Since I put up the page detailing my experiment with social trading, I've had quite a few people email me with their questions. I've tried to answer them here.
It is possible to make double, triple or even more than that amount within just a few weeks. But in my guide, I recommend only following traders who grow around 10-20% a month. You should be able to double your $50 if you follow a good trader within 6 months without too many issues.
Yes. Though it can be risky, even the best traders have bad weeks or months, and you'll notice that the growth can slow right down at times. You can either choose to follow another trader or persevere. You can't just invest $500 and then not check your account for 6 months. You do have to make sure you are following the best traders.
I recommend investing around $200 to start with. $50 isn't quite enough as you won't be able to follow more than one trader. Try copytrading 3 traders using a $200 account (remember you get $20 completely free if you register using this link).
Look for a trader that has around 10-30% growth. Who is making frequent trades, and has been on etoro for at least a year. Don't just copy the traders who have the most copiers. And definitely stay away from people who have a giant growth spike.
For starters, traders will never start in the green. Due to what's called the spread the trade will usually be down a few pips to begin with. But what about the trades which go down 100 or even 400 pips? Sometimes the trader might be waiting for some particular news. Or it is just a bad trade. They will keep the trade open until things reverse (which they more then often do). the best traders have lots of positions open, so even though things don't look pretty, they are still making you money.
There are a few, but none that really have the number of traders of etoro. One though, Zulutrade is quite large and does a very good job. A test balance that I have invested there has resulted in a 8% growth so far this year. If you're serious about forex it does make sense to diversify between etoro and zulutrade.