Copy Trades of Professionals
If you are new to trading, and want a place to start, then Etoro is arguably the best place to start due the combination of online trading and social aspects.
Not only does it have a large source of resources to learn trading, it has a demo account to practice trading, and it has its most interesting feature - Copy Trading.
Copy Trading allows you to skip all the hours learning and monitoring to become a professional trader.
You can filter through and find successful traders and copy all their trades.
You can set what percentage and how much of your deposited funds should be used.
You can set your desired stop loss as well.
Copy Multiple Trades
You are not limited to a single trader, you can copy as many traders as you want.
In fact, its recommended to spread your finances over several traders so that you have a balanced portfolio.
Test Traders for Free
With the demo account yo can easily follow some of the traders you are interested in and monitor how well they do without losing a penny!
How to pick the traders
Stay away from traders that are new, i.e anyone that has traded for less than a year, regardless of how well they seem to be doing. As this can be simply due to a lucky period.
Pick frequent traders, so that you finances are being used effectively rather than sitting around for long periods of time. This also shows the trader is active. A frequent trader for me would once a week
Avoid high risk traders, which is anyone with a grade of 4. This means they are using too much leverage or investing a high percentage of their funds into a single trade.
Make sure the trader you copy have negative trades that are managed well, this shows that they are able to manage losses effectively and know when to cut losses. Often you will see traders that have plenty of positive trades, but then a single bad trade can wipe them because they didn't know when to cut their losses and kept pursuing a losing trade in hopes it would return.
If you think you are ready to enter the world of stock trading, but have no experience, then Etoro is currently the best place to start off. Open a new account here and try it out
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
Past performance is not an indication of future results.