How can I trade GBP/USD on eToro?

Written by Mike Druttman

Reviewed by Wikitoro Team

1. Introduction to GBP/USD Trading

Trading the GBP/USD, affectionately known in my circles as the 'Cable', has been both a challenge and an opportunity in my decade-long trading journey. The dance between the British Pound and the US Dollar has always intrigued me, and nowhere have I felt more at home trading it than on eToro.

2. My First Steps on eToro

Joining eToro was straightforward:

• Sign-up: Navigating to eToro’s website, I joined within minutes. The user-friendly interface was a warm welcome.
• Verification: Uploading my ID and proof of address was a breeze. Within a day, I was all set.
• Funding: Over the years, I've used various methods—bank transfers, credit cards, and even e-wallets—all smooth experiences.

3. Navigating the eToro Trading Platform

I've traded on multiple platforms, but eToro’s interface stands out:

• Finding GBP/USD is as simple as tapping into the search bar.
• The charts? Crisp and loaded with features. I've come to rely heavily on the technical tools available here.

4. How I Place My GBP/USD Trades

My routine has been refined over countless trades:

• Positioning: Based on my analysis, I opt for a 'Buy' or 'Sell'. The thrill never gets old.
• Orders: Setting stop-losses saved me more times than I can count, and take-profits ensure I sleep at night.
• Leverage: A double-edged sword. I've learned to use it cautiously, appreciating its potential and respecting its risks.

5. Strategies I've Cultivated Over the Years

• Fundamental Analysis: I'm always tuned into economic events. From Brexit negotiations to U.S. job reports, every bit of news is a piece of the puzzle.
• Technical Analysis: Over time, I've grown fond of certain indicators. MACD, RSI, and Fibonacci levels are my frequent companions.
• Sentiment Analysis: eToro's social trading is groundbreaking. Engaging with fellow traders has refined my strategies and opened up new perspectives.

6. Lessons in Risk and Reward

Risk management is an art I learned the hard way:

• After a few early burns, I always set aside a defined risk percentage for every trade.
• Trailing stops became my best friend after a sudden market reversal once wiped out a promising position.

7. Withdrawing Profits: My Experience

Cashing out is as joyous as it is nerve-wracking:

• Withdrawal: My first withdrawal on eToro took about 48 hours, but subsequent ones were faster.
• Fees: They exist, as with all platforms, but I've found eToro's fee structure to be transparent and fair.

8. Trading Tips from My Personal Vault

• GBP/USD comes alive during the London-NY overlap. This window is my favorite hunting ground.
• Restraint is key. Early on, I'd sometimes overtrade. Now, patience dictates my moves.

9. Embracing eToro’s Social and Copy Trading

My first foray into copy trading was skeptical, but the results? Impressive:

• By shadowing experts, I've diversified my strategies.
• Allocating a part of my portfolio to seasoned traders has yielded surprising gains.

10. Reflecting on My GBP/USD eToro Journey

Trading GBP/USD on eToro has been enlightening. With each trade, I've learned, adapted, and grown. If you're venturing into this territory, arm yourself with knowledge, connect with the community, and always keep learning.

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.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

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