It is easy to see why a program like the eToro Copytrader appeals to newcomers. With a simple online program, you can follow other traders and copy their approaches in what appears to be a shortcut to success.
Follow a successful FX trader, copy his trades and enjoy the profits. Is it really that straightforward?
The main question on the minds of most people that come across this trading program is simple: can you make money with eToro?
No-one wants to come into this venture with dreams of profitable trades only to find themselves making poor choices and losing their investment. Does eToro work and what can you really gain from signing up?
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What Can You Gain With eToro?
The eToro system gives investors the chance to follow ten successful traders and copy their approach. If they seem like a successful individual with great insight, they could be a perfect addition.
This approach means that all you have to do is find the best traders and create your team, leaving the professionals to do all the hard work.
To help newcomers with the first trades, eToro provides a free demo account with $10,000 to play with. This can be used as a trial run to test out the traders and see who may be worth keeping.
There is no need to form any sort of clever strategy for determining the best option and no need to learn how to analyse the technical aspects of trading and price movements.
In fact, the enticing thing about this program is that there doesn’t seem to be anything to learn at all, as there is no course material or training, but that doesn’t mean that buyers don’t receive some harsh lessons about the business.
Why You Need to be Cautious
It is easy to get caught up in the simplicity of using a few clicks of a mouse to follow the right people, but investors have to remember that there is no guarantee that they are the right people at all.
Just because they are on a great streak of profits doesn’t mean that it will last.
Strategies can fall apart and need to be adapted, and there is no guarantee that the person you are copying has the knowledge or skill to do so.
To make matters worse, there is little information available about the traders and their success so you may never know if a month of high profits was the result of skill or a fluke.
At some point, that demo money will become real money and there is always the chance that a trade could go wrong.
The Best Approach When Using eToro
So how do you play the game to win and use this platform successfully? There are ways to approach eToro to maximize the chance of success and profit…
The first thing to do is to treat the demo money as real money and not to take the experience for granted. Successes and failures here are vital lessons.
This means that you need to consider who you copy from the beginning and really look at patterns of success. Stick with consistency over high profits.
The inclusion of the Guru Finder search tool helps to narrow down the options based on criteria like average position, win ratio and trade duration.
Learn as much as you can about their history from their portfolio, but be aware that winning streaks and trends can change and no single trader is a sure thing.
So, Can You Make Money With eToro?
The question does eToro work can be answered most simply by saying yes, as long as you are prepared to follow the right strategy and are aware that this is not a fool-proof process.
Trading is a gamble for all those involved, and this strategy of copying ten traders could mean an even riskier, ill-informed roll of the dice.
This basically means that eToro is not for the lazy trader that wants guaranteed success. The program may be simple but the trades are not.
If you test out the process on the demo version, do your research and remain realistic about the prospects, you should have a much better chance of success.
You could make some great profits by copying some great trades, but you have to remember that you could lose it all.
Copy Successful Traders at eToro – the world’s largest social investment network….