As I continue to dig for more information about etoro, the forex trading platform I mentioned previously, I am learning more about the world of forex trading and forex traders. The makers of etoro apparently wanted to create a forex trading platform that was light and fun and inclusive instead of complex and elitist; but based on reactions to a 2007 techcrunch.com post titled eToro Makes Forex Trade Child’s Play it would seem that forex traders aren’t interested in having their “territory” invaded by people who aren’t “real” traders. With remarks like, “forex trading is doomed”, and “forex is dead”, the general sentiment of forex traders appears to be that a program like etoro is an insult to real traders. They appear to be concerned that idiots are going to come in and start calling themselves “traders” when in fact they are nothing but gamblers playing forex like it’s some sort of casino game. Of course they predict the idiots will lose their money.
It’s like the country club mentality that keeps out people from certain walks of life. These so-called “real traders” want to keep out people who are curious to experience life in their world but don’t have the right credentials to get themselves into the club the regular way. At least, that’s how it seems to me from what I’ve been reading.
So etoro has created a platform for people who can’t read forex charts and signals. Why is that a bad thing? Why would forex be doomed because people are trading using a different type of platform?