Once again eToro updates its successful trading platform to include more advanced features for experienced traders. This time trading orders is the order of the day to afford traders a more flexible trading experience.
In its ongoing transition towards more advanced forex trading, eToro continues to add more professional trading tools to its already wide selection. The eToro platform had become quickly popular among beginner traders due to its stunning trade visualizations and educational opportunities. Shortly after, however, it was the professional traders’ turn to discover the advantages of trading with user friendly technology and visual trading interfaces. Having split the platform into two trading modes, Visual Mode and Expert Mode, eToro started to load the Expert Mode chock full of useful features such as technical chart retracing and a one click trading mode among many others.
The new addition of trading orders to eToro’s Expert Mode is another step up for the eToro platform in its process of attracting a more professional trading crowd. Trading orders enable traders to set a certain price level at which their trade shall be automatically opened according to their analysis of the forex market. The main advantage of trading orders is that they eliminate the need for traders to monitor the market waiting for their chance to open the trade. Using orders the traders simply sets the desired rate of the chosen currency pair and leaves knowing that if the market should reach this rate, his trade will be opened.
Setting multiple trading orders can practically reduce the time a forex trader has to spend on watching the market to a minimum. Once the trader has analyzed the daily trends and events using eToro's superb charting features, forex news updates and forex calendar, the trader can simply give orders for all the situations in which he would like to open a position. The trading order includes the option of setting Stop Loss and Take Profit limits, which gets rid of the necessity for the traders to monitor their positions after they are opened as well. In other words, the trading orders let the traders set all their moves for the day in advance and then come back at the end of the day to see the results.
This new eToro feature is also very useful to investors who tend towards a less active trading style and are seeking to open long term positions. The investor can set the order to make an investment in a currency pair whenever it hits a certain price level even if they predict that this scenario might happen a long time in the future. If the market changes direction, the order can always be cancelled, or conversely, the investor can always set two orders covering both directions that the market can take.
The most important thing that trading orders enable traders and investors alike to do is to strategize. By placing numerous strategic orders to cover all possible scenarios, traders make sure that they are taking advantage of whatever movement the market makes.
Once again, the eToro platform incorporates this feature seamlessly in its all-in-one expert trading interface, making it easy to utilize for those traders unfamiliar with this useful feature. With the added flexibility that this particular new feature affords, we are sure to see more and more professional traders opting to use eToro over more traditional trading software.
