This month I’m on track to make just over $800 on eToro. Here is how I do it.
What is eToro
eToro is a social trading platform. Basically you follow a bunch of successful traders, and whenever they make a trade, you automatically copy and execute the same trade. I copy around 10 different traders on eToro.
On eToro you can invest in Forex and also Stocks such as Apple and Facebook.
How I made over $800 in a Month
The trick to etoro is to copy a broad spread of traders. All traders have bad weeks. Some have bad months. So if you’re only following one trader (which many noobs on etoro tend to do), then you risk having a bad month or even losing your investment.
Spread the risk! Choose at least 4 traders to copy. The more the better.
Pick only Traders with a Long Term Record
Don’t be tempted to copy traders who have recently had a big win. You want to copy traders who have turned a profit over the past year. Using the search tools you can filter traders by their yearly performance. Only follow traders who have had a positive gain over 12 months.
Don’t Follow Massive Gainers
If a trader has a gain of over 100% in the past 6 months or year, then chances are they are risking too much. They are obviously investing their entire account balance in a single trade using high leverage. Although they may have fluked a good trade, the chances of them doing the same thing on a regular basis are almost zero. Stay away from these traders.
Copy traders who are gaining 10-20%. That is about the level of the best traders on etoro.
Copy Traders Who Keep Positions Open for a Short Period
You don’t want to invest in a trader who opens a position and then closes it 6 months later. Find traders who have a low average trade time. A couple of days is usually about right. Any longer and you’ll risk having part of your balance locked into non-performing trades.
$50 Free on eToro
Get $50 Free Using This Link – If you register with this link, you’ll get $50 that you can either invest yourself in stocks or forex or you can use it to copytrade. I’ll let you decide. Just follow my tips and you too could be making $800+ a month.