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Etoro while on Benefits

Finley
Finley Posts: 8 Forumite
in Benefits & tax credits
Anyone using Etoro while on sickness incapacity or disability benefits?

Comments

  • HB58
    HB58 Posts: 1,787 Forumite
    Sorry, I have never heard of Etoro. Who - or what - is it?
  • Indie_Kid
    Indie_Kid Posts: 23,097 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    HB58 wrote: »
    Sorry, I have never heard of Etoro. Who - or what - is it?

    It looks like something to do with investing, according to Google.
    Sealed pot challenge #232. Gold stars from Sue-UU - :staradmin :staradmin £75.29 banked
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  • Finley
    Finley Posts: 8 Forumite
    https://www.youtube.com/watch?v=hcRUqBm9GFI


    youtube.com/watch?v=hcRUqBm9GFI

    Etoro is a kind of FaceBook for trading mainly in Forex, you find somebody with a high success rate then you can copy their trades.

    Etoro was mentioned in the above BBC program about home investors.
  • austing
    austing Posts: 7 Forumite
    Etoro is a kind of FaceBook for trading mainly in Forex, you find somebody with a high success rate then you can copy their trades.

    Agreed, but you also give the trader a portion of your profit.
  • Housing_Benefit_Officer
    Housing_Benefit_Officer Posts: 2,502 Forumite
    1,000 Posts Combo Breaker
    Are you a troll with a financial interest in the scheme?

    I ask as you previous post in October is about the very same thing.

    https://forums.moneysavingexpert.com/discussion/5077363
    These are my own views and you should seek advice from your local Benefits Department or CAB.
  • Colin_Hunt
    Colin_Hunt Posts: 5,812 Forumite
    Go for it, what could possibly go wrong ?

    Some people make money gambling, most lose.

    Linganno Felice might win at Wolverhampton.
  • dodger1
    dodger1 Posts: 4,579 Forumite
    Why would someone on benefits take such a high risk strategy in the first place. Even the recent TV programme linked by OP said that only a tiny percentage of traders made money. I also found this from a review,

    Is it as easy as ‘sit back and relax’?

    No, as some serious is required to select the traders you want to copy and which meet your risk reward level. Just selecting the most popular “Professional Investors” will not be enough. Once you’ve built your ‘people based’ portfolio you’ll have to regularly monitor the progress and re-evaluate your allocations since even traders ranked in the top 10 can get you into trouble. E.g. investing $10,000 evenly across the top 10 eToro Gurus on May 1st 2012 would have left you with $8,778 by April 1st 2013. Doing the same with the top 10 eToro traders at the beginning of June would have left you with $9,367 by this date.
    It's someone else's fault.
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