eToro’s Copy Trader Tool Lets Novices Copy Trading Strategy of Popular Investors
Over the past few years, the online trading platform, eToro, has become the preferred choice for many users because of its rich feature set and easy-to-use interface. The website has many tools aimed at investors with no prior experience in trading. eToro began operations in 2007 as an online trading platform and now offers a wide range services for cryptocurrency and equity investors.
eToro Success Stories
Wesley Warren has been trading in equities for the past 15 years and has become famous as one of the most copied investors. To that end, eToro now allows new investors to copy trading strategies executed by experienced investors. The tool is mainly aimed at beginners, especially since they could risk losing all their capital with a single wrong move.
“The eToro platform is open, so you have a place where people can share information,” said Warren. He shares the findings of his due diligence on any stock with his copiers and then engages in a more extensive interacting session to discuss finer details about the security.
The London based investor is currently targeting annual returns between 75 and 100 percent. He also wants to create investor wealth of at least $10 million for his copiers. Warren has a diverse and risk balance approach for picking stocks. His focus is on American technology stocks, currency, commodities, and crypto.
Warren, who goes by the name, Wesl3y, on eToro, believes that it is imperative for traders to have crucial bits of information on stocks at the right time. Lack of information or wrong interpretation of available information could lead to losses. The young investor is extremely bullish on the future of cryptocurrencies and has been mining cryptocurrencies since 2013. Speaking on digital currencies he said:
“They will change the world in so many ways. These are global currencies no longer owned by any country, which could have huge implications for politics and the way our world works. Eventually, some crypto-based marketplaces will allow people to trade anything for anything else.”
Journey to Becoming a Popular Investor
Warren joined eToro in 2015 and become a popular investor by 2017. The platform allows popular investors to collect a small two percent fee of profits earned by copiers who imitate the trader’s strategy. Warren also says the platform is conducive to learning and collaboration. He said:
“On eToro I learnt about importance of diversifying. There are many types of traders on the platform. For example Forex traders, commodity traders, equity traders and at times when my portfolio did less well I was able to learn from them and further strengthen my strategy.”
Using eToro to Earn Money
Warren reveals that he didn’t initially intend to become a popular investor. He was making profits of over 200 percent when he realized that people were copying his trades with the CopyTrader tool. He was eventually contacted by his eToro account manager, who invited him to join the Popular Investor (PI) program. The opportunity was too good for Warren to reject, especially as he also received a bonus after being accepted in the PI program.
Warren wakes up at 6:00 AM every day to research stocks. He also credits the exchange of information as part of his success. He said, “I have a strong voice in the eToro community but I also learn a lot as people share ideas and news directly with me.”
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