eToro & Beginners
Why Should You Open FOREX Trading Account With EToro?
Excellent question! If you’re like I was, you may have read about FOREX and be curious about how trading is done and wondering if the advertisements you see on webpages is at all accurate. Can you make money? Is it easy? Well, the making money on Forex requires one thing, a great brokerage service.
Before I decided to partner with eToro, I did my homework. I wanted to know the specifics of each of the online brokerages. The kind of training and support that was offered was very important for me because I didn’t know anything about the language of the market or exactly how it worked.
The other factor for me was the amount of money I was going to need to invest to start trading. I had studied enough of the successful Forex masters to know that I couldn’t invest any more than I was willing to lose. So, I wasn’t going to dump my life savings in a brokerage that I had tested with smaller amounts of money first.
eToro had several winning attributes for me that gave me the foundation I needed to start my real trading making money. Part of their training include an ePlatform guide and a Forex trading guide. A glossary is included in the guide that is really easy to navigate so I was able to find new terms very easily.
I am one of those people that likes to be sure that I understand something before I actually spend money on it. This is where the demo trading platform comes in. It is an exact replica of the real-money platform, but you are using virtual money. The cool think about this trading platform is that you are getting real-time information so, even though you aren’t spending real money, you are developing confidence, learning how to navigate through each of the nuances of the market, and participating in the trading challenge.
The trading challenge, this is very cool! As I developed skills and got better on my virtual trading platform, I started making virtual money. Then one day, I remember the trading challenge! There is a demo trading challenge and a real money trading challenge. The top 30 traders of the demo challenge win a real cash prize! On the real money platform you can win up to $10,000!
So, once I had spent a lot of time in the community forum, asked lots of questions of the successful traders in eToro, spent some time with the twenty-four hour support team to make sure I knew what I was doing, I was ready to move to the real-money side of the platform and start trading.
While some brokerages will charge a fee for trades, commissions, etc., eToro only charges 2 pips on the spread. You’ll learn about pips and spread when you visit the site. But, it’s not a whole lot of money, and there are no hidden fees that you’ll get socked with when you start making money on your trades.
So, I’m hooked, I found a brokerage that fits my needs perfectly and I’m making money. Some people may want to jump in and start trading in real money right away. But, the advisers at eToro do not recommend that strategy. They encourage everyone to practice and learn how to read trends and what kind of news events will affect trading.
I took it slow and didn’t start trading in real money until I started making real money on the demo trading challenge. Then I knew that I was ready to start trading in real money and begin making real money on trades. If I keep going the way that I am, I’ll be one of the top 30 challenge winners soon, and I have eToro’s training materials and demo platform to thank for it. But the best part is that anyone can do it! I’m not a rocket scientist or a wizard at the market, so I know if I can do it, then you can too!
