If you are a novice in the forex world, then most probably Etoro will be your first playground. I’m telling you that not because of that Etoro is the best place to start trading but they have an amazing platform that does everything for you.
On their platform, it is very easy to start trading even without zero knowledge of anything. In the same way, it’s that much easy to lose your money as well. There is a number of traps and tricks they use to take your money. So you have to keep your dopamine level at low. Otherwise, you will lose hundreds of thousands of dollars even without noticing.
Okay, keeping the above in mind, lest’s start the journey of trading. First of all, you have to get registered, click on the below banner and it will take you to the original Etoro website.
Once you successfully registered and logged in you will bring to the main dashboard. On the top of the left and side, you will see a profile image, your username, and a blue color button called “Complete Profile”
You must complete your profile before you start trading or deposit funds. So click on that button and supply the necessary details. You must give the correct Address, City and Country details. If these details not accurate there will be problems when you try to withdraw your earnings. So be careful when filling the details.
Then they will ask some questions about your trading experience, Just select what suitable for you. Those selections will not affect anything so you don’t have to worry about much. In the end, you will be asked to upload your Passport or ID card, and a utility bill that confirms your resident address. Check all images below, those will give you a better understanding of the answers you have to give.
Okay, now we have a completed profile, then comes the most interesting part. On Etoro, you can trade in two different ways. You can deposit funds through a credit card or Paypal and use that funds to open trade positions. But we’ll keep it for a later time. For now, we are going to use the other option, This is the demo version of Etoro trading so even if you lose your trades you will not lose your real money. If you are a novice in forex trading then I highly recommend you use this demo version at least for one month’s duration. You can switch between real and demo version using the drop-down menu at the top of your left-hand side. (Check the image below) When you have funds deposited on the platform you must be really careful about the demo and the real accounts because sometimes people do testing on real account mistakenly and lose all their money.
On your virtual portfolio (Demo account) Etoro has given you $100,000 worth funds to do the testings and be familiar with the platform. Trading involves a high risk of losing all your capital. Even if they all have a risk of trading compared to Forex and Commodities, Stocks have the lowest risk. On the other hand, you will get a low income by trading on stocks. Once you start trading you have to be on alert about world political and economic events. Because those events can move market values. It is always better to trade on companies that you mostly updated about. Think if you are a vehicle enthusiast, then you can trade on TESLA, BMW or Volvo If you are an IT enthusiast then you can try Google, Facebook or Twitter. Likewise, choose what best matches you so you don’t have to do much extra work to be on an update about them.
Good Videos to watch.
I think this is enough for part 1, we’ll come back with part 2. Please let us know if you face any issues when following this tutorial. So we can improve our next tutorial. Also please don’t forget to feedback.