Etoro Forex Traders Insight Tool Review
(left) is a picture of the traders insight tool that is available on the etoro forex trading platform.
This tool shows you the popularity of trades being made by traders using the etoro platform. This is a very good tool for people who are new to forex, who have difficulty knowing which trades to place.
The green indicates the amount of people buying the currency, while the orange indicates the amount of people selling the currency. If you hover over the green or orange bar, it will show you the average opening price for the trade.
There are many options that you can choose from when using the “traders insight tool” which you can not see on the picture. These include -
Sort By Trend
Risk Level – Low
Risk Level – Moderate
Risk Level – High
Traders Club – Gold & VIP
Traders Club – Bronze & Silver
Last Hour
Total Exposure
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When you select one of these settings the bars will change to show the popularity of the trades. The only setting that I use is the last hour setting. I find make more profits by just using this setting. When using the traders insight tool it is very important to hover over the green or red bar and check the average opening price. Once you have checked the average opening price, go to the chart of your selected currency and make sure that the buy or sell price is close to the average opening price. If it is not then do not trade the currency.
I find the traders insight tool to be most effective in the London / New York Overlap.
Below is a screen shot of trades that I placed today using the traders insight tool
(Click Image To Enlarge)
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As you can see this can be a very handy tool to make money in forex, but this does not mean that every trade you place you will win. It is very important to get out of a trade that is going the wrong way. It is also very important to take profits and not to get to greedy. When using this tool I aim to make 5 trades at $20 per trade, so that I make $100 per day.
With an initial deposit of arround $500 it is very easy for someone with very limited experience of forex to achieve profits of $400+ per week using this tool. Etoros minimum deposit is $50 but it is not recommended to trade with such a low account balance, as when trading forex it is important that you have a balance that can take a few losses.
Also remember not to use to much leverage. If you look at the picture above (top right) The risk level is what controls the leverage on the etoro forex platform. If you have a low account balance, this should never be set 400.
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Hi I found this post very interesting and useful. I am quite new to forex and one of the problems I had with trading forex was picking trades to place. To be fairly honest I was just placing random trades with my forex broker until I came across your post. Since using this tool my profits have increased considerably. I just wanted to leave a comment to thank you for this post.
Hi, I have used this tool quite a bit when using the etoro platform and would just like to point something out that I found whilst using it. If you only have a small account size, I would not set the settings to traders gold. Because these people have account sizes over $10,000 (I think it is) they can take a loss and tend to make trades that last for days. I find the best setting the trends setting. I use this on my live etoro account and I have been testing out all the different settings on a demo account, to see which is most effective. Although I have not tested it enough to be very accurate. I have had most success with the trends setting and least with the gold setting.
I have give a try to this one and it’s a surprise. Great and profitable.
Excellent support. I am very happy.
Thanks for the info on this tool, I cant manage to get profits of $500 per week using it, but it has helped me a very lot. Thanks again for sharing your knowledge.