Why I Like eToro Over other Forex Platforms

I've traded on a number of different forex platforms. But I find myself always coming back to my favorite of the bunch, etoro. This past month, I've made over $500 through a combination of copy trading and by opening my own trades.

Here is my review of the etoro platform.

eToro is Web Based

Unlike MT4, which is offered by every other forex broker, etoro is web based. This means you can use it on a Mac (yay!) and PC and they also offer iphone and android apps for mobile trading.

You also don't need to download anything and there is zero setup.

The platform is really well designed and by far the easiest and simplest forex trading platform.

eToro is the Broker

eToro is both the broker and the trading platform. This means that the experience is seamless and you don't need to do any setup.

They Have Simplified Trading

You won't need to worry about things like available margin, lot sizes, market execution etc. eToro has dramatically simplified the way you trade forex. You just choose how much you want to put towards a trade ($2, $5, $20 etc) and then open it. This makes money management extremely simple.

Choose the Leverage on a Trade by Trade Basis

With every other forex broker I've tried, you are forced into choosing the account leverage on registration and you are stuck with it. Furthermore, some even don't offer a choice.

With etoro, you choose the leverage for each trade you open. This means you can choose to trade with a low leverage and employ a low risk trading style.

You Can invest in Stock, Currency and Commodities.

The cool think about etoro is that it isn't just forex. You can also invest in numerous popular stocks. Opening a stock trade can be done with as little as $50. If you've ever wanted to invest in a company like Apple or Google, you can do it easily with just $50 on etoro.

eToro is by far the best platform for those looking to start investing in forex.  The learning curve is small and even if you have no experience you can still invest using copy trader.



abd1986 – eToro Trader of the Week

Each week I'm going to suggest a new etoro user you can copy trade.  I often get asked via email who are the best traders to follow.  So from now on, I'll share with you some of the traders that I have analysed and think could be copied.

This Weeks Trader: abd1986

Here are the stats on abd1986.  Over the past 30 days, he has had an impressive gain of over 100%.  But this isn't just a short term spike, over the past 12 months he has had a gain of over 420%.

abd1986 etoro

On average his trades are open for 3 days, which means, you shouldn't get stuck with lots of open trades waiting for them to eventually get closed.  He opens no high risk trades and has shown steady growth over the past 12 months.

Screen Shot 2014-02-25 at 12.21.09 pm

Currently I rate him as the top trader on etoro.

Copy or Follow abd1986 here.


A Good Alternative to Zulutrade

I've been trading using the social trading platform, zulutrade for the last few months.   The one slight issue I have with Zulutrade are the robots.  Forex robots can work wonderfully for months and then suddenly start chewing through your cash.  If they did work consistently there would be a lot more millionaires in the world.

One excellent alternative to Zulutrade is etoro.

urleToro is a social trading platform that allows you to follow traders and automatically copy their trades.  The great thing about the platform is that you can autotrade with as little as $50.  This means, it's well within the reach of the new investor to follow a number of traders and diversify your portfolio.

There are also no robots on etoro as they use their own platform which doesn't allow it.

Furthermore etoro is huge.  It has by far the largest number of traders.  I'm looking forward to seeing how this platform grows over a number of years.  I think there is a lot of potential!

Day 1

Welcome to my blog.

Why Do I Need a Passive Income?

I like setting myself challenges.   And one of the challenges I have set myself is to create enough passive income to support myself.  Currently I'm living at home with my parents.  As much as I love them, this really does suck for a young guy like myself.  I want to get out there and start living.  It's time for me to grow up and be a man.  And a big part of this is earning an income.

One of my dreams is to be able to travel all over the world for an entire year or more.  I've done some travelling before, but I've always had to return home after a month or so because of money.

That's why a passive income would be awesome.

How Am I Going to Build my Income?

I'm going to be building 1-10 different websites.  They will each focus on having “viral” content.  The type of stuff you've seen on Reddit.  I recently came up with a method for getting a fairly reliable source of traffic and making a website go viral.

I can build a website within 24 hours and have it making $50 a day in adsense revenue within 2 days.  The tricky part is keeping this money flowing in.  So far, I've only been able to keep it going for a few days.  My challenge will be to make it more reliable and to go from one authority site to 10+.

I don't use any blackhat methods.  Everything is above board and legal.  I also don't rely on Google for traffic – I've been burned by Google sooooo many times I don't even bother with even 1 second of SEO work.  I know better ways to generate traffic.

Why Do I Need a Diary?

One big problem I have is motivation.  Often I start a project and just don't follow through.  I'm starting to get better with this.   My aim with this diary is to hold myself accountable.  I don't care if anybody reads it or not.  It's just here to remind me to get out of bed each day and start working.