Professional traders will recommend that you don’t risk more than 1% of your portfolio on a single trade. This and other day trading tips will help you make the most out of your experience. Even beginners can learn to trade with social investing sites like eToro.
Read on to learn about eToro and how you can make good money with it.
What is eToro?
eToro is a trading platform that allows people to try social investing. They have a unique feature referred to as “copy trader.”
Copy trading involves looking at other’s trading history to see how much they have made. From there, you can copy their trades if they have made money.
How can you get involved with day trading through eToro? Here are 5 ways to make money with eToro.
1. Sign Up
First things first, you have to sign up for an account to start social investing. Luckily, eToro makes it easy. It’s a short sign up that is free!
2. Start Depositing
After you sign up, you need to create your profile to start making money. Your profile will protect your account and find a platform right for you.
During the profile set up, you will be asked trading questions based on your experience. No need to worry, anyone can start trading. The questions will help you with your experience.
Once this is done, you can start depositing! The minimum deposit amount is $200 and it can be deposited in other currency types.
3. Get to Know the Platform
You have to get to know the platform before making money. If you are lost, you won’t be so good at social investing. Take the time to get to know the eToro platform.
The main sections of eToro include the watchlist, portfolio, news feed, trade markets, and copy people. Before copy trading, get to know each section and how it works.
4. Avoid Common Mistakes
As a newbie, this is easier said than done, right? However, you should try your best to avoid common mistakes to ensure you are making the most money you can.
The most common of common mistakes is copying people who are the most copied. It is easy to trend at the top of the copy results when beginners are involved. They tend to go with the top of the list.
This is a mistake because some people copy trade for the wrong reasons. Don’t just follow suit, really look into everyone’s profile.
5. Find the Best Traders
If you want to make the most money as a beginner, you need to find the best traders to copy. You’ll begin your search by looking through the “copy people” section.
Scroll down to find trending investors. You can also the advanced search feature. This allows you to change criteria based on what you want to find.
For example, you can choose a specific market or a specific area of the world. Find traders who have low daily and weekly drawdowns. You should also understand it is okay not to have a 100% win rate.
Social Investing Explained
Social investing makes day trading easier for beginners. With eToro, you can make money quickly without having any experience. Follow these five tips to start making money right away!
For more information about the trading system, check out our complete guide.
Thinking of Investing or Trading? Why not just copy professional traders!
My name is Joseph Moricca, I run Velox Investments and I am an Investor on eToro and have been for a number of years.
Do you want to get involved in trading but don’t know where to start?
Do you want to Diversify your income or simply Make more money?
I have used eToro for a number of years but did not realise the potential to make a solid return consistently until I started copy trading!
If you want to find out how to make money online then read my Beginners Guide to trading on eToro.
To start RIGHT NOW, Sign up to eToro through the link below and take advantage of the free demo account! I mean really what do you have to lose from following my very simple strategy on a demo account! Literally nothing and you might find that you actual find a hidden GEM!
Other Useful Links for learning
- eToro Trading Academy
- Market information: The Motley Fool, The Economist, The Financial Times, Zero Hedge
Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
This guide is intended for educational purposes only and should not be considered as investment advice. The author and publisher are not liable for any losses or damages you may incur as a result of you following the advice given on this page. The etoro.com layout and content may change since this content was published.