Name’s Khan people cant say my first name correctly , some cant say my surname correctly. so Khan works not can or kan just khan. enough about me lets talk about Etoro what are your guys take on it? could it be profitable, anyone knows anything about it? anyone knows someone on Etoro who newbies can copy to build revenue until they feel comfortable with trading themselves? Or is there any market leaders that u can just copy and make bucks off their trades? lets talk…
I looked at eToro when I first found out about Forex & unless things have changed, their spreads are twice as big as other brokers so that’s a bad sign in itself.
Say that there’s a guy in your town called Dave, you don’t know him but he’s won a few games of poker recently & a few acquaintances say that he’s a good player - would you give him your money to play with for a cut of his winnings? I certainly wouldn’t & that is effectively what you’re doing with eToro.
If anyone is going to lose your money then it should be you. Learn from those losses, evolve & move forward.
Actually eToro has awful spreads and their platform is not so good for ‘advanced’ (read: “I understand how to use a trading terminal”) users. The social trading function is interesting and made me get some real pips like 5 years ago.
Give it a try, you can sort users to copy by their performance and consistency in time. But if you are looking for a REAL forex broker, you’d better look somewhere else.
My 5 cents.
I think the main problem with all those “social trading sites” is that the people with the best historical results, and the most impressively-ranked records tend to be all the ones who have just had a lucky run using “crash-and-burn” techniques.
It is (at some sites - I don’t know about Etoro specifically) possible to learn to analyse their histories in enough detail to avoid that, but very few of the participants really do so in any realistic way, I suspect, and “inevitable accidents” abound.
It’s fairly easy for people wanting to attract “followers” to “learn their way around the system” and temporarily (sometimes even for as long as a few months) produce [U]apparently[/U] stellar results based on unsound techniques like averaging-down, grid techniques, and so on. Sometimes the MAE’s in their trading histories aren’t even disclosed, and what you see is that they closed 30 “successful” trades in a row: you [U]don’t[/U] see that at some points they were $100,000 in the hole to return an eventual profit of $100, or whatever it was.
I’m generalising, of course, and there are (a very few) exceptions.
Not sure if your intro really benefited anyone, but oh well. It does not matter what anyone thinks about them. The only thing that should matter is what you think about them. Anything can be profitable in the right hands, but copying others will never lead to a long-term profitable outcome.
I have a bad opinion. Some of the highest ranked traders there are actually terrible traders: drawdowns of +50%, keep open losing positions for months hoping for the price to get back. The whole etoro model is flawed - they reward the traders based on the volumes made instead of risk adjusted performance. I think that Darwinex.com has a much better model.