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  1. #1
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    Etoro

    Hi,
    I tried to get a thread started on this a couple of weeks ago but, stupidly, made a spelling mistake.

    What I wanted to discuss is, has anyone here any experience with using Etoro?
    From what I can see it is a way for beginers to get some experience in Forex trading. Basically they can 'copy' experienced traders tips until such time as they have experience and confidence to go it alone.

    There are a number of negative comments on forums regarding the lack of speed with which Etor handle payouts and some downtime issues. Like I say, I would be interested to hear if any of you guys and gals have tried thi and what your experiences where like.

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    I searched for Etor from your original OP, but found no results. I did find eToro.com, and it says: eToroUSA - Sorry, eToro is not available in your country yet.

    Even though I have no experience with eToro, I am writing to suggest you avoid trading the forex market. Forex is not a liquid market and there are no international standards governing safe trading. You are better off trading futures if you want the liquidity and leverage.

    The most accurate thread on EP regarding forex is titled Forex Systems. I concur with the points Magnus makes. Forex has no market makers, there is no best bid/best ask system in place, all brokers trade against their account holders (due to lack of a BB/BA marketplace), and the liquidity follows the sun (just like stocks, options, and futures). The illusion of forex being the largest market is due to interbank transfers, which is not trading (liquidity) and only simple current-rate exchange. If you're determined to trade forex, trade the currency ETFs.

    For managed professional mechanical systems, I recommend Striker.com. For managed discretionary, there's Wealthfront.com. To follow system developers, AttainCapital.com and Collective2.com are resources. To use systems in your brokerage account, there are quite the number of closed-end funds which function as ETFs for trading purposes that follow proprietary methods just like mutual funds.
    Last edited by KenW3; 8 October 2014 at 9:01 am.

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    Quote Originally Posted by Nidec View Post
    From what I can see it is a way for beginers to get some experience in Forex trading. Basically they can 'copy' experienced traders tips until such time as they have experience and confidence to go it alone.
    Avoid this and any similar services. There are no end of "bots", "trading advisors", "magic" indicators and all kinds of other nonsense. Many of the sellers of these products have extensive "proof" of their efficacy with backtest results, "independent" third party tracking of their performance etc. All rubbish. I won't go into the details but if you read Magnus's post and spend a few weeks researching this on the numerous trading forums out there you'll eventually come to the same conclusion.

    Trading is the hardest way to make easy money. But it's possible. I personally know several people who make a very healthy living from trading. And I dabble in it myself with modest success.

    To do it successfully don't copy somebody else! I suggest you first read all the top authors - from Wyckoff and Tom Williams who've written on volume analysis to chartists such as Al Brooks. Then I suggest you spend a year or two - seriously! - just demo trading. You'll blow your account time and time again. I promise. Best you do it with pretend money first. Bear in mind that there are no magic indicators. Some of the most successful traders don't use ANY indicators - just the tape (i.e. just price. Price is king and you need nothing else).

    I'll add to Ken's advice to avoid FX. Every market is manipulated but FX more so than others. Next in line for manipulation is commodities especially gold, silver and oil. The markets where there's least scope for manipulation and therefore stands you a better chance of success are indices, particularly SPX (S&P) or the ES (S&P futures). The sheer size of these markets make them difficult for even big banks to manipulate (though central banks can).

    The easy route is Metatrader offered for free from many brokers. I don't like it. The better solution is something like TradeStation, NinjaTrader, MultiCharts or similar charting software combined with a data feed from Kinetick, Contiuum or other data provider. It costs, but it's much better. Don't keep too much money in your trading account. Ever. Pull out money whenever you don't need it to cover positions. Brokers sometimes go bust and your money can disappear faster than you can say broker.
    Find the right business brokers to maximise the value you extract from your business and improve the chances of selling your business.

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    Chabrenas (9 October 2014), crabfoot (23 October 2014), timginn (12 October 2014)

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