If you have ever thought of stock markets and shares, you have looked up various online sites. One of these sites is eToro. Although it has not been around for a while, it is slowly gaining popularity among stock marketers due to its amazing features. eToro acts as a stock market exchange site with a social platform that resembles Facebook. For this reason, you can trade and make really good money from the site. However, the one thing you need to remember is the stock market is not child’s play. Do not get drawn in by the numerous empty promises that you will earn quick money, as this is not a get-rich-quick scheme. Just like you would for other markets, you need to learn. Take your time and learn the market as you figure the ins and outs. It is only through doing that that you can make good money from the site. If you are stuck on how to go about it, here are a couple of pointers for you.
What is eToro?
eToro identifies as a trading platform that adds a social experience to it. You would look at it as a social media site that can be used for trading. The biggest perk that comes with eToro is their feature called “Copy trader.” It allows you to look at the top traders on their platform and their trading habits. With this feature, any new trader can learn the ropes of the trade without going through a lot of hassle. You might have to pay a fee to learn some of the tools of the trade from them but at the end of the day. You learn how to trade faster this way.
How to start earning from eToro?
There are a couple of things you will need to do if you want to start earning from eToro. Some of them take a little while, and they need you to commit your time. Knowing about these will ensure that you can trade and get great returns.
Learn about trading
Before you get started on the site, take your time and learn the basics of trading. There are great trading classes online, and you can take advantage of those to learn as much as you can about trading and all it pertains to. While there is the chance to learn through a copy trader, it might not make sense for you if you do not know about trading in the first place. Copy trader should be an addition to all the knowledge you have acquired.
Once you have the necessary knowledge, sign up on the eToro site. Ensure you give accurate details as that is what will be used to wire you the money you need when you are successful. At this point, it is also recommended that you choose your payment method and deposit the funds required to trade. You need to remember to use a safe payment method since there is a risk of you getting your account hacked into if you are not careful.
Familiarize yourself with the platform
You might have traded in the past, but that does not mean that you know everything about the platform. Take your time and go through all the features the platform comes with before you start trading. These are the main parts of the site that you need to learn about:
- Watch list: it contains the names of the people and the market you are interested in on the platform.
- Portfolio: contains all your trading information. Ensure you check on this regularly to see how you are performing in your trading.
- Newsfeed: this is a social site that gives news on how different traders perform with the winnings. It is also a great place to network with other traders.
- Trade markets: They show you the different markets that are available for you to trade in. You have stock, currencies, commodities, and indices. Choose your market based on the knowledge you have in it.
- Copy people: this is the feature that makes this platform stand out. You get to see other traders and what their success rate is, and that will help you determine whether you want to copy them or not.
How to make the most out of the copy people feature?
The good thing about the copy people feature is, you get to see what your favorite trader has been up to and how they finished their day. You can see the actions they took at various trade points and how that affected their earnings. You might have to go through various copy people before you settle on one of them. Since you are paying to gain insight into their trading tricks, you should research a copy person. Do not follow a person just because they have a huge number of people copying them. Take your time and look at their analytics. Know what their stats are and which areas they thrive in the most. Once you have all this in mind, you can make the decisions and go ahead and copy them.
The final thing, start trading
Even with all this information, you might never make any money unless you start spending money. Take your time and start spending money on the site. You should start slowly and watch your progress. Do not use all the deposited funds on a single trade, as this can be fatal. Starting slowly ensures that you learn the ropes of the trade and finally get to a point where you make real money out of it. Always take time to go through your trading and the results you go to see whether you can improve. That is the only way you can make real money from trading.
eToro is a great platform for any trader that wants to make good money. The one thing you need to remember with it is to be patient with yourself. Learn the ropes and then use these skills on an actual trade.