eToro (Europe) Ltd., a Financial Services Company authorized and regulated by the Cyprus
Securities Exchange Commission (CySEC) under the license # 109/10
The following guidelines are here to give you a basic idea of the services offered by eToro and how you can go about using them to build your trading portfolio. Ready? Let’s get started!
The WebTrader is an online trading application that you can use to access the currencies, commodities and indices markets. Any position you open, will be opened through this platform and automatically appear in the “Open Trades” panel where you can edit its parameters (Stop Loss, Take Profit), monitor its progress, and close it when you’re ready.
The process of opening a trade through the WebTrader is simple and intuitive, so let’s go over it quickly.
In the top left corner of the interface you will find live market rates and charts. To open a technical chart, you can either click on the big “Chart” button to open the general chart software, or click on the little chart icon next to a specific currency, commodity or index to view the chart for that instrument. You can customize the live rates box by clicking on “Filter” and selecting the instruments you want to appear in it.
Once you choose the instrument you want to trade, for example the EUR/USD currency pair, you’ll have to decide whether you want to buy or sell the instrument (long/short position) by clicking on the big BUY/SELL buttons in the top center square.
Then we move on to the trade parameters in the top right corner. The two essential parameters you have to determine before opening the trade are the “Leverage” and trade “Amount”. It is recommended that you also set a Stop Loss and Take Profit when you enter the position, but these are parameters that you can also edit after the trade has been opened in the “Open Trades” panel. The same applies to the “Carry over weekend” setting.
All that’s left to do is click on “Open Trade”. You’ll have to confirm the trade parameters once again, to be sure, and once you do, congratulations, you’re trading in the financial markets!
Please note that you use the same process to set up a trade order (a trade to be executed automatically once the market reaches a set price) by clicking on the “Order” button above the BUY/SELL buttons. Any order you set up will appear in the “Orders” panel (click the tab next to “Open Trades”).
So remember, setting up a trade is easy, just follow the interface from left to right! Also, you can read all about the new version of the WebTrader on the eToro Blog.
Give the WebTrader a try!
Now that you know how to manage your trades, let’s see how you can use eToro’s social trading network to take your trading to the next level. eToro OpenBook connects you with millions of other eToro traders and enables you to share information, follow your favorite traders, copy individual trades and even dedicate a portion of your account to copying traders automatically.
Let’s take a look at the OpenBook interface:
This is the live trading feeds area, the beating heart of the OpenBook network. The feeds bring you live trading action as it happens so you can see what other traders are buying/selling and even copy trades you like by clicking on the “Copy” button at the bottom right corner of the notification box. You can also like the item, comment on it, or choose to follow the trader.
Above the main live feed screen you will find the feed filters: Everyone (default), Watch List – the traders you’re following, Top 100 – featuring trades from our top 100 ranked traders, and Discussions – showing you the latest trader discussions rather than trading activity.
Above the filters you will find the other OpenBook features such as Markets – which enables you to view trading activity categorized by instruments, or rankings where you can see the top traders on OpenBook according to your chosen parameters. Within the rankings page you can also access the Guru Finder, a feature enabling you to search for potential traders to copy according to your personal settings.
Whenever you see a trader’s username you can click on it to see their personal profile, which looks something like this:
The personal profile enables you to learn a lot of information about the trader. You can view their Stats, Portfolio, Open Trades, History and Friends, as well as the discussions on their wall and their followers.
On the left side of the screen you will find two very important buttons. Clicking on “Follow” will enable you to follow the trader’s activity on your watch list feed and access their account through the “Friends” section in your own personal profile.
Clicking on “CopyTrader” will enable you to set aside a portion of your account (as much as 20%) to copy this trader automatically. That means that whatever position this trader opens, it will automatically be opened in your account as well, with the trade amount relative to your own portfolio. So if you see a consistently successful trader, copying them would mean that you would enjoy the same success, just by clicking a button!
Once you click on “CopyTrader” you will need to decide what percentage of funds to delegate to this trader and confirm. From then on the copied trades will appear in the “Open Trades” panel in your WebTrader (which you can access through the OpenBook by clicking on “My Trades” in the upper bar), where you can either monitor them, or manage them actively. Remember, if you change the trade settings of a copied trade it will automatically become independent of the original trade, which means that any changes the copied trader makes to the trade will no longer be reflected in your account, and you will have to close it yourself.
Give the OpenBook a try !
These guidelines should help you make your first steps in the exciting world of financial trading with eToro. We encourage you to take your time to get to know the software and its features with a demo account before you start trading live.
For more details please check out our super helpful eToro Platform Guide or contact our support!