable in devising and implementing a trading strategy or taking other trading related decisions. Through its Economic Calendar tool that not only lists upcoming events and/or announcements but also includes information on its expected impact and details the previous, forecast and actual figures for each announcement, e-Toro allows its users to always stay updated with such news and developments and better plan and coordinate their trading activity and decisions.
The Market News tool offered by e-Toro with the collaboration of Investing.com, is a one-stop shop covering the need of all traders to always be up to date with all market news to be able to take well-informed trading decisions. The live news updates allow the performance of fundamental analysis, obtaining technical insights and easily and quickly identifying upward or downward trends in the prices of tradable assets.
One of the trickiest and most confusing for newer traders elements of trading is the conversion of pips into real money, to be able to identify the actual profit or loss made by each price movement expressed in pips. EToro’s user friendly Pips Calculator tool takes the hassle away from each trader having to do the math and figure out the values themselves. Using this tool allows each trader to correctly calculate how much each pip is worth to them, depending on their selected trading instrument and the size of their trading position.