How to Copy Trade on eToro
So you’re ready to start copy trading with eToro, but need help getting started? Follow this step-by-step guide to open an account, find a trader you like, and start trading.
- Make an account
- Find a trader
- Examine their profile
- Open a position
- Monitor your results
Let’s dig a little deeper and make sure you understand exactly what is involved with each step.
Make an account
The first step to any trading is to open an account. Navigate to the eToro website or download the app, and click the “Join Now” button in the top right corner. This will take you to a form, which will need to be filled out with all of the personal data required for any trading account.
Because this is a financial service with real-money trades, make sure to read the terms and conditions to confirm that you are legally allowed to create an account in your location. Though eToro services millions of people around the world, there are some countries in which it does not operate.
Find a trader
Once you have an account, navigate to your dashboard and click “Copy People” (this will be under the pop-out menu on mobile). This will open several lists of top traders, including the most copied, currently trending, and “Editor’s Choice.”
There is a robust search engine at the top of the page, which can help narrow down your choice by recent returns, risk score, or the number of open positions.
There are thousands of traders to choose from, and you don’t need to make a decision right away. eToro provides plenty of detailed information on their results but there is another way to learn about someone you might have an interest in copying.
Examine their profile
Clicking on the profile of any trader on eToro will take you to a page where you can view their:
- Performance (overall profit and percentage gain)
- Risk Score (how risky each trade is, out of 10)
- Trading History (shows how successful they have been over different periods)
- Open Trades (current active trades, with their Stop Loss and Take Profit values set)
You can also see what assets they are trading in, as well as read any posts they have made about their current trades. This is a great way to get a feel for their strategies and insights before investing any of your own money.
Open a copy position
Once you’ve found a trader you’re interested in, click the “Copy” button to start following along. It will open a window with a few important options.
The first is the amount of money you wish to use on this one individual trader. Traders often give suggestions in their profile on how much to invest.
Second is your stop-loss, which is set to 60 percent of your investment by default. This is the minimum amount it can drop to before the copy position will be automatically closed, with the funds being returned to your account.
Last is a box labeled “Copy Open Trades.” It is checked by default but is extremely important to understand before moving on. If left checked, the system will automatically copy the trader's open positions at the current market rates, not those that were originally used. If unclicked, you will only copy trades that are opened after you start.
Click “Copy” and that’s it! You’re now copy trading.
Monitor your results
Like with any trade, it is important to monitor your results with copy trading. On your dashboard, you can easily navigate to each trader and see their impact on your overall portfolio. Regularly check in on your copy trading to make sure that the people you are following are still profitable.