For new traders, the world of trading is like a puzzle. You don’t know what to do or how to do. That’s why they often make many mistakes and takes wrong decisions.
But eToro got them covered.
For newcomers in trading, eToro has CopyTrading system. Basically, CopyTrading is a system for newcomers and inexperienced traders to see, analyze, and copy the experienced and successful traders. This social feature is one of the many reasons why traders consider it as a unique platform for trading.
How does CopyTrade Work?
CopyTrade system is easy and simple to use because only the newcomers in trading will use this. That’s why it is important that the entire process is easy and eToro ensured that.
I’m going to divide the entire process of copying someone else’s trading into 3 parts. Choosing who to follow, adjusting the amount of investment, and following in real time.
Choosing who to follow: There will be many successful traders who statistics, trading, and strategy will impress you. But you shouldn’t be that quick to choose someone because this decision of your will affect your account and investment. If you rush, you can end up following someone who is not the number 1 trader you became across. To make sure you are following the right person, see their stats deeply. Don’t overlook any small details. See the analysis of their trading. Only when you are convinced with the stats and his skill, you are ready to follow his trading.
You can also copy multiple traders if you want. But eToro limited the number to 100, which is more than enough.
Adjust the amount of investment: Once you are done choosing someone to follow, it is time to set up the amount of investment. Remember, this is a crucial decision. If your strategy isn’t full-proof, it is best that you invest a small amount rather than betting all your stakes at once. But if you are confident about your copied trader and his strategy, you can go big and invest a good sum. But there are some restrictions from eToro about copying traders and investing. First of all, you will have to invest minimum $100 in a trader. And $500,00 is the highest amount that you can invest in one trader. Besides, the minimum amount for a copied trade is one dollar.
When you manually close the copied trade, you get the amount from this position as credit in your copy balance.
Start following in real time with one click: The hard part is done. Now you can start copying their trades with only one click. From now on whenever the copied trader makes any move, it gets copied into your account in real time. That’s why you are doing the same as your favorite trader.
CopyTrading is one of the most important features that highlights eToro over any other trading platform. This is a useful and handy feature for everyone who is on this platform, especially the newcomers who are not well-aware of the behaviors of the trading world.Tags: ETORO broker review, etoro review