The eToro OpenBook is the first and most innovative social networking site that connects and brings together, the many investors and Forex traders from many nations around the globe. What does this system have and why has it gained the "2010 Most Innovative Trading Platform" Award and the "Best of Show" from Finovate Europe 2011? Let us take a look of what OpenBook has and what it provides to users.
As you enter OpenBook, you will be led to the Traders feed, where you will see everyone who buys, sells, orders, and closes various deals on currencies, commodities, and indices. You have the option to see everyone, the people who you have included on your watch list, or those who belong to the top 100 traders.
On the Live Trading Feed, you will see real activities done by real account holders, real time. Their usernames, including actions they have done for the trade, the amount that they have placed, gained, or lost, and the market where they have done the specific action to can be seen here also. One notable feature in this platform is that risks levels on markets, green for low, yellow for medium, and red for high, also appears on this section. As you gauge whether the trader has done a remarkable performance, you can “Like” or “Comment” on their particular action, “Follow” the trader, or copy his or her trading action with the specific market. It is all up to you.
In case you are curious of a particular trader, then you can click his username and view his information. Just like Facebook, you can check previous activities, people being followed, and people who are following the user. Profits and Losses are also found in the profile section where summaries of risks taken, transaction trends, and profit percentage are accessible.
Upon checking on user stats, a detailed line graph of Profit and Loss movement, including the trading patterns of the individual, presented in a breakdown and pie chart, can be checked. It can be spanned in and out from 1 week to as far as 1 year. Risk appetite is also here, plus the market behavior of the user. It tells the number of trades executed the percentage of these trades that made profit, the rate of buying direction, and average holding time when the user is active on the system.
These are just a couple of pages on the OpenBook software. But despite of which, you can see clearly why this tool has been quoted as the most innovative, because of the intuitive function of links, buttons, and graphs that show data quick and detailed.