7 Proven Strategies That Will Make You More Money On eToro
One great thing I like about eToro is that there is no need to reinvent the wheel; you only need to follow the trades made by more experienced traders. If you are wondering what the hell is eToro and how it works, you can read my full eToro review here. Many new traders are making money every day with eToro, whether you are amateur trader or experienced trader this platform will help you to earn more money trading forex. You can join eToro here.
eToro, which is known as social trading platform was introduced in 2010. The aim behind eToro is to allow users to watch the financial trading activity of more experienced traders and decide whether to copy them or not. As an investor in this platform, you can connect directly with over 5 million social traders in more than 170 countries. In this article, we are going to discuss some proven strategies you can apply to earn more money with eToro.
Note: This article is about how to make more money with eToro, if you still don’t know what eToro is all about, please click here to read the full review before continuing
1. Invest A Decent Amount of Money
Currently, eToro allows you to start your investment journey with minimum of $200 for most countries. The reason for this is that eToro is for serious people that want to make money from trading. Starting with $50 like most people do in other platforms won’t give you enough breathing room to make profitable trades. I will recommend that you start with decent investment in the region of $250 to $500. My reason for this is that you will have sufficient amount of money to copy trade multiple traders and make enough return on your investment.
2. Do not Invest Less Than $200 In Each Copy Trader
When you are still new in this platform, start with the minimum amount that eToro allows you to invest in copy trade which is $100, watch it for couple of weeks, if things are doing good, make sure you double your investment with another $100. If you really want to make serious money with eToro, I will recommend that you invest at least $200 in each copy trader when the trade is going well.
3. Become Popular On The Platform
When you become good and make profitable trades, people will start copying your trades. This will make you eligible to get extra cash from eToro. Make yourself popular on this platform to have opportunity to increase your earnings.
4. Set A Stop Loss Amount and Stick To It
One quality every good trader should have is discipline; before you begin any trade, whether it is forex or binary, you should set a stop loss i.e. amount that you will lose and stop trading. Personally I don’t like continuing copying a trader if they lose more than 20% of my investment. I always stick to this principle, I don’t care if the trade might turn around and pick up since there is also a possibility that it can tank.
5. Stay Away from High Risk Traders
There is absolutely no reason to shoot yourself in the leg, before copying any trader, take a look at their risk profile. You must ensure that the trader has low risk trades before following him. High risk trades can deliver massive returns, but don’t be deceived; they also can also lead to a huge loss. eToro did a great work by making it easy to see the risk history of every trader you want to copy; invest only in traders with low risk trades.
6. Select Best Five and Copy their Trade
Like the old saying goes – “Do not put all your eggs in one basket”. My rule of thumb is to search for the best 5 traders that met my requirement and copy trade them. This is known as spreading your risk. A trader may be good but there is a possibility he will not make a profitable return in the month, spreading your investment gives you an opportunity to recover losses from other winning trades. If you have enough fund, 5 people is ideal otherwise copy as much as you can with the fund you have.
Note: Before coping trades, read number 2 and 5 again.
7. eToro Works – Give it Time
This is the best advice anyone can give you regarding any online business. The truth is that most business will eventually work but many people don’t have the patience to wait just a little longer. Don’t expect eToro to start spilling thousands of dollars for you in the first night. Best results happen over time, this platform truly works – you have to be patience and learn the ropes first. Remember to start with small positions and close them relatively quick. The returns may not be big in the beginning but over time, they will add up and you will have enough investment to take big positions and make bigger returns.
Note: If you don’t have eToro account yet, click here now to open your eToro account.
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