Etoro has really made the forex trading simple and user-friendly.Even the beginners can master the secrets of forex money making within days.I was really inspired into forex trading after seeing one of my friend making thousands of dollar per week with etoro.After signing up for a real etoro account,I practiced 2days with the demo account just to get an idea of the forex market.
My first profit from etoro came after one of my yahoo chat friend gave me a quick tip about the EURO/USD market and I made 2 fast transactions with just $50.Within 30 minutes I managed to get a profit of $180.And it was the first time in my life that i made that much amount within just 30 minutes.After that I decided to do some research on the current forex market and learned few tricks to obtain free forex signals.[don’t worry,I will be sharing it with you)
Step by step procedure on how I did my first forex trade.
For trading forex,you require to install an application from etoro.You can download it from here.After Installing the application,double click the etoro icon on your desktop.
Now click on Trade for real button on the screen and then register a new account through the “open new account” link.After registering your new account,you will be taken to your trading platform.To start your trade you need to deposit some money,for that click on “click to deposit” icon.
For depositing money,use can use PayPal,Credit card,moneybookers,Western Money or wire transfer.I prefer doing deposit with PayPal or Credit Card,since for withdrawing money, you have to use the same method which you used to deposit money.Credit card is the most easiest option since eToro can send funds directly to your credit card and you can withdraw money from the nearby ATM.You can start trading with as low as $25,but i recommend you to start with $50(more money,more profit).
Now they have an interesting offer by which you can get a signup bonus of $25 extra for a $100 deposit.That’s a total of $125 for you to trade.
How to Start Your First Forex Trading
You can choose any of the following trading arena Global Trader,Forex trend,Forex Marathon,Trade box.I tend to spend a lot of time in Trade box arena. In tradebox arena you can select the currency pair you wish to trade.For eg If you want to sell Eur/Usd,then click EUR/USD and select SELL.
Then you could decide the risk/reward level. I always leave it at x200 default level.
And there is an option to impose trade limits(optional),that is if “Take profit” is set to $25 then the trade automatically stops when you reach a profit of $25.I have not set any limits ever and don’t think i will ever need it. 🙂
How to select the currency pair to trade.
The best way to select the currency pair to trade is to look for the Top Traders Insight provided by etoro for free.From here you can check what the top forex traders are buying and selling and it would be wise to select your trading currencies according to that.
From the Top Traders Insight window you will be able to identify the best currency to buy or sell.In the above insight,you can see that top forex traders are buying AUD/USD and thus it is the best time to buy AUD/USD and also you could see that it would be wise to sell GBP/JPY and USD/JPY.
If you want to obtain free forex signals and a complete Forex tutorial worth $127 along with other forex tricks,then signup for etoro and shoot me an email at renju[at]renjusblog.com or Message me in facebook with your etoro username(real account) and email address.I will be sharing this $150 worth products with all of you for free.