eToro is the hugely popular social trading network with millions of users. At it’s heart are the pro traders who other people copy and make money from. And being a pro trader has it’s benefits. You’ll earn a cash bonus for every person who copy trades you on etoro. This is a great way to boost your income. In fact the top traders will earn very large amounts of extra cash – more than enough for a 6 figure salary.
Here are my tips for becoming a pro trader on eToro. This is a post for those with trading experience. If you’re new to trading and want to let others do the hard analysis, then you should read this post about being a copy trader. It’s what I do and it’s been really successful for me.
eToro includes built in filters that allow you to find investors that trade on a regular basis. So if you’re only opening one or two trades a month, you might not show up to a lot of potential copiers. Regular traders are the most followed on eToro. Copiers also don’t like investors who lock their money up in trades that last for many months. They want to see progress.
Post updates to your feed
Posting updates are a good way to ensure your connected to your copiers. eToro is a social network as well as a trading platform, so it’s important not to neglect the social side of the site. Let your copiers know some of the reasoning behind your trades. This will create interest in your profile and you’ll soon see people starting to follow you.
Respond to Comments
Copiers will have questions. I see some traders who have an entire feed full of unanswered questions. This isn’t a good look. And you may risk losing copiers if you’re unresponsive. Take some time to answer questions. You’ll come across lots of newbies who are still learning how to use the platform – you don’t need to respond to every question with a detailed answer, just link them to one of the many guides on using etoro.
Use a low risk investing style
Potential copiers can search for investors based on their trading style. I recommend people never copy high risk traders and instead only copy traders with a low risk profile. If you’re a pro trader, you probably aren’t using a high risk strategy anyway. But this is something to keep in mind.
Treat it like a business
eToro is no hobby. If you treat it like a business then you’ll see more success. You have to put the hustle in on a daily basis – maintaining your trades, research, social media – it takes time.