Wondering about making money with eToro? Well, this guide will cover almost everything about the subject. When it comes to eToro, it is a giant social trading platform. In other words, when you combine physical forex broker with any mighty social platform like Facebook, eToro emerges. Whenever you make any trade, it gets shared with the entire community. What comes as a great fact is that, whenever any guru makes any sort of trade, it gets share amidst the community as well. Therefore, it would be evident to say that, at eToro, you can see what the gurus aka professionals are making in real.
What are the options?
When you associate with eToro, you can invest in an array of stocks like Google, Apple and more. You can also invest in forex currencies as well as indices. It is always advised to go for currency trading at first, you can just simply copy and repeat the steps of professionals and make a plenty of money. You can literally own your own slice of mighty shares of Apple and even Facebook.
Copy Trading? Is it beneficial?
When it comes to trading forex, banker or economist can be the state of the art picks, it’s not advisable to operate on forex on your own. You require years of practice as well as deep knowledge of the fundamentals involved, be it technical or economical. If you’re not an experienced trader, no worries. You can just simply pick the experienced traders from the portal and can follow their baby steps to achieve the growth, develop the basics and gain the exposure.
Getting Started on eToro:
Success on eToro isn’t a piece of cake, you can’t just simply open a random account, start following professionals & hope of making money, you’ll fail for sure. Here are the basic steps that you must perform in order to gain the stability and in-depth knowledge of the platform.
1. Opening an account:
You can refer to official website for the purpose of opening an account, you’ll receive some bonus from the website as well. The next step is to deposit a sum for the purpose of copying the trades and make real-time trades. The minimum trading amount stands at $100 USD for every trader you are following on the portal. It is advised to start by investing $400 USD if it’s possible. Going for $400 as investment covers your back and can help you absorb any initial losses and recover later as well. It can be said that the more you invest in, the bigger is the payout on every trade.
2. Picking the traders/professionals:
When it comes to picking or imitating the traders, just click on the big blue button on the profile of any trader. This means, now you’re copying a trader with a minimum sum of $100 USD. Some of the trader’s trades might not be visible to you, this is because you are not copying enough. But, the good news is that $100 USD is enough for any copying process.
3. Have Patience and Wait:
Patience is what drives the whole process at eToro. You are required to sit and wait for some time. There are traders who will open just one or two trades in a single week, there are other traders who might open an array of traders in a matter of a week. When it comes to trading, you must not get impatient at all. One must stress upon the fact that if a trader isn’t showing any gain even after 3 weeks, you must stop following them at any cost. Going for popular and reliable traders is the best thing.
Tips for making robust income from eToro
1. No self-trades:
Performing manual traders or trades done by you in the initial stages is a loss-loss for you. Early trades on your own are not stable, you don’t know the market inside out. It might cost you your initial investment. Copy trading is the only reliable and guaranteed return method available in-hand. But, for those who still want to give a shot for Manual trading, there is a feature called practice account. You can start practicing your trade transactions without actually investing anything.
2. Follow multiple people:
Copy trading just a single individual is not at all advisable. You must follow at least 4 different people at the same time. This is done for the purpose of ensuring that you don’t incur immediate losses. If any of the user experiences loss, the same would be applicable to you as well. But, if you’re following more people, this would only save you as there is a better chance that you’ll receive profits by copying them. Thus, a balance can be maintained.
3. Don’t follow the risk takers:
There are people who will guarantee you with returns as high as 100% plus gain as well. Well, the sad fact is that these are the risk takers and they invest in high-risk stocks with inflating strategies. Although the returns can be luring at times, if you incur any loss, you’ll be out of money at all. So for beginners, going for risk-taking traders is not at all a good option. It’d be a stupid risk.
Stock Investment with eToro
You can also invest in stocks when you associate with eToro. You can also buy an array of shares in a variety of companies. From Coca-Cola, Google to small mid-caps, all are available here under the same roof. If you’re looking forward to investing in stock market and don’t have enough cash-in-hand, then eToro can be your best pick. The thing is, with just $10 in your hand, you can start investing in stocks. The platform provides an array of ample opportunities for all of us. For beginners, getting a flavor and minimal income generation can be the best option. Always remember to keep your calm and copy the best of the available traders, don’t expect too much in your initial days.