Etoro is a social investment network where investors around the world share their views and strategies on popular markets. In addition to utilizing the stock charts and graphs that Etoro offers, many investors use this as a place to copy trade other experienced traders.
The article below will explain step by step how to copy trade on etoro. It will first provide an overview of what Etoro is and then will give you detailed instructions on how to effectively manage trades while using the social investment network.
What is copy trading?
Copy trading is an investment method that involves copying successful traders and their trades in real-time. Here’s how it works: a trader with a verified track record creates a trading strategy and opens the possibility to others to follow his trades via an online platform. He will not actually do the investing for you, but he will give you access to his trades, which you can then copy into your own account. Copy-trading does not require any minimum amount to be invested, and if you decide to start with $5,000 or $50,000, it makes no difference. The fees are also much lower than mutual funds or Robo-advisors.
So why would a trader want to share his or her trades with other people? Well, there are several reasons: because they believe in their strategy and want others to benefit from it; because they need validation that their strategy can work; and because they want more capital to increase returns.
Why Copy Trading?
Copy trading is a strategy that allows you to automatically copy the trades of other successful traders. Platforms like eToro provide a social trading environment that allows you to copy the trades of other investors in real-time while allowing them to follow your trades and see how you are doing.
The reason why copy trading is so attractive is that it allows anyone to make good returns on their investments without having to spend a lot of time analyzing markets, manually executing trades, or placing stop losses. A large part of the profit is paid out as dividends from the investment itself, which provides a stable income for those who do not wish to make constant manual trades.
Step By Step Guide to Copy Trade On Etoro
If you are a beginner and want to copy trade on Etoro, you will need to know how to open a real account. Follow these some steps to start copy trading.
Step 1: Open an Account
Go to https://www.etoro.com/ and click on “Register” in the top right-hand corner of the screen. Fill out all the required fields on this page and then click the green button at the bottom labeled “Create my Account”.
Step 2: Confirm Your Email Address
You should receive an email from Etoro confirming your email address. Click on the link in that email to confirm your email address so that you can log in to your account.
Step 3: Verify Your Identity for Anti-Money Laundering Purposes
To verify your identity, you’ll need a clear face photo of yourself and either a government-issued photo ID or a copy of your passport. You’ll also need to send them a copy of a utility bill with your name on it. Once they’ve verified your identity using these documents, they will no longer ask you for them every time you sign in to your account. It is easy! Just go to the eToro website.
Step 4: Start Trading
Now that you have connected your Etoro account to the mobile app, you need to make sure that remote access permission is enabled in Settings > Security & Privacy. This step is important because it allows the mobile app to trade when connected to a different network than the one your phone uses. Just copy the trading strategy of the expert traders and make money. Check out the etoro australia review on the Traders Union website.
Your Plan To Copy Trade on Etoro
There are a lot of people who are new to copy trading. They are looking for a plan to copy trade on Etoro.
Calling it a plan is an exaggeration, but it can give you an idea of how you can use these techniques. So, what is this plan? If you don’t have this conviction, all your efforts will be in vain and your plans will fail.
You also need the right mindset because you need to be realistic about your goals. There is no point in trying to be greedy and overreaching for more than you can handle. The best way to do this is by setting yourself small, achievable goals that will slowly build up your success until you get the hang of things.
The next thing that you need is some basic knowledge of how the Copy Trading feature works on Etoro. Now, it’s very simple to use. It’s just like posting orders on your broker’s platform but there are a few things that you should know before making the first move.
Final Words
You will be amazed at what you can learn from copy trading. Copy trading is an excellent way for all traders to learn from each other and make the most out of their accounts. The risk here is that you will not learn how to make your own decisions, which are better than copying someone else.
