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After 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.

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 as 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. 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.

If you make the deposit before 21st November ,you are eligible for the 50% bonus. You can take your time before doing the first real trade.

I recommend you to do atleast few 10 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

You will get a complete guide on forex from me once you open a real trading account. ( Not Demo accounts.) Just post your real trader name in the comments section in order to receive this awesome guide which values over $80. You get it for FREE.

I am finishing this post by showing you how to complete a forex deal.

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.

The process is very easy as you can see. After reading the “Free forex guide” which I am going to send you, everything will be much more clear. Rest assured, Everything you need to learn about forex will be there.

I am giving my real time forex updates through twitter. Add me on twitter to get them for free. I have a 89% success rate since the day I started trading. Just follow them on your demo account and see it for yourself.

If you have not already downloaded the platform, Do your self a favor and DOWNLOAD it now.

After my last post , I received load of emails from people who actually wanted to start something. 80% of their main problem was lack of money to start any business.

It is my duty to help all the readers since you are here for a reason.

Anyway, I use lot of methods to ensure I save at least RS 150,000/= in a Fixed deposit every month. Most of them need much planning , an average amount of capital and lot of hard work. I was thinking an easy and fast way for my blog readers to start building up some capital.

While I was at it , I followed a quick tip I received from my friend Gerad on msn and made 2 fast transactions on my forex account. Within 45 minutes I managed to made a profit of $190. That is for 2 $50 transactions I made on my account.

I was so happy for 2 reasons. Firstly, It was offered to me in a plate. I didn’t have to do any researches , No trend analysis, all i did was following my friend’s lead.

And secondly , I realized this could be it. An easy and fast way to build up some capital for my blog readers. And I must tell you,as with any kind of investing program you will not get profits all the time.

But the good thing with forex is you can reduce the losses , Win more by engage in correct strategies. Following right people , reading forex websites before doing a transaction , not putting all your eggs in one basket ,You can actually feel like you are virtually winning all the time. (Because you can reduce your losses in forex by following the correct strategies.)

Update : as at November 04th 2008: My average monthly Forex income has reached the $1000 mark.

This is a screen shot of my etoro trading account I took while updating this post. You can trade with $50 lots although I did otherwise.

I will give you a brief idea about FOREX before proceeding with the real thing.

What is FOREX?

The Foreign Exchange market, also referred to as the “FOREX” or “Forex” or “Retail forex” or “FX” or just “Spot” is the largest financial market in the world, with a volume of over $3 trillion a day. If you compare that to the $25 billion a day volume that the New York Stock Exchange trades,(I can’t even mention colombo stock exchange here.) you can easily see how enormous the Foreign Exchange really is. It actually equates to more than three times the total amount of the stocks and futures markets combined! Forex rocks!

What is traded on the Foreign Exchange?

The simple answer is money. Forex trading is the simultaneous buying of one currency and the selling of another. Currencies are traded through a broker or dealer, and are traded in pairs; for example the Euro dollar and the US dollar (EUR/USD) or the British pound and the Japanese Yen (GBP/JPY).

Because you’re not buying anything physical, this kind of trading can be confusing. Think of buying a currency as buying a share in a particular country. When you buy, say, Japanese Yen, you are in effect buying a share in the Japanese economy, as the price of the currency is a direct reflection of what the market thinks about the current and future health of the Japanese economy.

Why Trade Foreign Currencies?

No commissions.
No middlemen.
Low transaction costs.
A 24-hour market.
No one can corner the market.
High Liquidity.
Free “Demo” Accounts, News, Charts, and Analysis.

I do not want to bore you with too much information. I think this is enough for you to start, because “etoro forex trading” is giving you a free Demo account with trial money of $2000.(You cannot withdraw until You start a real trade account with a initial deposit of $50.) You can learn while you are demo trading with etoro trial forex trading interface.

So first,
Go and open an account at The Innovative Forex Platform - Download for FREE!

(There are thousands of other forex trading platforms but I trust Etoro simply because I have done over 3 lacks worth transactions with them without even a slightest problem.

Then use your forex trading demo account and start trading. etoro have a very simple interface. Believe me you will learn how to trade in 20 minutes.

You are good to go now, Join the FOREX scene now!!! & Kick some asses….

As always if you have any questions, Shoot them in the comments field. And if you like this post and want to share with your friends please use the “sharethis ” button at the bottom. After all, Do not be too greedy. When you find valuable information on internet it is always good to share it with your friends. :-)

Happy Trading. Post your profits here.

Latest Update
eToro has launched a super Bonus give away. Visit here to learn more about it.

Other must read posts.
How to start a new business with $7 capital.

If you don’t have paypal the world does not end there.