eToro launches its own Forex Social Community - OpenBook
Etoro the leading provider of simplified Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term trading solutions just launched it's own version of a Forex Social Community. I just briefly discussed social communities and networks couple of hours ago discussing fxstreet's and myfxbook's collaboration.
Etoro's claim to fame is it's simplified approach to financial trading which company believes will appeal to the masses. For now, it seems it's not wrong as eToro is rumored to be making quite nice volumes and profits.
Etoro's new social feature is called OpenBook (in a way similar to myfxbook and facebook, I guess that's the idea) which shows a list of 'twittered' trades by other participants. So far so good, but the real business model here is exactly what Currensee and other are trying to do - allow you to monitor and then follow the most skilled traders. I suppose following on this new platform allows you to duplicate trades on your account while the followed trader gets some kind of compensation.
The interface, just like the rest of eToro's platform is dead simple requiring little knowledge of trading. In a way, it's a very simplified version of Tradency - without all the sophisticated monitoring tools and parameters, which is also the flaw of OpenBook as it doesn't allow you to effectively evaluate performance except for win ratio and total gain. Here there's plenty of risk for traders who will need to be very very cautious when choosing whom to follow.
It seems that all the market understood by now that the real money is in auto-trading this way or another. Whether it is highly sophisticated strategy evaluation platforms such as Tradency, Currensee's Social Networking or much more simplified tools such as FXBee's or prettily designed and easily followed eToro's platform. I also hope that this model would contribute to brokers becoming less market makers and more STPers as the mathematics here is simple: traders will follow only successful traders, successful traders will succeed only when their trades are STPed, and the total volume of several leaders and myriads of their followers can be very high thus substantially influencing any broker's decision whether to mess with your trades or not.
It is actually the best model ever for the broker - you just take successful traders, put them on a STP server and do the same with their followers. This way you don't take the risk and profit from volumes. Interests aligned.
LONDON and MILAN, 12 July 2010 – eToro, the fastest growing online financial trading company , has announced the launch of a new social trading network, OpenBook, that transforms the way people trade online. OpenBook enables users to view, share, and even copy their chosen trader’s moves in real-time. By enabling traders to follow and interact with each other, OpenBook breaks barriers between traders, accelerates knowledge sharing and shortens the learning curve for users that want to bring their trading experience to the next level.
“eToro’s mission from the beginning has been to make financial trading accessible to everyone. eToro’s OpenBook does exactly that, ” said eToro CEO, Johnathan Assia. “We want to give all our users a better position to succeed by transforming the lonely art of investing into an exciting collaborative activity. Everyone curious about financial markets can now witness trades as they happen, and watch how the experts plan their next move. Since eToro offers trading on global markets, people from all over the world can communicate easily around the clock and benefit from each other’s knowledge."
eToro's OpenBook opens up financial trading to all levels of expertise. Beginners can ride on the success of the experts by talking to other traders and following their activity, while seasoned traders will benefit by attracting followers and by being recognized as gurus. In addition, now that eToro makes all trades transparent to everyone, people can choose to follow those traders that have similar personal profiles and trading styles.
To learn more about eToro and how to start trading with OpenBook please visit:
https://openbook.eToro.com
About eToro
With more than 2,000 new accounts opened each day from more than 130 countries, eToro brings online financial trading to over one million eToro users worldwide. Its “people friendly” platform, educational and trading toolbox and largest worldwide trading community make interaction and cooperation the heart of the financial trading experience. Currently available in 15 languages and offering the most commonly traded currencies, commodities and indices worldwide, eToro 's trading platform is the fastest growing online trading environment.
Dori Harpaz
eToro
Mobile: +972 52 6950718
pr@eToro.com
www.eToro.com
Michele Lewis
The Top Floor
Mobile: +44 (0)7729 501 369
michele@thetopflooragency.com
www.thetopflooragency.co.uk
Etoro the leading provider of simplified Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term trading solutions just launched it's own version of a Forex Social Community. I just briefly discussed social communities and networks couple of hours ago discussing fxstreet's and myfxbook's collaboration.
Etoro's claim to fame is it's simplified approach to financial trading which company believes will appeal to the masses. For now, it seems it's not wrong as eToro is rumored to be making quite nice volumes and profits.
Etoro's new social feature is called OpenBook (in a way similar to myfxbook and facebook, I guess that's the idea) which shows a list of 'twittered' trades by other participants. So far so good, but the real business model here is exactly what Currensee and other are trying to do - allow you to monitor and then follow the most skilled traders. I suppose following on this new platform allows you to duplicate trades on your account while the followed trader gets some kind of compensation.
The interface, just like the rest of eToro's platform is dead simple requiring little knowledge of trading. In a way, it's a very simplified version of Tradency - without all the sophisticated monitoring tools and parameters, which is also the flaw of OpenBook as it doesn't allow you to effectively evaluate performance except for win ratio and total gain. Here there's plenty of risk for traders who will need to be very very cautious when choosing whom to follow.
It seems that all the market understood by now that the real money is in auto-trading this way or another. Whether it is highly sophisticated strategy evaluation platforms such as Tradency, Currensee's Social Networking or much more simplified tools such as FXBee's or prettily designed and easily followed eToro's platform. I also hope that this model would contribute to brokers becoming less market makers and more STPers as the mathematics here is simple: traders will follow only successful traders, successful traders will succeed only when their trades are STPed, and the total volume of several leaders and myriads of their followers can be very high thus substantially influencing any broker's decision whether to mess with your trades or not.
It is actually the best model ever for the broker - you just take successful traders, put them on a STP server and do the same with their followers. This way you don't take the risk and profit from volumes. Interests aligned.
LONDON and MILAN, 12 July 2010 – eToro, the fastest growing online financial trading company , has announced the launch of a new social trading network, OpenBook, that transforms the way people trade online. OpenBook enables users to view, share, and even copy their chosen trader’s moves in real-time. By enabling traders to follow and interact with each other, OpenBook breaks barriers between traders, accelerates knowledge sharing and shortens the learning curve for users that want to bring their trading experience to the next level.
“eToro’s mission from the beginning has been to make financial trading accessible to everyone. eToro’s OpenBook does exactly that, ” said eToro CEO, Johnathan Assia. “We want to give all our users a better position to succeed by transforming the lonely art of investing into an exciting collaborative activity. Everyone curious about financial markets can now witness trades as they happen, and watch how the experts plan their next move. Since eToro offers trading on global markets, people from all over the world can communicate easily around the clock and benefit from each other’s knowledge."
eToro's OpenBook opens up financial trading to all levels of expertise. Beginners can ride on the success of the experts by talking to other traders and following their activity, while seasoned traders will benefit by attracting followers and by being recognized as gurus. In addition, now that eToro makes all trades transparent to everyone, people can choose to follow those traders that have similar personal profiles and trading styles.
To learn more about eToro and how to start trading with OpenBook please visit:
https://openbook.eToro.com
About eToro
With more than 2,000 new accounts opened each day from more than 130 countries, eToro brings online financial trading to over one million eToro users worldwide. Its “people friendly” platform, educational and trading toolbox and largest worldwide trading community make interaction and cooperation the heart of the financial trading experience. Currently available in 15 languages and offering the most commonly traded currencies, commodities and indices worldwide, eToro 's trading platform is the fastest growing online trading environment.
Dori Harpaz
eToro
Mobile: +972 52 6950718
pr@eToro.com
www.eToro.com
Michele Lewis
The Top Floor
Mobile: +44 (0)7729 501 369
michele@thetopflooragency.com
www.thetopflooragency.co.uk