Hey guys,
I’m a complete rookie, so apologies in advance.
I’m for once in a position in my life where I can save a decent (relative) amount of money each month. I’m managing to save £500 a week which I’m putting directly only my (new) etoro account. I’m allocating about 80% of that to copy trades and the rest to my own trading. I’m only 3 weeks into saving.
I started doing this after seeing some stats about compound interest and being blown away, and then seeing peoples stats on etoro and I cant help but thing it all looks too good to be true.
I see it’s a relatively good time to practice some day trading by dabbling with the major companies that seem certain to recover, I can just leave the money there if it becomes minus and wait until then. I’ve been researching a lot and playing it safe, I realise I’m still a goldfish in with sharks but anyway…
My plan is to move to Spain with my dog and not have to work full time. I live a simple life and my outgoings would be less than £1500 per month.
My question is, how much is a reliable interest rate on etoro and what is my best method to obtain it?
I want to figure out how much money I need to save in order to take the leap.
I’m completely open to different ideas, if there is better places than etoro to ‘copy trade’ or to just invest. And also if my goal is plausible. Please dont be afraid to wake me up a bit if I seem like a dreamer - I cant believe I hadn’t discovered this sooner if I’m right!
Kind regards
James