Trading on eToro: A Scam or an Opportunity for Novice Traders?

Posted by Deb | Day Trading Journey | Thursday 25 April 2013 11:04 am

Is eToro a safe platform to do trade for people with none or little experience?

Trading Forex can be hard, and nerve wracking. You need to make decisions fast; decisions that may make you lose or earn big sums of money. It may sometimes feel lonely when you have to make these decisions without anyone to discuss with the possibilities. You may feel unsure of yourself, and would like to know what other traders are doing.

Sometimes you are just afraid to make these decisions yourself. You want to try trading and make easy profits as so much internet advertisements promise, but you don’t have any proper training for that. Even if you have taken a course or two, you may feel inadequate for starting trading on your own.


Click here and find out how to join the social investment network. Start making money with no FOREX knowledge NOW!


Copying from Another Trader

Copying from Another Trader

Imagine having an online community where you can discuss your positions. You can “look over the shoulder” of expert traders and see what they are doing, learn from them or just copy their positions. And if you lose, you can look around and see others who have done a similar mistake, so you don’t feel you have been so dumb.

The eToro presents an opportunity to do just that, by introducing the idea of a social trading network using the eToro OpenBook. The openbook is a place for traders who trade, share their theories and thoughts with others, and also copy each other’s positions.

 

eToro – The Social Investment Network

Introducing the Idea of a Trading Community




Click here for a walk-through explanation on how you can open a social investment network account and make money using the OpenBook!

How Can You Use eToro OpenBook Effectively

If you are a new trader, the main use of the OpenBook for you will be to find experienced traders to copy from.

Choosing a Guru

Choosing a Guru

You are looking for traders who have a good and consistent revenue, who are a good record of winning trades,and who do not take too many risks.

Open the People tab in the OpenBook and look at the lists of eToro traders you get. You can sort them by maximal gain, profitable weeks, etc. You can also define your own search – filtering for only traders with a certain minimal gain, percentage of winning weeks, minimal number of trades made in the period you define (last month, last 3 months, last 6 months or last year), etc. Then choose from the list of traders who qualify by your criterions the ones that seem to be making the highest and most consistent profit.

If you are a more practiced trader, use the OpenBook to see what others are doing. You can find like-minded traders with which you can discuss the ups and downs of the various markets, writing on their wall the same way you would do in FaceBook. You can also choose to follow some traders, being alerted when they enter a position or write something on their wall so you can compare notes.

 

Real OpenBook Discussion Example

openbook

 


Click here and find out how to join the social investment network. Start making money with no FOREX knowledge NOW!

How to Use eToro Webtrader

The Platform for Doing Your Own Trading

The eToro platform is currently geared toward FOREX and commodities trade. They have given the possibility to buy a few stocks (as Microsoft, Facebook, Apple etc.), but the tools for tracking the charts of these stocks are still missing. For FOREX trading, for oil, gold and silver, and for the main indices (SPX500, NSDQ100 and a few more), eToro Webtrader gives proper charts to track, draw lines etc. and make bracketed orders.

Chart

You can use the Webtrader for actual trading, but also for practice. When you open an eToro account you get a practice account of $10000 and you can practice as much as you like making practice orders etc. It can be very useful to play with practice money while copy more experienced traders with actual money, until you feel sure enough to make your own trading with actual money.

Become a Guru Yourself

The Way for an Experienced Trader to Make More Money Using the Social Investment Network

ChooseGurus

If you are an experienced FOREX trader, eToro gives you the opportunity to earn more money by have people copying you. If you have a minimum of 10 copiers who copy your positions, you will receive a monthly bonus which varies from $100 (for 10-24 copiers) to $10000 (for over 1000 copiers). You get this bonus without having to actually deal with your copiers trade. The copying is done automatically by eToro.

If you decide to become a guru, it is advisable to make some personal contact with your followers, at least at the beginning, through OpenBook. Explain some of your positions; apologize when losing trades – these small gestures will make people more likely to copy you.

Open Your eToro Account


Click here for a walk-through explanation on how you can open a social investment network account and make money using the OpenBook!

Do You Have Experience With Social Trading?

Please share your thoughts and experience by leaving your comments below.

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1 Comment »

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