How to Be a Successful Trader by eToro's Top Investor

Jaynemesis is one of the top popular investors on eToro. This article will share some of his tips and advice to improve your trade.

Each trader essentially should forge their own way to be successful in their trades. Even professional traders that everyone knows had to start somewhere too in order to be in the position that they are in right now.

Only through discipline and practice can really enhance and improve your skills significantly. Trading lessons are also helpful as well as advice from expert traders themselves. While there are no quotes or tips that can instantly make you a successful trader on its own, it should be able to help you focus on where you should put attention to and what kind of mistakes that you should avoid while trading.

Today we're going to give you some tips on how to thrive in trading and be a successful trader. These tips are provided by Jaynemesis, one of the top popular investors on eToro. His interest in finance and economics has started since he was a teenager. As soon as he got hold of his own money, he immediately began to trade. He joined the platform around six years ago and has been making great impressions ever since, especially with cryptocurrency trading. He said that cryptocurrency is his favorite asset to trade because the market is very volatile and gives a huge opportunity for long-term positions.

Pick a Trading Strategy

First and foremost, it is crucial to decide what kind of trading strategy you're going to use. It should be the basis of your actions and trade. With technology now being even more advanced than before, you can easily test a strategy or commonly known as backtesting, to determine if the plan is viable and effective to use. Once a plan has been developed and shows good results from the backtesting, you can use it in real trading.

Jaynemesis himself recommended social trading as an easier way to build your trading strategy.

"Social trading is an amazing movement in finance that empowers those who would normally feel unable to benefit from the movements of global markets to be put on a level playing field."

What's great about social trading is that it is easy to use. It offers an opportunity for traders to retrieve information from other traders and use their combined experience and knowledge to trade in their own accounts. You are free to interact with each other and discuss trading-related matters. If you had some issues, you can ask them for advice or you can share your own experience.

In other words, you can absorb the knowledge on how experienced traders come to the decisions they make and which strategies are better than the others in social trading. Once you improve your skill and gain more experience, you can be a popular investor yourself as there are many advantages that you can get from it.

"When I first joined the (eToro's popular investor) program, I never expected to earn more than maybe $500 a month, as a bonus to my own trading income. Instead, it was enough to allow me to leave my job to trade full-time."

Trading Platform Choice

Another crucial thing that you should think about is the choice of the trading platform. Make sure to pick a trading platform that is safe, reliable, and can give you everything that you need in trading. Each trading platform has its own terms and conditions, as well as different products to offer, so make sure to check and do some research before you proceed.

Jaynemesis said that he first heard about Bitcoin in 2012 and immediately got interested, so he studied it for a couple of weeks. In mid-2013, he had saved some money and wanted to invest most of it in crypto. He ended up choosing eToro as his trading platform and has always been satisfied with the service.

"eToro was a trustworthy place where I could trade it (cryptocurrency) alongside more traditional instruments, plus the social features were also really appealing to me."

Be a Smart Trader

When asked about what advice he would give to new traders, Jaynemesis stated,

"Even if you plan to trade short term, consider if the investment might be worth holding long term when the trade is not going your way. Buy the dip, almost always."

He also used some famous quotes such as, "When there is blood on the streets, buy", "Buy into fear, sell into greed", and "When others are fearful, be brave, when others are brave, be fearful". In other words, he was trying to make traders see what's going on in the market and think one step ahead of other traders.

Some positions may look dangerous in the short term but may be profitable in the long run, so be a smart trader and assess the situation wisely. In fact, based on the quotes, some traders can make the biggest profit when the market is in turmoil.

In such situation, traders have the opportunity to buy assets at low prices because everyone is fearful. Over time, the market will gain its confidence back, making the price increases towards more realistic valuations. Highly profitable markets will attract greed from many traders, pushing them to invest more in the market, which helps drive the price even higher. Now, this is a great time to sell your assets because the price is soaring high.

It's important not to let greed cloud your judgments. Also, it's better to avoid leverages unless you are extremely confident with your trade.

Make Use of the Technology

Trading is a highly competitive business. With each passing day, technology becomes more advanced and developed. That is why, in order to trade successfully, it would be much helpful to take full advantage of all of the available technology and keep up with the current products as it can greatly improve your trading performance.

Jaynemesis believed that the relatively new tradable asset, cryptocurrency, can provide a huge opportunity for more advanced trading. That is why he urged all traders to try trading with crypto as it is predicted to have a much bigger role in forex trading than before.

"Overall, I believe cryptocurrencies are an invention that could be considered bigger than anything before them, including the internet. I would urge any investors to assign at least 1% of their portfolios to cryptocurrencies and to spend some time researching the basics, so they are well-positioned to understand the future debates which will undoubtedly come."

Regarding the future of crypto trading, he commented that although he was sure cryptocurrencies will still be around in ten years, there are downsides that might occur. He said that many ICOs have abused the lack of regulations by fooling their clients into backing products that potentially won't be built and certainly won't deliver on their promises. But apart from that, there are also many projects that can be successful and mature, such as Ethereum.

"I believe technologies such as atom swaps and 'hyperledgers' will allow cryptos to become more connected than ever before… In terms of value, I expect the cryptocurrency ecosystem will command a market cap of well over a trillion in ten years from now."

Conclusion

There are many ways of learning to trade forex, one of them is getting advice and tips from expert traders. Jaynemesis is one of the top popular investors on eToro that certainly knows what he's doing. Often, he takes time to chat with his fellow traders and copiers to discuss forex trading and cryptocurrencies.

From the tips he provided us, we can see that there are many factors contributing to a trader's success. Understanding the importance of each aspect mentioned in this article will hopefully help you make better trading decisions and increase the odds of success in your trade. After all, trading is not an easy business, so never stop learning and always open to new opportunities.

eToro stands out as an exceptional option for individuals seeking cost-effective stock, CFD, forex, and crypto trading through its impressive mobile app. With an active user community, eToro provides social features dedicated to supporting the needs of traders and investors across the globe.