For the past few months, I've been using the social trading platform eToro. trading forex felt a bit like playing a game.
Since then, they've moved towards becoming a social trading platform. And so I decided to give it a go.
I can comfortably state I have no experience in trading forex. But, I wouldn't trust myself to actually invest money in Forex.
Enter eToro, where you're able to copy the traders who actually know what they are doing. From now on, all their trades will be be copied by your account.
It's tempting to follow the traders with 400% returns. Look for someone with a majority of low-medium risk traders, and a low weekly drawdown.
Spread your investment over numerous traders. By copying as many traders as your budget will allow, you're able to mitigate the risk of having your entire investment wiped out by a single trade.
I used to stay away from following traders who invested in stocks on etoro, but that has changed since etoro introcued real time stock trading. I've found that traders who invest in both forex and stocks provide more reliable returns over the long term.
You don't want to be stuck copying a trader who only logs in every couple of weeks. As my investment grows, so will the number of traders I copy.
There are countless of forex trading platforms, but only a couple that offer a social trading platform - i.e the ability to automatically copy the trades of an experienced trader.
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