After publishing my last post, I received countless emails asking how to proceed with eToro and complete the first forex trade. Since it is impossible for me to answer each and every email, I am writing this post to give you step by step instructions with screen shots. Please visit here if you need a full introduction.
I hope you have already downloaded the software and installed it in your computer. If not, please Download it from here.
First, double click on the eToro icon from your desktop. Then it will present you with the following dialog box. Click “trade for real” and register a real trading account through the “open new account” link.
Then you will be taken in to the trading platform. Now in order to trade, you have to deposit some money. Hit the “click to deposit” button.
Now you will be presented with the following screen. Recommended funding methods are,
Credit card,
Paypal.
Moneybookers.
Wire transfer.
Please select this carefully. When you are withdrawing money, you have to use the same method which you used to deposit money. Credit card is the easiest option because eToro can send funds directly to your credit card and you can withdraw it from the nearest ATM. At the moment withdrawing via ATM is available only to credit cards with the VISA sign. I am doing this every week without any problems.
Once you complete the payment, your account will be automatically credited with the amount you deposited. Do not forget to use the promotional code when depositing money. In case you have forgotten, the promotional code is ” get bonus”. Read all about these bonuses here.
I recommend you to do at least few 25 demo trades before trading with your real account. When deciding what to trade I always take a look at “top trader’s insight“, which shows what the eToro top 100 traders are doing at the moment.
If you are unfamiliar with forex scene, you might want to quickly go through the following glossary.
Exchange Rate- The value of ones currency in comparison to another. For example if you see, EUR/USD 1.2100, 1 Euro is worth $1.21
Currency Pair- Two currencies that make up an exchange rate.
Base Currency – The first currency in the pair.
Counter Currency – The second currency in the pair.
Currency Pair Terminology- These are basically the slang terms for trading certain currency pairs.
EUR/USD – “Euro”
USD/JPY – “Dollar Yen”
GBP/USD – “Cable” or “Sterling”
USD/CHF – “Swissy”
USD/CAD – “Dollar Canada”
AUD/USD – “Aussie Dollar”
NZD/USD – “Kiwi”
Pip – The smallest increment a currency can make which is also
known as points. 1 pip = 0.0001 for EUR/USD. USD/JPY = 0.01
If you need more information you can visit my other web site, “start forex trading“. All the information is free and presented in a simple manner.
Let’s complete your first forex trade.
You can use any method out of the following.
Global Trader.
Forex trend.
Forex Marathon.
Trade box.
These are simply different interactive trading methods offered by our user friendly forex platform.
In global trader, select the currency pair you want to trade. Then you can decide the risk/reward level. I leave it at *200 default level. You will learn all about this from the guide you are getting. So do not worry. This is not rocket science.
And from here, you can impose trade limits. Which means if you want to stop the trade , say when your loss is $25, you can do that by clicking the “advanced” button. And also you can stop trades when you are in profit also. Just ignore this when you are doing your first few trades. I have not set limits ever. I just stay glued to the screen and stop trades manually when I want. You do not need to set it automated.
You can slowly explore the other trading methods from your Demo account. You are getting Virtual $2000 to experiment with real time trades. Make use of this opportunity. A complete and simple guide to trade forex can be found here.
If you have not already downloaded the platform, do your self a favor and get it now.
I’m real trader now , user name “Nishadha”
@Nishadha.
great…I guess you have already got the bonus from eToro and I will also send my promised cash prize to your local bank account.
As we discussed in the etoro chat, if you keep the profit you gained from your first trade till tomorrow, they will credit your account with another $25.
Win Win situation all the way……..
If anyone else also joined, let me know so I can send you my promised bonus and the ” amazing forex guide”. I got to know that lot of people have joined but has not sent me the details so far. I just need your trading name and the preferred method of payment.
:-)
[...] here to learn step by step on how to complete your first forex [...]
I have downloaded etoro from your link and signed up for etoro and this is my username.good blog by the way…i’ already subscribed.
Please send me the guide.
Thank you
Hey have you still started to Trade using Real Money or or Still you also uing the Demo Money..?
I have been real trading for over one year now. There is no point just stuck in demo trading. It will get you no where. Just use it to learn things.
What is the method U used to Deposit & Windrow Money from the..? If you have Windrow money from them.. as PayPal is not Available in SL.. Seems like this is too easy than Stock Market As I just only Use this today fore Few hours with Demoe Money & Already Gain ar 290$ profit… :-)
@ Buddy,
As I said early in this post also, credit card is the easiest way to deposit money and withdraw money. And that is what I have used also. Once I completed a withdrawal request I just have to wait 4 days , then go to the nearest atm machine with the visa sign and withdraw my profits with my seylan bank credit card.
Here, your credit card will simply act as a atm card. That’s it.
Yep, this is much more better than stock market. Send me your real trading name once you open a real account to get “the Fool Proof Forex guide” worth $90 and your $10 cash gift.
Thanks what is this X50 X100 X200 X400 still i didn’t get it clearly..
That is the leverage. At this stage you can ignore it and leave at the default x200.
What stragies, system or program do you use?
I use MACD or OSMA indicator along with the Relative strength index. I use them with 24 hour or with one hour charts since I only trade with a minimum lot at a time. And I have few sources of getting up to date currency information.
I’ve been looking into Forex. Thanks for the good information!
I am new to this today, my traders name is ashburn , waiting for the guide :)
@ Daniel,
Consider it done :-) Sent you an email.
Dear eranda;
Do you have any experience about using Forex autopilot software.I found one of that software on the web and I try it on MT4 demo account.It’s working well on demo account.if you need a copy of that software email me to my address.I give it free for you.
Excellent blog and first post!
Hi Eranda,
I am a trader now and i made a profit of $80 on the demo trades within the first 2 hours :) Could you please send me that guide as well. I saw your message on Etoro after a while today and you had logged off by the time i tried to reply.
Cheers mate… keep up the good work.
and Let me know of any way i can assist you in your quest. :D
Dinesh wijesinghe
Dinesh
Waiting for your bonus….;)
Do you use any forex autopilot software. Is it really useful
Very nice described, this broker is realy simple to use, you could try doing some forex managed accounts too ;)
ERANDA,
Please get in touch with me if you see this message,
Email to : happypuppy20 [{at]} gmail.c-o-m…
Thanks! I have a few offers for ya :)
I like it that it comes with a complete guide on forex. I have very little experience in forex trading, and good guidance looks like a must for me. Thanks for the review and explanations.
thanks for the tips… it will be usefull
Hey, My username is “lmkstyle”, Waiting for the guide
You could baby sit or maybe sit with a patients that just needs someone to be there. Check out some of the restaurants and stores in your area. A lot of place will work with kids that are in school and work around your school hours. Tell people at your church that you are looking for extra work and ask them to spread the word around. Let the people in your community know.
I have been trying to learn how get into the forex trading and this will definitely help me understanding something that you may need to pay for.
Do I need a license to trade forex for others using my software hosted outside Singapore? ?I am planning to run an automated forex trading platform hosted on a server outside Singapore. Client’s trading platform will be hosted on the server and trades will be executed on their behalf. Do I need a license and how do I obtain the license?
Forex trading is not something that I have considered before because of the difficulty getting into it.
If this helps then this is great
I will try it out.
Hi, Eranda Great Job…
thanks for the articles..
its very helpfully
The Forex market is a non-stop cash market where currencies of nations are traded, typically via brokers.
eToro looks like a different animal. Worth a look. I heard that it was based in Israel. Deposit and withdrawal could be inconvenient though.
Sorry no ec drop today but…Dropping off a Bunny smile for you !!)
Hi
If you can, send me the forex guide as soon as possible.
Your friend
thanks for the tutorials…i plan on starting forex really soon…i gotta put these tips to action
Thx, i will join. It’s interesting.
I never really knew what Forex was until this guide..it sound not as complicated as i thought…I will definitely give it a try
Thanks.The step-by-step guide is of great help.
Are we required to send signed withdrawal requests every time we wish to withdraw funds.and for the First time withdrawal request should we send A copy of Passport / Photo ID, A copy of both sides of the Credit Card that has been used to fund the trading account, A copy of a recent utility bill.That is what in eToro website’s Withdrawing Funds section.Do we really have to go through this hassle.I was thinking of registering then I saw this and I still did not register bcoz it’s pointless if you can’t withdraw funds easily.I am confused.Please help me
Yes, you have to send these documents. Just scan and put an email. Will take 5 minutes. Lolz.
Awesome post! That was a good read
I have some hesitation to send copy of both sides of the credit card. Is it legal to ask credit card copies of both side?
I am very concerning about this before register.
Please advice me on this.
HI ERANDA ..
WHAT IS YOUR ROLE WITH eTORO ?
I’M ASKING THIS COZ DO U REMEMBER IN COLPITY THERE WAS A FUTURE MARKET COMPANY CALLED ‘ TRILLION GOLD ‘ AND THEY VANISH WITHOUT A TRACE WITH MORE THEN US $ 10,000,000.00 . SO PLEASE LEAVE A COMMENT
can we use mt4 with etoro ?
Hi Iraj,
I am an affiliate of eToro and you can check their legitimacy through National Futures Association’s Background Affiliation Status Information Center (BASIC). BASIC contains Commodity Futures Trading Commission (CFTC) registration and NFA membership information and futures-related regulatory and non-regulatory actions contributed by NFA, the CFTC and the U.S. futures exchanges.
http://www.nfa.futures.org/
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