New on all this. Is Etoro my best option?
I´m a newbie on Forex, so I´ll appreciate your patience and I hope you will help me
I was reading about Forex and seems to be a very complex activity because it as a lot of theory and I can´t deal with that.
I want to invest money and earn 10% or 20% per month. I don´t have enough time to study Forex and understand the complex rules that it has, so I think that the best option for me is Etoro.
However, I´ve read a lot about Etoro on Google and many articles I´ve read seems to be paid reviews. On forums, I find different opinions, some people tell that is good and some others it isn´t.
An internet friend, told me that the best decision I can make is deposit my money on Etoro, follow low risk gurus and make same operations as them.
What do you think about this?
I´m planning to invest $3000 every 3 months.
Thank you very much
Wow, why didn't I think of that! Sounds like an excellent plan. We can close down Babypips and all go to the beach. Etoro you say, and an Internet friend suggested you that! Gonna open an account there right now and invest $3000K. We make 30% per month, that is approx. $1000, reinvest it so that we have $1 Million in 22 months! As we are not greedy, we are not going higher than 1M, so we make $300,000 per month from which we can live.
Originally Posted by cloferba
Great, but which low risk signal providers are we going to follow?
Welcome to this site and forum!
There are so many things in what you say that are triggers for you to fail that it is even too much to go into detail. And as you are not willing to spend time on it, I am not going to do it too. It was that I am a bit bored that I answered.
My honest advice: [Athough I have no myfxbook, so some won't take it.] Don't do it! Keep the money, put it on a savings account and you will have made more there in a year than following your plan. I am very curious how you will follow all signals and keep placing trades even after a couple of losses in a row or even be able to find a low risk trader that makes 25% a month!. This may [and it is a very big may] work if you have a MT4 broker and you have an automatic trade copier. But I am not sure if you want to spend time on that.
I think this is the best answer that you can get. But you will probably not appreciate it and hate me for it and go for the plan anyway..
Rethink what you are about to do.
Regarding Etoro. They improved and more reliable, but I haven't heard that serious traders make use of it. Some others after this post will advise you some other exotic brokers, but don't do that either. The issue with your plan lies not in the broker, but in the trade execution that you will need to do to. I think you will fail that when you have a bad month and will question new signals, what would break that trader's system. You go broke and we will not see you again.
Last edited by Toekan; 12-24-2012 at 05:23 PM.
Thanks you for your time.
Originally Posted by Toekan
I said "an internet friend" because I don´t know him personally, but we have been doing business during 2 years for amounts near 40k. Now, I have money I want to invest and that´s why I asked him about what was his suggestion.
As you said, I have´t hear about serious traders on Etoro too, so that´s why I´ve created this thread.
I just have money and I want to invest it.
What are your suggestions?
Originally Posted by cloferba
Be leery of internet "friends" that espouse the virtues of E-Toro.
And be leery of E-Toro as well
Ide, seems u very bored now, ahaha ^_^
Do u want to start FX business or start FX investation??
if u choose the first one, i would suggest to heard what our friend above said before.
But if u choose the second one, The rule is, u must pick real person that u can face directly. Regardless, this will become nothin if u break the law.
i think u better go ahead and invest in yourself first
invest in educating yourself, once you've learned enough, start practicing and get real hands on experience in this
then you can invest in the forex yourself
you dont have to spend hours to trade, you can only make 1 trade each month and profitably that is, but the key is you have to spend hours/days/years to learn it yourself!
1. the problem that toekan stated, that is the difficulties of placing the copied trades, is non existant. etoro has an automated copy system, that will place and close all your trades. so that is not a problem.
Originally Posted by cloferba
2. don't do it anyway! the top traders on these kind of sites (etoro, zulutrade) change almost every month, in a year tops. so there are no consistent profitable traders you can follow for a couple of years and at some point you WILL lose money. so don't do it.
3. what else to do with your money? well, depends on your situation. how much do you have, what is the money going to be for, how much risk are you willing to take (and yes, there IS risk, there is no low risk 20% return guru you can follow). i personally, if i had at least 30k or so would invest in a diversified portfolio out of index funds. read the book "a random walk down wall street" by burton malkiel. you will find this kind of portfolio and possible index funds in there. in your kind of situation (with no interest in learning forex) i think that is the best solution with low effort, relatively low risk and a descent return of about 8-10% a year on average.
Allow me to give you another perspective based on my personal experience,
btw, i do not have time to trade manually or the nerves to devote to test strategies and do technical analysis...
so i have turned to the middle of the ground solution of autotrading trade following platforms.
i have tried a lot of them. among are the one discussed.
when i started i made the same small account of the same amount in order to test profitability and how the system generally works...so, the judgement was that etoro burned my account - the reason is two fold - either they are not good traders or the system is designed that way. anyhow for the same test i did on zulutrade- and it passed - there was a gain on small amounts, which means that it works better for me.
as for the traders and their ranking I have found a way around it so to say....i have noticed a tendency in the traders behavior - when they are young they tend to perform quite profitable as all desire to climb up the ranking. so, i follow then - in their 8-10weeks of trading life...then if things go unfortunate i do switch them nonetheless, as traders are so many, and their trading strategy usually overlaps i tend to find similar good one regarding the ranking
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