I have many years of etoro experiences so before you decide to copy someone on this social investing network, read this article.
Maybe you have heard somewhere that to make nice profits or even get rich you do not need to know how to trade and all you need to do is to copy profitable forex traders on eToro.
Well, from my own etoro experiences, it is not as easy. The truth is that you will find many profitable traders on eToro. Some of them trade Forex, some commodities, stocks or indices.
If you check their trading performance, you can find nice, big or even huge profits and it may lure you to believe that these traders are simply PROs and if you copy them you´ll earn same profits easily.
In some cases this can be true, but on the other side, in many cases copiers can lose a lot of money. Why?
The thing is that these traders are not PROs. At least 99% of them. eToro is a social investing platform where anybody can get copied. (OK…it used to be..now only traders with risk score lower than 7 can get copied)
So before you start to copy anybody, learn from my eToro experiences and follow these rules:
– check their trading history and do not copy anybody with trading record shorter than 2 years
– do not copy only one trader with all your money….diversify your risk between at least 3 or more traders
– monitor your copy traders and if you spot that their risk score is growing, consider uncopy that trader
Remember: many people lost money on eToro due to trading bad system either copying wrong traders and now they think eToro is scam.
But believe me, eToro is not scam. I have been trading on etoro for many years and had no problems with this platform. I was able to withdraw my money anytime I wanted.
So all you need to do is to pick the right copy traders and stick with them. Unless they dramatically change their trading behaviour, of course.
And remember: “All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice”