Online trading is one of my favourite ways to make money on the side. Firstly, it is pretty easy to set a trade and forget about it. For example, if you invest in an index, you can just buy it and set to buy more if it goes down, then sell when it goes up again. You can have a currency edge for your next holidays. You can even buy commodities such as gold or silver, or the shares of a specific company you like and trust. All of this from the comfort of your home, or if you enjoy traveling like I do, anywhere with an internet connection.
Of course, I don’t trade crazy amounts on margin, or I would lose sleep, and would never trade all of my money as I could be on a transatlantic flight right when my stock crashes and I didn’t set a stop loss! Trading comes at a risk, but the rewards, if you go slowly but surely, can be great as well.
To help you get a more interactive experience of online trading, eToro launched a new social trading platform earlier this month that foments investor interaction. You can get in touch with other traders, share tips, research and experiences, and you can also copy the trades of the most successful investors out there. Getting started with eToro is really easy, you just register and their system takes you on a quick tour around the platform to explain how your dashboard works and how you can find both trades to execute on your own, and traders to interact with and copy.
With a huge network of 5 million traders, eToro sure gives you a great array of traders to choose from. You can choose according to your trading style, level of risk, or simply the rate of return that particular trader has had in the past. That is not a guarantee of future returns, as you never know if a trader may suddenly decide to try something new (with great success or not), to stop trading aggressively because their life circumstances have changed, etc. In any case, eToro allows you to define the risk you are willing to take in following the trades of a specific investor.
There are also more innovative features that enable you to customise your Watchlist, use a wide set of tools to evaluate the market and how other traders react to it, and plenty of charts for you to analyse.
For successful investors, eToro also offers traders the chance to earn an extra income in addition to any profits from their trades through eToro’s Popular Investor Program. That is up to two percent of the assets under your management, adding to your own profit. For example, if you are managing $1 million in assets during any given one month, you can earn an extra monthly income of $1,666, so if you already have a nice track record, you can make extra money on top.
eToro is really easy to use and the platform is friendly and transparent. By seeing what other people do, you can feel more comfortable in your own trading decisions. It is no longer just you against the market, you can now see how others react and act.
Click here to get started today on eToro today.