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February 25, 2010

Everything you need to know about eToro Software

As promised in my previous article (eToro’s Web Trading Platform – Best Forex Trading Platforms Out There) here is my findings about the and analysis of eToro’s software platform.

At first I was hesitant to install this too on my computer thinking it may cause some troubles. After installing this, however, I have found eToro software trading tool is very user-friendly and neat just like the eToro Web Trading Platform. I was amazed that that both tools look and feel the same and your account information is transparent. Whatever you see on your Web Trading Platform its the same on the software side. You use the same set of user name and password to log in.

However, with the eToro software version, when you start the tool, it gives you two options, “Trade For Real” and “Practice Trading.” For any new traders I would strongly recommend you use the eToro’s practice account first. It is free and it doesn’t cost you anything. You can get the feel of it before jumping into the real trading environment. You can also test your strategies in practice account.

For this article, I will concentrate on eToro’s “Trade For Real” option.

After you login you see a similar window like the one below:

You can click to close the side window. However, I would recommend you keep that on so you can see forex market moving in real time. You have the option for Top Traders’ Insight, Trading Challenge, Chat Profile. Each one has specific purpose on eToro to help the traders make the right decision to maximize their profits.

eToro’s Top Traders’ Insight allows you to see what other traders are doing. You can make a decision based on this information whether to execute a buy or sell trade on a certain pair. You can see up to 10 pairs at the same time.

eToro’s Trading Challenge lets you view how much top traders are earnings. You can sometime chat with them too to make your decision to maximize your profit.

eToro’s Chat lets you chat with Help desk or any other online users. you can communicate with them and you can find out their strategies. All the traders are very helpful.

At this stage you can also see the main trading area of eToro. You have easy access to FOREX currency trading market and also Commodities market. Commodities you can trade right now are Gold and Silver. It has the same functionalities as the Forex trading option that I will analyze here.

My initial feeling about eToro’s software is that it is very clean and user friendly. I last used it in 2008. They have made some impressive improvements since then and I am hopping the improvements continues. Some of the things I like and enjoy are:

  • One of the best options for any forex traders is the option to manipulate data. I think eToro is one of the best tools out there for that. You have access to basic and advanced charts.
  • One click access to the charts of any pairs. This really helps seeing what is happening to each pair of currencies in the market between 30 days and 1 minutes intervals. It’s amazing. Anyone who likes graphs will like this. You can also follow trends.
  • For some more advanced users of eToro you have “Advanced Charts” option. This allows you to use technical indicators such as Simple Moving Average, Exponential Moving Average, Triangular Moving Average and many more technical indicators. This option was not there in 2008. I like this because it gives me the opportunity to see which strategy to use.
  • Executing an order to Buy or Sell is very easy.
  • It allows you to view Open trades, History, News, Calendar information. All these are very useful for any traders on eToro.
  • You also have access to Visual Mode trading which allows you to trade visually if you do not want to be bothered by all other information. Once you change to eToro’s visual mode you see a screen like the following:

  • The depth of access to information on eToro is really vast.
  • Option for practice account.

Some of the advantages for professional traders or new traders:

  • Forex Trading Software is for Professionals: From my research I have found that eToro platform is designed to accommodate beginner trader, however I think one overlooked or less known benefit of eToro’s Forex currency trading software is that it offers seasoned traders who are looking for accuracy and advanced tools in their forex software.
  • Advanced Charting for all users: You can benefit from this does not matter what level of expertise you have on forex trading.
  • Automated Signals and Orders: To make it simpler for you to keep track of forex market activity, the eToro platform provides you with free auto signaling software for forex trading. Since the beginning of the global financial crisis, the forex market has experienced almost unprecedented levels of volatility, which means that the opportunities for profit have never been as widespread. While this is a great incentive for online investors to switch to currency traders, the increased market activity can sometimes make it difficult to keep up with all the currency pairs at once. This is where auto signaling software comes in. You can easily keep track of all the currency pairs by placing automated signal alarms according to your trend analysis. Usually traders set auto signals to notify them when a trend has become significant enough to trade, or on the contrary, when the trend is about to turn so you can change your positions accordingly.

What you should do now?

Well to be a successful forex currency trader, regardless of which platform you use, you must do your research. As always having a good strategy is a must. You must be able to take out emotion out of the trading mentality. Remember, it is about the money. Keeping this in mind, I would recommend you start at least a practice account and do some trading. Chat with others and see if it is for you or not.

Is eToro Legit?

I have been asked this question via email so many times, just unbelievable. Yes eToro is Legit. It is working for me and for many.

Will eToro give me my money when I want to withdraw?

Definitely they will give you money. Refer to my previous posts about my experience from 2008. I have put up screenshots of all the communications for money transfer. It was great and easy. Of course you have to proof that it is you. I know it is hard for first timers to understand how internet could make them money. It does work. You just have to be patient. If you are worried about anything speak with your account manager at eToro. They have been working pretty hard for me.

How will I make money?

eToro is not going to make you money. You are going to make yourself money using eToro. You have to know that Forex is a currency trading platform. Just like any other business it has its own risks. That’s why I mentioned in all my posts since 2008 that take your emotions out or that do not invest what you cannot lose. You lose money in stock market too but you don’t blame your trading agent for that. If you lose money in the stock market it is your own fault because you may not have done the research properly. Same goes for eToro. However, you can minimize risks if you follow strategies on eToro. Look for some strategies on the internet.

How much I will make with eToro?

Like everyone who wants to make money from Forex, it is a burning question. It all depends on how much you will make on eToro. Or on any other trading platforms. However, as always, I would advise you do your due diligence. It is hard to earn money but if you have the right strategy eToro can help you making the money you want.

What is making eToro different?

I would say the ability to bring up such a great platform for new traders to advanced traders is an amazing differentiation for eToro from other platforms. Another amazing thing is that their support personnel is very good at what they do. I am from Canada and every time i had problems and contacted them they were prompt in addressing all those issues. With big forex trading companies you have to wait for a response. But with eToro you can chat with Helpdesk or you can call them or you can email your account manager directly.

Well that is my observation about eToro. No one can ask you to do anything but you can learn, educate yourself and make the decision for yourself. The fact that you are reading this post is that you are searching for information on eToro. Well its just a click away. Try them out.

Update from April 2012:

I have been trading on forex for over 6 years now. I thought I would share some of the resources I have used to make stead profits in Forex.

Cautionary Note: Please use this information at your own risk. Forex trading is not for everyone. Before you invest please learn as much as you can and learn of the risk.

Download! Good luck! Start Having fun! Earn money with eToro!

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