Yes but when it's gone up so much in such a short time, a small $1.00 drop is quite lackluster to say the least.
Seems interesting :/ and I'll check this out as I always seek new avenues of financial knowledge however, (and I could be a very conservative in my view here) but a quick 2min search shows me that this business was set up in Cyprus (1st red flag :/ ) and as a coincidence while I had just looked at thier website this evening I was breifly side tracked for a TV program on one of the current affairs (don't know which one) highlighting a online gambling site which took a lot of good folks savings by intelligent scamming. According to the suckers they all were earning on paper but when they went to pull the dollars out the wizard behind the curtain vanished which set off my (2nd red flag :/ ) about this online business? :/ Now, I'm not saying you are wrong here and this could be a great way to educate guys like me about trading on the Forex but I would recommend tread softly as I would hate to have a fellow SS conned Would you believe that after all your posts VRS especially about JPM I'm sure you of all people could not be hoodwinked remember these are just my thoughts and I maybe totally wrong here.
Some very good points made hihosilver. I am not one for bashing platforms..... but, as VRS says (DYOR) as there is some suss ones out there.
e toro seems, pretty dodgy after a few google look arounds.. hmm. i wonder if i can just open a practice account and copy trades on another system? i dont even know how it works.
Very nice silver broke through the 50% level that i had listed before and also the massive resistance point on FXUSJY has been broken
The guy who set up eToro is Greek Cypriot - I don't think there's any law against that (!) - It's where his business started, and is the main office for a company that has offices around the World mate. Also eToro is a retail portal - all trades actually go thru IC Markets for Australia (regulated by ASIC here), Retail FX in Europe (regulated by Financial Services Authority in UK, Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) in Germany, Commissione Nazionale per le Societa e la Borsa (CONSOB) in Italy, Comision Nacional del Mercado de Valores (CNMV) in Spain, Banque de France for FR, Finansinspektionen in Sweden, Capital Markets Commisions (CMC) in Greece, CSSF in Luxembourg, AFM in Netherlands, CMVM in Portugal, CBFA in Belgium etc) and FX Solutions for US & Canada (regulated by our very own precious metals-friendly bunch at CFTC!) The server side has had issues previously when closing trades - but I have to say that when I've taken a screenshot of any trade that hasn't been settled immediately eToro have compensated me fully within 7 days for any loss I might've incurred plus for the inconvenience. I haven't had any tech issues since. Similarly I've never had any issues with being paid-out when I require. Easiest way for me is to deposit funds on my Mastercard, so anything I want to take out goes back on to the same card immediately rather than wait up to 3-5 working days for a bank transfer. I think the reason this platform has come in for some flak is that it's very innovative - no other company at retail level has anything like it at all - and the major fx houses and banks feel threatened by the 'Zuckerberg'/'empower the masses'/Social Networking angle that eToro Open Book/Web Trader has - it's a brilliant idea imho, and I can't think why the hell nobody thought of it sooner - being able to follow & copy the most successful traders, to interact & converse with fellow traders, leave comments on eachothers walls etc - which is why I say it's like Facebook in its approach/presentation. However, when you open up Web Trader, the trading engine app, it gives you a slick window on your current trades, history, charts etc across all the major currency pairs, plus all the major indices and oil, gold & silver. As you say HH always tread carefully & DYOR - but I was happy to wake up this morning having set up my trades yesterday - to find I'd made 76% on the rising price of silver overnight, thanks to Benny Boy. The idea with forex is to have more winning trades than losing ones - and to do that you need to be able to remain detached, only trade small amounts of your total equity (but trade often) and be disciplined enough to avoid the usual pitfalls - so if you have an addictive personality you need to approach (or avoid) FX trading accordingly. As I've said to everyone else who's asked - best thing is to observe observe observe - spend a good long time doing that, set up a practice account, watch the news (economic calendar) and get a feel for forex. Price movements can be fast, so you also need to set stop losses, have good money management skills, never risk more than say 2-3% of total equity on any one trade and educate yourself before risking anything. That said, I do know some people whose risk profile is permanently set to high - so sometimes they make a big score, but they also risk their capital way more than they should & lose big when price direction (and volume) go the other way. One mate who's a dentist in UK has his forex screens running throughout the day whilst he's working - he uses a program called Metadata I think - it's just a way of keeping his missus in new handbags - and he's Chinese - so he takes a cautious slowly-slowly approach, maybe doing 3-5 trades a day for 50 quid each - and he can hold the positions open for months rather than a few minutes or hours. Cheers, x
Hi guys, Just wanted to chime into the discussion. Hihosilver, you are right to be worried, there are many brokers out there who take advantage of traders. However, eToro is a licensed and registered introducing broker for several brokers who are licensed all over the Europe (Germany, France, the UK etc.), as well as the US and Australia. I suggest you take a look at the license and regulation page on our website. In addition, none of our brokers have dealing desks, the trades are automatically executed in the markets and we make our money from spreads only, meaning that it is more profitable to us when our traders succeed because then they can open more trades. In general, I advise anyone interested in eToro to register for a free demo account and to have a look around the platform and OpenBook. You can even use it to chat to some of our users to see what they think. Happy trading everyone! Andy, eToro Team
Been playing around with the demo platform, pretty good, so far. made about 200$ worth of virtual money, by playing around with $100 investments at x50 - x100 But i wont start putting in money till i've got about 1 grand, just to be safe.
"but a quick 2min search shows me that this business was set up in Cyprus (1st red flag hmm)" I wonder if they will survive the storm now? was I right? who knows, only time will tell
