When he was starting out, Dylan (@DylanWeston) from Melbourne, Australia, read hundreds of books to teach himself the ins and outs of investing. Now a full-time investor, Dylan wants to help teach others what he has learned and take some of the mystery out of the investing world. We asked Dylan a few questions about how he analyses the market, his preferred investment sectors and what he thinks is important for new investors to know.
Check out Dylan Weston’s stats
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Why did you join the Popular Investor Program?
I have always been fascinated by the idea of finding a way to make money work for you while you sleep. I had heard of famous investors such as Warren Buffet saying: “If you cannot find a way to make money in your sleep, you will work until you die.” This idea led me to discover the investing world.
I dove into books to try to learn how to find a path to profitability. After years of study, I eventually learnt two different trading strategies which are both heavily based on technical analysis. One is a shorter-term swing trading strategy, and the other is a long-term system built on following trends.
Once I became a full-time trader, many of my friends and family were interested in how they could get involved. I could never find a simple solution. Earlier this year, I was looking for a new trading platform with more markets and lower fees. That is how I found out about eToro and the Popular Investor Program. It was exactly what I was looking for, and I immediately started trading. Now all of those friends and family can be involved with a click of a button.
What do you enjoy most about being part of the copy trading community, and how has it helped you succeed financially?
I have received an unbelievable amount of value from the eToro community and the Popular Investor Program. Being able to search for other Popular Investors and see their thoughts and what they are trading is extremely beneficial.
I often chart their trades to see if they have anything that aligns with my personal systems. This has saved me time searching for new trades. It is a real testament to the power of a community, and if you work together you can achieve a lot more than you can alone.
What tips would you give others looking to start copy trading?
When looking to start copy trading, the first thing is to go slow and do your due diligence. The markets will always be here, and there is always a market trending up somewhere in the world. That means there are plenty of profitable Popular Investors to copy. Going slow gives you more time to make the right decision.
Secondly, you need to identify your personal trading goals. To find out your goals, you should do some initial study to familiarise yourself with the basics of trading and investing. Read books and listen to podcasts. Then ask yourself key questions. What is my investment thesis? What sectors do I want to be involved with? What type of strategies suit my lifestyle and goals best — buy and hold, short-term trading or something else? What type of return on investment am I trying to achieve — a higher risk with a higher reward or slow and steady? Am I here for growth or maintaining the capital I already have?
Once you answer these questions, and anything else you think is relevant to your personal situation, you can start searching for a Popular Investor who suits your needs.
How do you feel the Australian market has performed so far, given the events of 2020, and what do you think might be in store for the rest of 2021?
Overall, the Australian market looks like it is recovering well from the coronavirus crash back in February and March of 2020. For instance, the ASX200 (AUS200) has recovered on many key technical levels and is now only down around 1.7%* from all-time highs.
Fundamentally, I also believe the worst is behind us. Investor confidence is returning as there is a clear road to recovery, unlike last February when everything was brand new and there was so much uncertainty.
*As of 20 May 2021
What about the future of trading in Australia makes you most excited?
I am most excited that the barrier for Australian investors to enter the financial markets is getting smaller and smaller. Minimum deposits and reduced fees, the number of available markets to trade increasing and greater access to high-quality, low-cost information are all important factors.
True wealth creation comes from acquiring assets and being involved with the financial markets. So it’s great to see that gap being filled and knowing this is no longer just a game for the rich.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
eToro AUS Capital Pty Ltd, AFSL 491139. CFDs are highly risky. eToro does not formulate, approve or endorse the third party trading strategies that customers may choose to ‘copy’ or ‘follow’. You may lose substantially more than your initial investment.
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