So, you have made up your mind and are strongly committed to immediate wealth? Beware! Most trading or investment platforms provide a warning that more than two out of three persons will lose money once they start using real money on that platform. Yes, you! That warning is for you! Many a gambler walk away with their pockets empty.
There are just too many pitfalls out there which you have to get acquainted with first even if your level of cautiousness if way above average. And do not make assumptions! There is no real reason why you should be any better than far below average.
When I started investing I bought a few hundred dollar of some stock. When I felt that I would be losing money I wanted to get rid of that stock. So I felt comfortable clicking sell. Bang! That was my first big mistake. Buying stock means opening a long position betting on climbing stock price. To sell the stock I had to close the long position.
But instead by selling I had opened another position to bet on falling stock price. That was a new short position. So in effect now I had one open long position betting on climbing stock and another one betting on falling stock. So in either case I would end up losing money. That is due to the tiny difference between the buying and selling price, the spread.
There is no reason
to choose getting poor quickly
when you have a fair chance
to get rich slowly.
Happily I had learned my first lesson on short and long positions – the hard way. Learning by doing is a good thing. It is even better if you do not lose real money that way.
Etoro allows you to use virtual money. There is a well visible blue button Change to virtual on the main menu. Use that to play with a total of 100.000 US$ of your own virtual money. Develop your own feeling of what you do without risking a single one of your valuable real dollars.
Make yourself comfortable, enjoy the game. There will be plenty time to get rich later on. There is no reason to choose getting poor quickly when you have a fair chance to get rich slowly.