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eToro Cuts Down on Viewable Copy Trades in Users' News Feed

We're all aware of the many pointless and oftentimes highly irritating posts or automatic information bits that come with being part of a social network. And while Facebook has managed to  increase the number of those by recently making whatever articles your friends have liked not only visible in the Ticker but in your News Feed also, as a full-on post, eToro's team is actively working to spare you the nuisance of reading things you couldn't care less about. Earlier this week, the world leading broker and social trading provider, announced a major change in the way news for OpenBook users' watchlists are selected which will reduce unnecessary noise and make the process much more efficient.

Up until now, traders could monitor the entire activity of the people they follow, including each copied trade. Let me remind you here that on OpenBook 'following' and 'copying' are two different things. While on ZuluTrade, these terms are interchangeable, here followers only receive news from the Gurus they follow but do not mimic transactions. The latter is reserved for the copiers.
But back to eToro's updated News Feed policy. You'll still be able to keep track of the trades that the person you're following executes manually as well as of when he stops or starts copying someone. What will be excluded, though, are all trades that the same mimics automatically as their relevance to you is considered minimal. The “Copy Trade” option on each open position news, of course, remains and you're free to make use of it at an any given moment.
Speaking of “Copy Trade”, here's a common and dangerous practice that eToro blogger, Frankie Torres, thought was important to warn you against. He refers to it as 'opening extra trades', a way to further capitalize on a winning trade in the hopes of pocketing a larger profit. Sadly, that's not always what happens.
Since trade allocation on OpenBook is proportional, meaning that whatever percentage of their equity your Guru stakes on a position is automatically copied into your account, the same percentage but in respect to the money you have, quite often trade amount is hardly big enough to generate decent gain. So we get a bit greedy and figure that we'll open the same trade ourselves.
Not a good idea, says Torres, given that the majority of copiers lack the appropriate money management skills to be able to pull this one alone. But this is not simply a critique of 'opening extra trades'. Although he generally opposes the use of this trick altogether, if you insist on doing it, the blogger here also gives you three tips on how to avoid generating losses.
First, make absolutely sure that the Guru you're dealing with knows what they're doing by copying them for long enough to be able to draw conclusions. Second, do not bet more than 5% of your equity on the supplementary trade and most importantly, copy the primary trade by clicking “Copy” on the Guru's open positions list. By no means should you open the trade on your own through the platform because this removes the security provided by the Guru's risk level, take profit and stop loss settings.
That's it from eToro's community, at least what we found most interesting. Enjoy your enhanced News Feed, try to resist the temptation of seeking profits that are out of your league and happy trading.
TAGS: etoro  openbook  guru  copiers  followers  forex  trading  zulutrade  social trading  broker  copy trade 

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