Reviewer: Forex Trader Website Reviewed: Official eToro Website Type: Forex Trading Broker

eToro is a forex tbroker that offers investors a new way to trade the global financial market with style and ease. This forex broker show cases a ground breaking technology in the use of visual interface that makes the financial market very interesting especially for new comers. It does not matter if you are an experienced trader or a beginner, you can join this forex broker today and move your online trading experience to the next level. This forex broker is a registered member of NFA with an ID no of 0382918. eToro Inc. was formed in 2006 with its head office in Cyprus. You can actually open a live account with as low as $50 with eToro, whilst you can get a minimum lot size of 0.1 lots & leverages that ranges around 1:100, 1:200 and 1:400.

You can start your trading experience by opening a practice account on eToro and all you’ll need to do is to follow the simple steps that I’ll outline. First you’ll have to download and run the eToro platform. On completion you’ll find the eToro icon on your computer desktop. Double click on the icon and a window would pop up asking you if you want to trade for Real or Practice Trading. Please go ahead and click the Practice Trading button. This would lead you being prompted to a Practice Registration screen, which requires you to select a username and fill in some light personal information. Just beneath the page after you must have completed filling of the form, you would be processed immediately for full access into the Practice Account. From this point you would be directed to an Expert/Visual Mode based on your trading experience. You can actually switch between modes at any time. It is worth note taking, as you’ll need to select a password & enter a username in order to log on to the platform in the future, but you’ll not have to go through all that trouble on your Practice mode as the system recognizes you upon launch of the platform.

You can improve your trading skills upon live trading with eToro’s Forex Matador. This is a forex trading course from eToro that is very user friendly and easy to understand. You can sign up for the first lessons free E-course once you have an eToro Real Account and have deposited a minimum amount. Note that Gold or VIP account holders are entitled to receive a personal trading coach, and they would be walked through the entire E-Course step by step.

eToro have innovative and easy to use currency trading technology, it’s mixes the traditional forex platform with elements of a video game. eToro tracks score of every individual user forex performance, just like video arcade games list user high scores. eToro’s trading platform serves retail segment of the Forex community. eToro charge absolutely zero commissions on all forex trading activity, including no overnight rollover fees. Users of eToro would very well agree with me that this forex broker is easy going and dynamic.

The idea behind having a Forex trading strategy is to help you get the most from your currency trades and to reduce your potential losses. A good strategy will help you to find a good trade in the first place and will help you determine when to buy or sell a currency pair. You should not expect a 100% success rate however. Not all trading strategies work well for everyone all of the time.

You will find numerous Forex trading strategies available on the internet. Some are free of charge and others have a cost associated with them. When it comes to choosing a strategy you have to do your research and select the one that is going to work best for you, which might take some time and effort to establish. If you have the time and inclination you could always develop your own trading strategy.

As a survival guide to the world of currency trading, Forex trading strategies are absolutely essential. A well thought out and sound strategy can remain useful for many years. Even the best strategy however, is only as good as the trader who is implementing it. If you don’t have enough discipline to implement the strategy rigidly, then it is not going to achieve maximum success for you. You must ensure that you manage your money and risk effectively to make a profit. As you trade more and more, you should take notes and analyse your performance so you can assess which trading strategies are working best for you.

Several Forex trading strategies are available and you have to select the one which suits you. They are generally divided into two categories – directional or non –directional. Trading strategies are useful whether you trade manually or whether you use an automatic system. Common strategies include the use of Support and Resistance levels, intersection of the trend lines, breaks and the choice of suitable time frames.

Based on mathematical analysis models, over the years, Forex trading strategies have become increasingly complex and sophisticated. This is not to say that the most complicated strategies are the best however. Some of the simplest systems are also the most successful. The best ones tend to be based on technical research and have a requirement for human interaction – they are not completely automated.

Forex trading strategies are not difficult to learn as long as you put the time and effort into understanding them. This is of utmost importance as there are vast amounts of money to be made I the Forex market at all times of the day and night. Taking the time out to get to grips with Forex trading strategies can mean the difference between a profit and a loss at the end of the day.

The Forex market is complex to grasp and full of technicalities, so when you are trading it is always convenient to have access to as many tips and tricks as you can get your hands on.

The most important tip of all, I would say, is to make sure you know exactly what you are doing before you even start to think about trading with your own money. You can learn about trading forex by signing up for a training course or reading one of the numerous books available on the subject. Once you have a grasp of the basics, start putting them into practice by opening a demo account with one of the online brokers for more practice before you start using real cash.

A really good tip, particularly for beginners or those prone to emotional trading, is to put at least a part of your currency trading on autopilot. There are a variety of automated systems or Forex robots available which will enable you to do this.

When trading forex, work to a system which should include pre-defined entry and exit points. There is plenty of information available from websites and books that will help you choose the most suitable system for you. You should also keep your system as simple as possible

Ensure you make use of stop-losses to prevent you losing more money than you can comfortably afford to.

When you are converting currency, make sure you make the transaction in a country where at least one of the currency pair is the local currency.

Try and avoid trading during the release. This is because things can turn against you very quickly during this time.

Use the weekly chart. This will give you a clear view of the big trends, entry points, support and resistance levels.

Don’t be greedy and trade too much! If you let greed take over you run the risk of making poor decisions that are not based on trends and research. Keep your emotions in check at all times. You can also find that by being in the market too much you miss the real opportunities on the high reward, high odds trades because you are too bogged down with everything else you are dealing with.

If you are a smaller investor, then think about risking more on high odds trades. Generally speaking the recommended limit is around 2%, but if you are looking at a good potential return then it is worth going up to 10% or even 20% to make a meaningful gain.

Don’t diversify, particularly if you have a small trading account. It is better to risk more on higher odds trades than lots of smaller amounts on less profitable trades.

Set yourself a profit target for the year. Make it realistic – not even the world’s best fund managers hit 100%. Once you reach your target consider taking a break for a well earned rest before you start again!

Look at a bigger time frame than the one you are trading in. For example – if you are trading in a 1 hour timeframe you should look at daily and weekly charts.

Finally, treat forex trading as a serious business. If you just treat it as a hobby or as a fun pastime you will not make money. Don’t try and predict the market, always use your research tools and trade with your head, not your heart.