Investing in stocks on your own can be tricky. The reality is that most amateur traders who try and pick stocks on their own just end up losing money. So I've put together a strategy where you can get stock picks from traders who have had a profitable past. And best of all it's completely free!
Getting stock picks on eToro
eToro is the worlds largest social trading platform. It's a bit like if you combined facebook with a broker. Whenever someone makes a trade on eToro it is shared on their profile. This means you can see the trades made by every trader and even how profitable they have been in the past.
So this makes eToro the ideal place to get stock picks. You're not just trusting some random analyst. On eToro you are getting trades directly from the traders themselves.
Browse through pro traders profiles
Here is how to view people's stock trades on eToro:
- Sign up to eToro. You can get a free account. You don't need to pay anything to join the community and see people's trades.
- Visit the Copy People page
- Use the advanced search to filter people who mainly trade stocks. On eToro you can also trade forex, commodities etc.
- Follow the people you like the look of!
This will return a list of traders who mainly trade stocks. As you can see some of these traders have been extremely profitable in the past.
You can follow all of these traders. Now whenever they make a trade, it will appear in your etoro news feed. This way you can stay on top of what the traders are trading. Sometimes they will also post additional information about the markets and why they are or are not trading at that point in time. It's an amazing way to learn about trading stocks.
Automatically copy trades
This is where things get really exciting. Not only can you follow people on eToro you can also automatically copy their trades as well. They way it works is simple, you allocate funds to copy a trader. Whenever that trader makes a trade, the same trade will be copied in your account. And it's done using proportions. So if a trader makes a trade using 1% of their account capital. The same trade will be made in your account with 1% of the funds you allocated. This means you can make the same trades but with much less capital.
To copy the stock picks made by a trader just browse through the profiles and hit the “copy” button. You need to allocate at least $200 towards a trader. This is so the minimum trade size isn't too small.
Disclaimer: 62% of retail investor accounts lose money when trading CFDs with this provider
Stop paying for stock picks
So as you can see, you can get real stock picks from real traders who are actually making money trading shares. You don't need to sign up to some members only group. You can get the same type of thing for free on eToro! The best thing about eToro is that everything is public and shared. You can see the real trading history of every trader and how profitable and risky they were.
eToro is also a great place to trade
You can trade stocks from all over the world as well as forex, cryptocurrencies, commodities, ETFs and more. All in the one browser based trading platform. It's great for both pros and those who just trade on the side. And with copytrading, it's also perfect for beginner traders who are looking to learn more about trading. I use eToro to trade stocks and also to copytrade.