1. What’s eToro?
eToro is a social trading platform. It’s a bit like combining a traditional forex broker with a social network. You can get update via news feed and comments from another traders of stocks you’re following, you also can follow another traders to see they portfolio and stats in real-time. Trade Markets on eToro including Stocks, Indices, Commodities, Currencies, Crypto and ETFs. (Read more about eToro - social trading and investment network).
Personally I invest mostly in ETFs, big tech companies and crypto, my profile: @huyb1991.
Create an account and deposit funds
- Step 1: Register an eToro account
- Step 2: Deposit money to your account, after login to your account, click to Deposit Funds at the bottom left, minimum deposit is $200, check details eToro deposit methods & fees.
- Step 3: Verify your account at Settings > Account, you need to provide: Government issued ID, Phone number verification and Proof of address
2. Start Trading or Investing Manually
I’ll show you a very quick overview of the main sections of eToro for now:
Organise the people and markets you’re interested in copying or investing in. You can create multiple lists, such as ‘Trusted People’ or ‘My Referrals’ in my list.
Your portfolio including 3 sections, default it will show all your open trades. You can click on 3 icons at the right of ‘Portfolio’ text to switch to view history or orders.
This is just like your News Feed on Facebook, where you can see everything the traders you follow have been doing and saying recently.
The place to research and trade in the markets available to you: Stocks, Indices, Commodities, Currencies, Crypto and ETFs.
This is an unique feature on eToro, I really love this feature. This page will show all public traders in the system, you can copy or follow them. You can using filters to get the list of traders has trading performance.
Invest in CopyFunds
This is a new feature on eToro, in my opinion, this is good long-term investment option. As CopyFund desciption: “CopyFunds are investment vehicles that bundle together a collection of financial assets. The assets are picked and re-picked, given a predetermined strategy”. Minimum amount to invest is $5,000.
3. My Tips For New Traders
At the first year on eToro, a big mistake I made is opening trades on my own based on feeling, I didn’t have the knowledge or experience to do it, and of course, I have to pay money for this stupid strategy. Do not make the same mistake. Only use copy trading to begin with, this is simplest way to invest on eToro. If you want to manually trade, switch to virtual mode on your account and do it, eToro supply $100,000 in virtual mode for every account.
Here’s some tips to find a good trader to copy:
- At least 6 months trading on eToro with good results.
- Average monthly profit are similar, this is really important thing, it means this trader have a good trading strategies.
- Total yearly profit have to at least 20%.
- Good communicative.
Here’s my stats after 2 years trading, I started new strategy for short-term trading since May, 2017 and this help me getting good profits, if you’re interesting, find and copy me on eToro at @huyb1991.
Thanks for reading and happy trading!