eToro - anyone using it?

[ian]

I find it basically does the opposite of what ever I do!

 

[scooter]

What a roller coaster day. Learnt a valuable lesson .... leave the party early when the going is good and not be too greedy.

All profits earned today and yesterday wiped out.

That's me been a member for 1 week. Started with $500
Current equity: $593.02


Edit:
That's not true. I joined Wed but did not load any money until luchtime Thursday. So I have 1 day left.




.

 

[MikeJDS]

Well that was a bit more of what of I was expecting..
An interesting day.

Ended up trading more currency than I wanted, even though I did try and spread out a bit.
My other copies didn't trade today. :/

Was great to watch.. EUR/USD - But I'm glad I don't have thousands in there or it would have been twitchy bum time.
Sharp drop in the morning - But then came back.

First red day out the way. Total Weeks Profit ($- 20.48 )
Although I feel it could have been worse as I did close a few trades at a good time.

I decided to leave most of my trades open.
Aiming to end the week UP.
Need some luck tomorrow.

 

[ian]

Ok, my week was going really well with very few negative sells, but today has really proven how the tables can turn.

Start: $180
Current: $290

Left a few sell orders open (as well as copy trades), so here's hoping that the EUR drops again tomorrow.

 

[MikeJDS]

@ian-d

I've decided to pause on Kovandap.
Can't help but feel his trades have been timed badly over the last couple of days.. Even though yesterday came good.

Still have faith in Gstllr's trades as he follows them up well.

Are you still copying these 2..
Any thoughts?

 

[ian]

Yes, copying both but have had to drop others because of reduced funds and wanted to ensure over $100 on each. Lost a little faith in kovandap because he effectively used 30% of his fund on a drop which went spectacularly wrong (I'm still holding those positions hoping for a better day tomorrow).

Gstillr I'm unsure about too, he is high risk but with very small amounts, so it is some what difficult to ever achieve much on huge ticks. He also only seems to 'bet' on the EUR/USD dropping, not rising, so leaves a question mark over his technical expertise. He's made similar errors today but has opened more positions this evening so tomorrow will be a test for how good he really is. As his positions are always so small, I just use him as a gauge to placing my own positions with a larger high risk amount, but that hasn't worked out too well so far!!!

 

[MikeJDS]

Yep, but even though Gstllr takes small amounts, he does move the stop-loss out. So keep an eye on that as it also increases the stake.

Seems like we are in a similar situation at the moment.

I feel I've probably got to try and look further ahead and not expect trades to close every day.
I think some of the traders have a longer strategy (perhaps)

I could do with the EUR/USD coming down 40 ticks in the morning.

Good luck tomorrow.

 

[ian]

I could do with the EUR/USD coming down 40 ticks in the morning.

Damn, I need 60 ticks down to level out on some of kovandap's mad positions!

 

[Adam H]

Play carefully this week guys and dont get carried away, alot of chat about volatile markets, everyone is expecting a crash of sorts which is why many traders will be going short ( short = selling, Long = Buying ) with a trailing stop loss.

Especially with things like the USD / JPY , people have been taking shorts for the best part of 2 weeks waiting for the big drop, The next couple of weeks will tell you how good your choices of copys really are and whether they are just guessing or actually do pay attention to the markets, charts and tell tail signs.

 

[Retired_member41]

How come you need the ticks to come down? Can you bet up and down? Only ask as I thought you always wanted them to go up?

 

[Adam H]

How come you need the ticks to come down? Can you bet up and down? Only ask as I thought you always wanted them to go up?

If you think the market is going down you sell ( Go short ) if you think the market is rising you buy (Go long).

 

[Retired_member41]

Ah so you can invest money in the sell. I thought that button was only when you had those stocks already.

 

[Adam H]

Ah so you can invest money in the sell. I thought that button was only when you had those stocks already.

Correct you use the sell button if you wish to PURCHASE a sell position meaning your betting on it going down which you then profit from if it goes down.

Don't worry i made that very same observation when i first started, for the first 3 weeks i was only buying lol .

 

[Retired_member41]

I've been watching it go up. Selling. Then waiting for it to finish going down and buying again. Thanks for info

 

[Brassneck]

Does anybody know how you should account for any profits on tax returns. As it doesn't seem to be the same as regular buying and selling of shares, does any profit simply count as income or are do capital allowances come into play? I suspect the former.

Thanks
Stephen.

 

[Retired_member41]

Both if the levels are high enough. Unless your loaded or do it full time I doubt many people will go over the allowed threshold.

 

[Adam H]

Its Spot forex so any amounts withdrawn to your bank is taxable income as far as im aware.

If you was to learn the ropes and start to learn the trade then you would be better off moving from etoro to a spread betting platform as its Capital gains tax and stamp duty free.

 

[Brassneck]

Its Spot forex so any amounts withdrawn to your bank is taxable income as far as im aware.

If you was to learn the ropes and start to learn the trade then you would be better off moving from etoro to a spread betting platform as its Capital gains tax and stamp duty free.

Thanks, that is what I thought. Easy to forget that your profits are taxable!

 

[ian]

Does anybody know how you should account for any profits on tax returns. As it doesn't seem to be the same as regular buying and selling of shares, does any profit simply count as income or are do capital allowances come into play? I suspect the former.

Thanks
Stephen.

Tax deducible at normal rate if over the threshold. Best thing to do is retain shares rather than sell, so you can time disclosing them to suit you best.

 

[Brassneck]

Tax deducible at normal rate if over the threshold. Best thing to do is retain shares rather than sell, so you can time disclosing them to suit you best.

What do you mean by threshold? Isn't all income taxable?