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.
