Today we are starting a trial of something a little bit different here at Honest Betting Reviews.
As regular followers will know, we like to try out a variety of means of making some additional income and not just restrict ourselves to betting systems. We try out trading systems, forex strategies and have even gotten into cryptocurrencies lately.
So today we are going to test something new – a “social trading network” called Etoro.
What is unique and great about Etoro is that you can copy the trades of expert traders on there with just the click of a button. Hence the “social trading” idea.
It’s a fun and interactive way to get involved in trading without needing to be an expert yourself or spend a fortune on expensive software or trading courses.
Amazingly, according to the Etoro website, a massive 78% of copied trades closed on the platform have been profitable (as at 17.08.2017). That’s a huge edge as normally you’d expect it to be around 50%.
That’s the “wisdom of the crowds” at its finest really.
There are hundreds of traders on Etoro platform and their full records are there for you to view, so you can see:
- – How much they have won and lost overall
- – Their monthly profit and loss
- – What things they like to trade
- – Their open positions
- – Their max drawdown
- – How many trades they have made in total
- – What percentage of their trades are profitable (strike rate)
- – How many people are copying their trades
It really gives you all the information you need to decide who to follow.
There are some very successful traders on there, people who have a very high percentage of winning months, low drawdowns and returns in excess of 80% and even 90%.
That beats the hell out of most Wall Street hedge fund managers and any kind of index fund – and certainly massively beats bank interest rates at the moment!
Etoro is also a really nice platform visually and user-friendly too.
The great thing about is that you don’t need to be an expert on the markets or spend hours studying charts and lines and bollinger bands and all that complicated stuff.
You can just sign up, deposit some funds, choose who you want to copy and then sit back and (hopefully) let them make you some money!
So it’s potentially a nice source of passive income.
There are also other options on the Etoro platform like you can trade yourself (and if you do well people can copy you, thus making you some additional income) and there are “copyfunds” so you can copy large investment funds like their special cryptocurrency fund or a stock market fund.
However, for this review we are going to concentrate on copying other traders as that’s the easiest one to do and is something anyone can do.
So we are going to have a portfolio of different people we follow to balance the risk and not leave ourselves exposed if one person has an unfortunate run.
We will detail who we have chosen in our next update, so you could even copy us copying other traders if you like 🙂
Anyway, we will kick the review off now and will report back here soon on how it’s going.