eToro, the world’s largest investment network, is making it easier than ever for users to harness the wisdom of the crowds through eToro’s new Social Alerts™ application, now available for Android and shortly for iOS. This simple yet insightful app keeps users up to date with all the trading activity of Social Gurus on eToro OpenBook™. A Social Guru is a top trader that leads a community of eToro investors who copy their trading actions.
Alerts include the traded market, the direction as well as the take profit and stop loss for each specific trade. In addition, users can tap into the wisdom of the crowd and take advantage of the collective sentiment based on the alert ratings, the number of users that traded using the alert and user comments.
“Rather than relying on trading signals generated by computer algorithms, these alerts are supplied by real people who have put their own money on the line. Not only that, but by using the built in social sentiment you can quickly estimate the quality of the alert based on how many users have converted the alert into a real trading position,” said Johnathan Assia, Founder and CEO of eToro.
Social Alerts is the latest innovation in eToro’s mobile offering.
In late march eToro, hosted a live “Hangout” with Professor Sandy Petland and Dr.Yaniv Altshuler of MIT. Having collaborated last year on the MIT “Guided Copying” study, eToro will once again met up with Dr. Altshuler, together with his esteemed colleague Professor Sandy Petland, to discuss the idea of “Sustainable Trading”.
As Dr. Altshuler has already shown in his May 2012 “Guided Copying” study, eToro’s CopyTrader mechanism has already taken a big step in this direction. The study’s findings showed that guided copying (i.e. copying the trades of a provided “Social Guru”) improved the traders’ performance by 6%-10%.
Since then eToro has put in significant efforts into “tuning” its social trading network by providing the tools for discovering the most sustainable Social Gurus on its network via a “Featured Traders” section, as well as via an advanced traders search tool (the eToro Guru Finder), more transparent trader performance stats, profitability reports and periodical analysis of trader portfolios on the eToro Blog. Now eToro is turning to Dr. Altshuler and Professor Petland to collaborate on a second study, one that aims to come up with a “sustainable trading mechanism” that eToro aims to implement in order to elevate its traders towards better and more sustainable results.
“We are extremely grateful to Dr. Altshuler and Professor Petland for putting their time, talents and effort into this project, which could end up immeasurably improving our clients’ experience,” said Yoni Assia, CEO of eToro.
A recorded version of the “Hangout” will be available eToro’s YouTube channel.