The power of the crowd has been leveraged in the recent past with startups like Kickstarter. Even startups like Uber need multiple people to use it for it to be an effective service. Quora also has leveraged the power of the crowd for knowledge transfer and sharing.
Now, you can use the power of the crowd to make money! Social Trading is a new concept formulated by Etoro where the knowledge of all traders are used and one can benefit from it. So if you have a trading account in Etoro Singapore, you can follow other traders and how they perform and you can also copy trades. This means, your portfolio will resemble the other trader’s portfolio and you will benefit from their success! It’s the fastest way for an amateur to become a professional. No questions asked.
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If you want to go a bit more in-depth, then read on.
eToro: Your Money Making Guide
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.
Forex, Cryptos, Stocks, Indices?
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.
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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.
How can Etoro make you a much better trader if you decide to trade yourself?
#1 – Live Feeds – Learn to be a better trader, faster.
For a very long time, a lot of Institutional traders have sat in their homes and traded. They’ll have a glance at the Television and get stock tips and advice. But there is no improvement in trading skill. Trading to a certain extent is skill. Understanding the trends of the market as well as price movements, predicting policy changes that will affect the market and so on. There will be traders better than you and you won’t know how they perform without seeing them trade. Have you seen movies about the stock market? They will all have a bunch of traders together in the same room. There is a lot of valuable learning you get there you do not get when you are alone.
You need to use a platform that can help you see the trades of other top traders and this will increase your learning in multitude ways. Etoro’s platform has the ‘Live Feeds’ option where you can see peoples live trading feeds and immediately learn. If you are a new trader then you can observe trades for the first few weeks before you get started.
#2 – Learn from the best – Understand how the best traders make decisions
There will be superstar traders out there who will be making a killing. These guys have honed their skills after years and years of practice and mistakes and learning. Why wouldn’t you want to be associated with them? You would. Where do you find these kinds of traders online? You won’t be able to. The best way to judge a trader is by his work. A good trader will make some fabulous trades and even if he makes mistakes, it’ll be very small scale. That’s the way money in the stock market is made. You can follow traders through Etoro and find out what they are up to and check their specific market activity.
#3 – Be the best – Replicate the success of the best
Does Etoro Suits you?
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