Thinking about making money through trading but can’t decide on which broker you should choose? No doubt, there are countless trading platforms available today that allow you to make money. However, not every company offers such ease and convenience that eToro provides. Another huge reason is that it lets users trade through a social trading platform, which gives clients the ability to copy the trades of one or more experienced traders automatically. Here is how you can make money on eToro.
Making Money on eToro
- Open an account with eToro. It will provide you with some free cash, but you are still required to make a minimum deposit.
- Start around with a good amount i.e. $300 or more. However, if you can’t afford to lose this much money, then cut down the amount, but your balance should be no less than $100.
- Start copying some traders.
- After that, wait for the traders to make an activity. Some traders open one or two trades a week, while others open a lot, so you need to have patience. Nevertheless, if a person doesn’t show any profit after three weeks, stop copying them straight away and search for a new trader. You can only make a profit if the person’s profile is showing gains.
Some Useful Tips
- Don’t manually trade, especially if you’re a beginner. If you want to, begin with a practice account.
- Don’t just CopyTrade a single trader. Spread the risk and copy four different individuals instead.
- Avoid copy trading with the people who have a 100%+ gain as they are employing high risks. Go for those investors who are gaining around 30% because there are fewer risks.