How can I trade AUD/USD on eToro?

Written by Nadav Zelver

Reviewed by Wikitoro Team

Introduction to AUD/USD

Having traded various currency pairs in the dynamic forex market, I have always found the AUD/USD - colloquially known as the "Aussie" - to be uniquely challenging yet rewarding. Let me guide you through my personal journey of trading this pair on eToro, sprinkled with the highs, lows, and lessons I've picked up.

My First Steps on eToro

When I began on eToro, the registration felt seamless:

1. Jumped onto eToro's platform.
2. Clicked 'Sign Up' and patiently filled in my details.
3. Uploaded my ID and a utility bill for verification.
4. Eagerly awaited that approval email, which popped into my inbox within a day.

Navigating eToro: My Initial Impressions

The first time I searched for the AUD/USD pair on eToro, I was taken aback by the user-friendly interface. It wasn't just about charts; the social feeds were buzzing with traders sharing insights that proved invaluable for a newbie like me.

Diving into the AUD/USD Trade: What I've Learned

Through my trades, here are some key takeaways:

• Leverage and Margin: I remember the rush of using high leverage initially, only to realize its double-edged nature. On eToro, I've learned to maintain a balance, ensuring I don't overextend.
• Order Types: Setting my Stop Loss and Take Profit parameters saved me more times than I can count. One memorable experience had the market swing drastically overnight; my Stop Loss ensured I didn’t wake up to a nasty surprise.

Technical Tools: My Personal Favorites on eToro

As I dabbled more, some tools became my constant:

• Moving Averages, which helped me identify trend direction.
• RSI, which once kept me from buying just before a major dip.
• Fibonacci retracements - these are like magic markers, pointing out potential pivot points in the price graph.

Staying Updated: How eToro Kept Me Informed

Beyond technical analysis, I religiously started following economic news on eToro. From Australian job data to US economic policies, these updates molded my trading decisions.

Executing My First Trade: An Unforgettable Experience

I still remember the adrenaline:

1. I spotted a potential bullish trend for AUD/USD.
2. Hesitated, but then decided to go long, hoping AUD would strengthen.
3. Set my parameters, double-checked everything, and clicked ‘Open Trade’.
4. That moment of uncertainty was followed by the joy of my first profitable closure.

Cashing Out My Profits: That First Sweet Taste

After a series of trades:

• I navigated to my dashboard.
• Opted for 'Withdraw Funds'.
• The money reflected in my bank within days, making everything feel more real and rewarding.

My Top Tips for AUD/USD Trading

Through my journey:

• I started with a demo account and highly recommend the same.
• Always setting a Stop Loss is non-negotiable.
• Engaging with the eToro community, sharing, and learning from others made a significant difference.

eToro's Social Trading: My Game-Changer

Discovering eToro's CopyTrading system was like finding a gold mine. I began mirroring a couple of successful AUD/USD traders, and their strategies influenced my growth curve.

Conclusion: My eToro AUD/USD Journey

Trading AUD/USD on eToro has been an exhilarating roller coaster. Each trade, win or loss, has been a lesson. As you embark on this journey, remember to stay informed, engage with the community, and never stop learning. Here's to many successful trades!

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

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