Before you start social trading on the eToro platform, it’s essential to set up your account and understand how to monitor your actions.
eToro is a simple platform that allows you to trade in stocks, commodities, and indices. To open an account on the site, you need your email address and a password (no credit card required). Once you have registered for an account, you can view a list of other traders on the platform who are currently active and make trades by clicking “My Followers” from the homepage. Once you find traders who have similar investing styles (for instance, if you like aggressive investing while they prefer passive), it’s time to follow them. A bonus of social trading is that you can track as many traders as possible.
eToro trading platform If you start following a trader, you can view the most recent trades by clicking “Trade Activity” on the right. You can also check up on your trade history and see a list of other traders who have traded on the platform at any given time.
eToro trading Besides finding active traders, you can also learn more about them by following their stock recommendation, which pops up underneath each profile. These recommendations give instant insight into your potential new eToro review trading partners, but they are not always accurate. If a trader offers a buy recommendation for a security that has already recently risen in price, it’s not likely to be accurate; instead, it might be that the trader is just trying to get you to buy their eToro account. You may want to ignore these recommendations until you’ve checked into someone’s account for longer than a few days and see what trades they’ve made over time through their posts. The best way to build your strategy with social trading is by examining other traders’ track records and incorporating their experience based on what they’ve recommended in the past, but don’t forget – everyone enjoys paying attention to people who make money. By making trades with each active trader while observing their stock activity and writing a short review, you’ll have plenty of material to start from.