Learning from beginners mistakes

Ok so yesterday I told you guys I had started copying the top investor on Etoro Andre Bauer @hyperbird. It was actually about 8 days ago that happened so I already have my first week under my belt. So we'll talk about how its been going.

I actually made a massive newbie mistake that I want to tell you guys about before we move on. When copying someone on Etoro make sure you check their open trades before pressing the copy button. If they have lots of open trades in the green, don't press copy. If the trades are in the green it probably means that the trader is just about to close his position. Which isn't good for you because you will buy them at the value he is about to sell at you will make a loss. If that makes sense, with the brokers fee and all.

Andre still has these trades open and is down on them by about 30% but because I bought them when they were in the green I am down almost 100%. Its not as bad as it seems though because Andre deals extremely low leverage only trading about 2% of your total equity at a time. Which means I've only lost about $2 so far. But it could have been a lot worse if id invested heavier.

So that's the bad news over with, if it wasn't for this mistake on my behalf I would have made a profit on what I invested in the space of a week. Andre is a very active trader, he's constantly jumping in and out of trades, making a small profit each time. My highest profit on a single trade is 19.22%, which I thought was amazing.

Andre mainly deals in EUR/USD which is what he seems to be good at, so if he's comfortable, im happy. He's also very social, which is what Etoro is about I suppose. If I have a question about anything he's doing he's always quite happy to reply with an easy to understand answer for me. Even though I must be asking the most stupid questions in the world sometimes.

Overall my first week copying on Etoro has been quite a pleasurable one, at no point have I feared for my entire equity which is what was worrying me, and even the disaster that was my innocence didn't do too much damage. Id definitely recommend giving it a go.

Remember if you are interested you should probably get a practice account first so you don't make any stupid mistakes like me. Plus make sure you sign up with this link for some bonus dollars when you do register, surely no one would turn down free cash. http://etoro.tw/1bQkoNK