Forex trading is something I've always wanted to do ever since I knew about its existence. Economics has always been my favorite subject both at school and at varsity. I cannot think of any discipline or career where your favorite school subject comes out alive!
Before I write much on this blog, I'll give you a brief background on my experience with FOREX...
I've been DEMO trading with ETORO for the last two and a half years. It may sound like a long time for some, but immersing myself on this platfrom means I know it in and out and have become quite comfortable with it.
The last thing one needs is to be eluded by the platform, over and above having to understand FOREX itself.
There are two things that I've been trying to master on ETORO:
1. Trading by myself
2. Copying the master traders
I got relative success in trading by myself but decided to copy the "gurus" instead.
This is due to my personality. The anxiety that comes with an open trade is too much for me. I also realised that I'd take profits too early in the trade (anxiety). I'd successfully close a position at 5% profit, and most of the times the charts would prove that I'd taken it too early (could have made as high as 25% in some cases).
Copying the master traders means that I do not need to worry about my open positions as they are almost literally at the hands of the master traders. When they open a trade, my Etoro account does the same, when they close, my account does the same.
Copy trading is not a magic pill or portion though and involves work. You need to investigate and analyse traders before you copy them. You may have seen some horror stories online of newbie traders who've blown their accounts because they followed a high-risk trader with a shady trading record.
The good news is that Etoro has all the tools needed to help you in your decision making process. On top of that, you get a DEMO account that you can use to copy these traders. This way, you get to know whether they are worth copying before you commit to your own money.
My next post will talk more about the Etoro platform, as well as how to choose the best traders for copying!
In between, I'll share my own progress on my copied trades. So far, all is still going well!!
No 1 key is to find what suites you,what works for you.You have just done that based on your personality not on what everyone think you must do.you don't seem confused at all.I wish you success in yo journey.
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