eToro

ACCICB told me about eToro and I went to check it out as I was curious about it. eToro is a social network of sorts whereby you can copy traders/investors trades. It's like Seeking Alpha where crowd sourced is seen as being more accurate than individual analysis except that in eToro you get to make money if the traders/investors you follow are correct. I suspect that the traders/investors being followed are earning more $$$ from having their trades copied than the actual trading itself!

There have been some unhappiness in the past about eToro's fees and the way they manage complaints and grouses. I'm happy with the brokers I'm using so while I did signed up with eToro, I didn't fund my account nor did I follow anybody. I guess it's a matter of me wanting to own my skills rather than following somebody who has the skills.

It is based in Cyprus and currently allows trades in a few key markets such as NYSE, LSE etc so it's not as comprehensive as other brokers but the markets they offer have more than enough opportunities to keep you busy if you are just doing this on the side. The charges are kinda weird and I can't seem to figure if it's cheaper than IB but I think the draw here is that you can earn easy money if you follow the right trader/investor.

Some of the top ranked traders/investors have a day job so I'm impressed with what they have achieved so far given the demands of work, family etc. ACCICB was telling me how a lady spent 8 years learning how to trade while working in a day job at a FMCG company. When she finally cracked the code, she left her job behind. I applaud her for doing that and I think sometimes it's the push factors that compels you to leave your career behind as I think many people are very adept at resisting the pull factors.

Comments

  1. Joyce,

    I find it funny why any traders would want to "follow" another trader?

    Especially those of us who are trading to achieve.

    If it's money we want and we don't want to do the work ourselves, I'll rather give the money to an active money manager, or a passive index fund - depending on our preferences.

    Make a decision! Either DIY or outsource.

    Nothing is sadder than pretending what we are not...

    I'll bet the lady who spent 8 years trading part-time before she cracked the code didn't "follow" another trader ;)

    ReplyDelete
    Replies
    1. Hi SMOL,
      I think some of the traders were following those who have expertise in certain areas which they don't have such as FX for eg. I like to look after my own $$$ so equities work for me. I think she DIY while working in a full time job plus this crowd sourced thingy hasn't been even invented yet!

      Delete
  2. I see a few local traders or stock gurus screaming their achievements via their daily blogging and urging new members to participate in their workshops, seminars etc; guaranteeing fantastic returns.

    Most people want to have it easy. Why spend precious hours to crack the code when you can just follow these traders earning easy money and hence covering the membership cost.

    There are different ways to do things and their eventual varying results. Freedom of choice and we need to respect this aspect.

    ReplyDelete
    Replies
    1. When you wrote screaming, I had a small amused smile on my face! Totally agree on freedom of choice and everyone gets to choose what works for them

      Delete
  3. eToro is the most recommended forex trading platform for newbie and advanced traders.

    ReplyDelete

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