eToro

[scooter]

I was going to reply to the original thread but it has been closed.

Anyone still trading?
I went down to $100 from my initial $500. I stopped copying other traders and decided it was "do or die" time and started trading myself. It has taken a long time and lots of high risk "all in" trades, but it paid off. As of Friday 6th, I was up to a healthy $645

This week has been insane trading (and profit) with EURUSD

My outlook......
Everything I read says the Euro is heading for parity (or thereabouts) with the $

The last week I have not been quite so reckless. I have opened 2 x trades, 25-40 pips apart. Each trade has been $200 with a large stop loss of x 300 as now I have the funds to cover this. (I have been burned a few times when it has gone in the opposite direction).
If the winds sway in my direction I open a 3rd $200 trade.

This is going to be my strategy from now on. Will it work or am I talking bollocks? Who knows, time will tell. All I can tell anyone that is interested is the consensus is the Euro is heading for 1.000 in relation to the $ and it has served me well doing this the last week.

What I also now realise is the more funds you have the less you need to invest and keep it on the table to make a profit. "murph" quoted in the last thread he read of someone who trades once a day with large amounts but only needs a small window to make his money. This now makes sense to me. If I could make a trade of $1000 every day and set it for only 10 pips, that's $100 profit daily. I don't have the funds for this yet but that is my goal. (if I don't burn the lot before this)

Anyone that is interested can look at my stats here:
https://openbook.etoro.com/scooter499/portfolio/history/


Anyone that wants to try trading, use the link below. You will get a free $100 bonus on signing up (and so do I)
http://etoro.tw/1NefskL


Copy trading:
My 2 recommendations of traders to copy. (Do your homework and check their stats)

1. https://openbook.etoro.com/besttraders/stats/
Spreads his trades on currency and stocks

2. https://openbook.etoro.com/maria421/stats/
Currency only (high risk!)


WARNING:
Only invest what you can afford to lose.

I will report back in a few weeks time for an update.



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[Jamie101]

For some reason I never bothered joining the first time around when the other thread was made. Might join later on but yeah I honestly think the euro is going down compared to the dollar too (which hurts me to say since I'm in Ireland).

Might join soon but I assume they need all sorts of id and stuff like that?

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[murph]

Need to be careful though, lots recon we could see some kind of correction before heading down to parity. My problem is I always close Eur usd trades too soon. If I'd left some sells running, I'd be rich off the profits right now!!

 

[Adam H]

Need to be careful though, lots recon we could see some kind of correction before heading down to parity. My problem is I always close Eur usd trades too soon. If I'd left some sells running, I'd be rich off the profits right now!!

^^ This, be careful with that pair it will catch you out so don't get greedy and money manage properly, if you get overly pot committed you will blow your account with that pair.

 

[Jamie101]

Scooter, I've just signed up and deposited using your link. Enjoy the bonus $100.

On another note, my referral link is http://etoro.tw/1AssYbm which I found a little funny Would be cool if the next person uses my link and it continues on but that's up to someone else to decide I suppose

 

[bonusmedia]

Sorry if this is patronising but you folks are going up against city traders who have spent 12 hours per day for 10 years doing nothing else. It's unlikely you're going to beat them based on hunches and reading the news.

This is gambling with a respectable veneer. If it's just a bit of fun, fine - just don't expect to win long term unless you have some expertise

90%+ of forex trading customers lose money - why do you think the affiliate commissions are so high?

The worst thing you can do is have a lucky streak and then start thinking you can beat the market - that's how addictions get started. Add in leverage and you could lose your house in a matter of hours if there is a black swan event

As for copying successful traders - this is the same as following a horse racing tipster. There will always be someone having a good run, but virtually no-one wins consistently except the platform.

The best traders (and gamblers) expect to make a fairly small margin over time.

 

[scooter]

Scooter, I've just signed up and deposited using your link. Enjoy the bonus $100.

On another note, my referral link is http://etoro.tw/1AssYbm which I found a little funny Would be cool if the next person uses my link and it continues on but that's up to someone else to decide I suppose

Cheers Jamie and good luck!
I hope you too got your $100

I too think it is a good idea that we make a sign up chain. So anyone reading this thread and wants to join and get $100 should use Jamie's link:
http://etoro.tw/1AssYbm


Murph, AdamH:
I hear you. Very volatile market to be in. Been burnt big time a few times. I'm slowly learning patience is a good thing, set a stop loss and stick to it. If you lose it, you lose it and start another trade.


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[scooter]

Sorry if this is patronising but you folks are going up against city traders who have spent 12 hours per day for 10 years doing nothing else. It's unlikely you're going to beat them based on hunches and reading the news.

This is gambling with a respectable veneer. If it's just a bit of fun, fine - just don't expect to win long term unless you have some expertise

90%+ of forex trading customers lose money - why do you think the affiliate commissions are so high?

The worst thing you can do is have a lucky streak and then start thinking you can beat the market - that's how addictions get started. Add in leverage and you could lose your house in a matter of hours if there is a black swan event

As for copying successful traders - this is the same as following a horse racing tipster. There will always be someone having a good run, but virtually no-one wins consistently except the platform.

The best traders (and gamblers) expect to make a fairly small margin over time.

Not patronising at all and some sane info. The one good thing about etoro is you can only lose what funds you have in your account. There is no "credit" with leverage.

I also agree, in a nutshell, it is gambling.


EURUSD:
I know a reversal is coming but all indications (and quotes from the big players) is it is heading for parity. (or thereabouts)

So, if it is true, that's 400-500 pips downwards with reversal bumps on the way. The difference for me as I now have reasonable capital is that I can cover the bumps. Over the last year (from what I can see from reading the charts) is it has never reversed over 200 pips. So I can set my trades with +200 stop loss.

Below is the EURUSD chart for the last 12 months

If I stick to 2 trades @ $200 per trade, if it goes arse up big time, I lose $800 but I think I would be manually closing long before this.

Anyways, as you say, it is all a gamble, no matter how much info you read.

The big one this week is on Wednesday.
USA rate decision statement.



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[murph]

Cheers Jamie and good luck! I hope you too got your $100 I too think it is a good idea that we make a sign up chain. So anyone reading this thread and wants to join and get $100 should use Jamie's link: http://etoro.tw/1AssYbm Murph, AdamH: I hear you. Very volatile market to be in. Been burnt big time a few times. I'm slowly learning patience is a good thing, set a stop loss and stick to it. If you lose it, you lose it and start another trade. .

That's the key. Tight stops, if market goes against you, minimise the loss and wait to enter at a better level. Always go with the trend. Watch out for corrections and make a forex calendar your daily source. No one wins every trade. It's about winning more trades than losing. Slow but steady profits. Not a get rich quick scheme!!

Etoro is very useful IMO to gauge what other traders are doing. There's also a lot of great insight into the market conditions and where a pair might be headed.

But it is fun and very addictive!

 

[Jamie101]

Looks like the vast majority of traders are losing out today, don't think many people expected the value of the dollar to drop so much.

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[Adam H]

Looks like the vast majority of traders are losing out today, don't think many people expected the value of the dollar to drop so much.

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Thats because the vast majority of etoro users are not real traders, they rely on the social aspect of other people telling them what to do and ignore the fundamentals such as the economic calendar. : http://uk.investing.com/economic-calendar/

Today was a massive day and fireworks was guaranteed. Days like today your best to stay out of it if you don't understand the charting and potential ups and downs. Many people would have blown their accounts today.

 

[accelerator]

Just regarding currency trading, it wasn't so long ago that there was a huge spike in CHFvsUSD that caught a lot of people out.

Rgds

 

[scooter]

Many people would have blown their accounts today.

Thats me
Decided not to take any of my own advice and the last mega spike blew me out of the water like a uboat taking out a merchant ship.

I have $127.85 left.
Time to let the dust settle and start again





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[Adam H]

Thats me
Decided not to take any of my own advice and the last mega spike blew me out of the water like uboat taking out a merchant ship.

I have $127.85 left.
Time to let the dust settle and start again


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haha happens to everyone bud, money management is everything but it takes some discipline, if i took my own advice half the time im sure id be alot better off, greed and the thrill of the race always gets me.........but thats what you get if you trade like you play poker

 

[Jamie101]

I got $200 credits for joining with someone else's link and referring someone, so might just keep going until I lose that. Can't really lose then but it's just having the willpower not to lose any more if I do reach that stage I'm down a little today but it could've been much worse.

I love the idea of Etoro but one thing that annoys me is that you can't see people's losses as much as their profits. It's all over their wall that they've sold something and made 10% for example, but never the opposite way around. Unless I'm missing something?

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[accelerator]

I love the idea of Etoro but one thing that annoys me is that you can't see people's losses as much as their profits. It's all over their wall that they've sold something and made 10% for example, but never the opposite way around. Unless I'm missing something?

I doubt it. I'm not aware of their business model, but I imagine it's transaction based, so they'll want to get more people involved and therefore give prominence to gains.

Rgds

 

[accelerator]

I'm just reading "The Death of Money" by James Rickards. I would suggest £4.68 for the Kindle Edition is money well spent before embarking on currency trading.

 

[murph]

Got hit hard by orders that kicked in on the way up! Managed to get some in near the top though, so managing to recoups some losses. Tough to know when to pull them. If we are still on for parity, then serious pips from here!!

 

[Jamie101]

If anyone is thinking of using the mobile app I'd advise you not to. Quite buggy which is terrible for an app like this. A stop loss that I had just didn't work :/

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[Jamie101]

Markets seem a lot more stable than what they've been the last few weeks lately. Not a bad time to start copying imo.

http://etoro.tw/1AssYbm is my link if you want to get started

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