If you look at my blogs widget on the right you will notice a widget there named Traders Insight. This is a indicator that shows what the top 1000 traders are doing the the Etoro platform. Considering there is probably more than a million traders on there it is great in showing on what the top few are doing. The ones that make good money.
Like i have said many times in Forex, you really do not want to follow what everyone is doing, more so you only want to follow what the few are doing right. Learn from there success so to speak. This tool if used right can be much the same.
Now, with this tool i recommend your own judgement as well. It does not say where to take profit, where to put stop losses, etc. Those are set by you.
This guide is on how one can properly use it to make profit in Forex. Trust me, it works more than it does not, if used right. You see, the top traders generally do not get these signals wrong. Otherwise they would not be the top traders..
Steps on How to Use?
- Go to the widget and select the drop down tab – Put it on Last Hour.
- Look at what is at over 80% sell or buy. This means that more of the 1000 top traders are convinced of a particular move. Let’s take the AUD for now with 91% of the top traders saying they are selling.
- Hover the mouse over the sell area and now it will reveal the common price they sell at.. The Aud showing 1.0318 is the common sell spot as the image suggests. This means this is a good number for you to do the same if possible.
- Okay now before entering a sell, go to your charts. Go to the one hour for AUD.. One hour will line up with what the top traders are doing as well as you selected the Last Hour tab. Now ask yourself, is it at a major resistance? Is there a reason this bias of selling is so high and if you agree with them, then now you should decide to enter or not?
- Look on the charts to decide where to put your stop loss. And thus also look for the next problem area to put your take profit. Please always keep in mind as sometimes these are little moves of only around 50 pips so check the charts based on there assessment.
- Enjoy the money, take the wife or husband or boyfriend or friend out.. It is as simple as that..
By the way, this widget will automatically change as bias changes as well in time. So keep an eye on it in case a move changes on you. You want to catch more so just after it happens if possible. However as long as the bias remains above 60% in your favor chances are you are in the right move overall.
Above – Daily Major Resistance Zone Shown
Above – 1 hour AUD / USD Chart
Above is a chart showing the AUD chart at the time of this assessment of the Traders Insight widget. As you will see on this one hour chart the AUD is at a major resistance area so you can see why so many top traders are selling right now on this assessment. This means the chart assessment and there assessment align.