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eToro Upgrades OpenBook Ranking Algorithms

Oct 18 2012

This week eToro published an interesting blog post on the way they display signal providers in their OpenBook social trading platform. 

For a while now eToro has been running the Guru program, where the most experienced and successful traders were rewarded with generous bonuses for providing signals. Gurus are not the only leaders on OpenBook, though: the platform is designed in such a way that anyone can follow anyone. 
However, as the ranking criteria were pretty stale, we kept seeing the same traders on top of the ranking search results. 
A conundrum like this raises two questions worth considering. One, followers have a hard time finding suitable leaders whose signals to copy and for one reason or another, many good traders don’t get the exposure they deserve. 
Secondly, while a trader can have an impressive track record of success, this doesn’t mean that he/she is successful all the time. Think about it as a forex chart: while the general direction of a price is upwards, there are some movements down for shorter periods of time before the price starts going up again. It’s the same with traders: while many of them are generally profitable, they are not protected against losing periods. 
The guys from eToro must have noticed that as well and came up with a neat solution: shuffling the criteria for the Gurus displayed. Every two weeks, the eToro team will be re-organizing the ranking page based on different criteria. For the next couple of weeks for example signal providers who trade with medium risk and have a weekly drawdown of up to 10% will be displayed with priority (the broker has even sent out a newsletter with three leaders worth considering). 
Not long ago Zulutrade, one of the most popular social trading networks, spotted a similar problem but approached it with a different answer: they limited drawdown to 700 pips and decided to only list strategies with 100% success rate with a warning sign (such strategies encouraged signal providers tended to keep losing positions for way longer than reasonable, thus seriously exposing followers' capital).  
eToro's new approach will enable the broker to showcase more traders and more strategies, spicing things up for signal followers. It will also place the focus on traders who are successful not only in the long run but at that particular moment – so followers will have significantly higher chances of spotting a successful strategy. That will also serve as motivation for Gurus and regular signal providers to offer quality alerts and insight at any time

About eToro

eToro is a Cyprus-based forex broker regulated by the Cyprus Securities and Exchange Commission. It offers reasonable trading via proprietary trading platforms, variable spreads from 1 pip, and leverage of up to 1:400.
TAGS: eToro OpenBook  forex trading  social trading 

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