eToro
Making money in the Forex market is rewarding, but not an easy thing to do, as many know. The select few who really can make it for the long run often find themselves doing some extra work in the field such as coaching, writing educational articles, selling signals, EA's and much on top of their actual trading to make the extra buck. If you consider yourself an expert trader who knows his craft and is comfortable with his strategies, joining eToro's Popular Investor Program may prove to be a rewarding way in which you can share your trades socially while finding yourself the extra income channel. This initiative was previously called the Guru Program and has been recently revamped to make it possible for new traders to join and share their ideas. To get started, you need only to open an eToro account and start trading with as little as $50. You can trade all major Forex currency pairs as well as selected indices, commodities and share prices.
It is expected that traders with a proven track record of success and the ability to broadcast their success to eToro's already existing wide community of traders, will gain eager followers. When these add up, the income you make from this system might surpass what you're earning from your actual trading (and might even eclipse your earnings by far!).
The Nitty Gritty
Becoming a Popular Investor will take work, and will require adherence to the terms and conditions of the program. For starters, you must keep your eToro account open for at least three months before joining. You also need a minimum of ten followers who trade regularly in order to qualify. It's worth noting that the eToro platform might be somewhat oversimplified for the expert trader who is accustomed to configuring complicated dashboards and addons for his trading (but it's an excellent place for new traders to learn!). The key is how to be engaging in the messages and the level of response you can generate with in the community so that you can attract loyal followers. It's not enough to just to be a star performer – you will need some social skill to accompany your trading skills, and eToro has made this possible with their straightforward UI.
Through eToro's Popular Investor Program, you have the opportunity to earn up to $10,000 each month as long as you maintain a consistent follower base that follows your trades with an average balance of $100 monthly. Payment levels are staggered and depend on the consistency of your performance over the past 1, 3, 6 and 12 months' time frames as well as the number of followers you accrue.
Popular Investors must be connected to at least one Social Network through their eToro account-- Facebook, Twitter or LinkedIn. Since eToro does not allow trading from users in the USA, Canada, Japan and Turkey, users living in those countries cannot join the Popular Investor program.
In addition, an active live account with eToro in which a real deposit has been made must be maintained at all times and you must open at least one trading position in your eToro trading account during each calendar month or carried over from a preceding calendar month for the duration of the promotion.
The names of the most copied traders appear on the eToro website and there is an open forum for registered members to discuss topics related to any financial matter. Participating in the conversation on various topics in the ongoing thread rewarded me with some interesting responses, and emphasized the fact the eToro community is truly alive and kicking.
It seems like the eToro Popular Investor Program is a great social networking tool for both beginners who are looking for a supportive environment to test the water or for more advanced traders who aspire to grow a follower community down the line. The interesting aspect in my opinion in that while this program appeals to many, it is the chosen few who really knows what they are doing who can really earn the big bucks just by doing what they already do best.