Forex, Investing and Trading products reviewed
I always liked trading. It is a thrill with possibility of living financially free life independent of location. I dare to say that i made myself successful on forex market using all the possible options, including social trading.About two years ago I stumbled upon eToro and at that time it was nowhere near its current size. Back then etoro openbook and copytrader were just a new products with just about 20 traders to pick from.
But it started to grow gradually attracting traders to become signal providers in etoro social investment network. As it become bigger it was also more interesting for me ( more traders to pick from).
I have been using eToro ever since and here is why:
Crowd is powerful.
Using eToro interface will keep you in contact with the crowd. Some say that crowd is sometimes dumb, but no one can deny, that crowd is also very powerful. If you see everyone on the openbook buying some stock you can be sure that there is huge demand. Demand ensures that price rises. You can see the crownd behaviour and if it is powerful enough you can join them for profit.
Copying traders using openbook is also fun.
At first I was skeptical, then I found out that I enjoy browsing traders comparing them and strategize how to allocate capital. I am making some money and enjoying ever single second of it. It does not feel like work at all.
There were never any issues with payments.
I have witdrawn cash more than 20 times. Never had any issue with eToro. This is strictly regulated company and their business is good enough even without tying to cheat someone for couple of bucks. Support is flawless , they always reply on my emails within a day. Manager tends to go an extra mile to help me.
Picking good traders.
Sometimes, it is tempting to choose traders with extreme gains, but you need to be cautious and also consider investors trading style. If trader experiences too much of a drawdown he may not be suitable for copying.
You need to diversify your portfolio but not too much.
Better spend more time choosing less traders to copy. Hire them slowly , fire them quickly. Allocate more capital on winning traders , cut off losing ones fast.
Platform is good enough, but I miss MT4.
If you want to trade for yourself etoro webtrader is not your ideal tool. After almost two years I Am still getting used to it.
