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Steem is a great way to make money but securing that money into a monthly income is another thing. Call me a sceptic but recent hacks/scams on Ethereum, Hash Ocean and now the recent one on steemit has me a little nervous. I’m not going get into details or debates, you can look it up for yourself (below links). I want to focus my energy on brining you a concise, easy to follow step by step guide on how to turn your money into an ongoing consistent income using forex trading platforms and signal providers (professional traders which allow you to mirror/copy their trades).
http://bitcoincloudmining.org/en/hashocean/
https://www.cryptocoinsnews.com/ether-price-plumets-ethereum-dao-may-be-hacked/
https://news.bitcoin.com/steemit-hacked-weak-security/
First of all I highly recommend running everything on a demo account first for at least a period of 1-2 months before going live with real money, maybe even longer for people are complete newbs to trading but if we have experience in crypto/stock trading I’m sure we will work it out quite quickly. While the demo accounts are running try understand the process of what’s happening before we use real money. We need to understand messing with this system can lead to losses, we need to have discipline and self-control. If we overleverage, change, close or open new positions we risk losing our money.
This system is automated by professional traders and I can’t stress enough that if we are not a professional trader we shouldn’t touch anything at all.
The run down
1. Setup a forex trading account (demo) and download the forex trading platform.
2. Access signal provider’s webpage
3. Run a demo account for each signal providers strategy’s which show the best risk/reward that best suits us.
4. Evaluate the best of the tested signal providers by checking maximum risk, drawdown, equity, profit factor, Return on Investment & history ect.
5. Go Live with minimum amount of $200-500 with our tested signal provider and start copying/mirroring their trades.
6. Grow with confidence and experience with the system.
7. What happens from here is up to.
And never forget investing can be risky, past performance does not guarantee future results, never invest money you can’t afford to lose!
I have been evaluating about 20-30 signal providers on demo accounts for past few months and I now have 5 live accounts with signal providers. All earn good profits ranging from 10-100% per month on my money, depending what account and the risk is associated with it. Everything is automated, I don’t have to manage anything, I just check my balances and trades each morning to see how they are performing.
I pay a very small commission to the signal providers for each trade I do (it’s how they make their money or else they would not provide signals!). Everything is automated, I don’t live trade myself anymore because the professional traders do much better than I do on month to month basis. Actual forex trading can be very difficult and time consuming to be profitable on a consistent basis.
How to
This is all I’m going to write for this article, as I am not sure how interested people will be in it. If I get some good feedback, I will spend a few days writing my step by step guide.
Feel welcome to ask me any questions. I’ll just leave a few links and tips so people who are quick can get moving can have an early start before I do my new step by step guide. This should be enough information for most people to get started.
1. My forex broker (Pepperstone)– Go with a razor account if you go live with pepperstone broker, works better for copying signal providers. (cost effective) https://pepperstone.com/?a_aid=ib-newclient This an ECN broker not a market maker broker too (great benefit). I could do a review why this is my favourite broker but basically it’s got the cheapest/tightest spreads available, good customer service, ease of use, simple fund deposits and withdrawals and works in with cTrader platform.
2. My Trading Platform (cTrader) – Available to download from pepperstone website or you can also download directly from spotware website too. You can use other platforms like MetaTrader & use different signal providers but I find cTrader works best for me, it has signal providers built into the platform and is the easiest to use by far. I suggest watching all the tutorial video to learn the features of the platform before going too much further.
3. My Signal Providers (cMirror) https://www.spotware.com/products/client-side-applications/cmirror And lastly the signal providers, so they way to go about this is find a few good traders and test them on our demo accounts, make sure we find traders with a good history (more than one month), check the drawdown, equity charts, current opens positions and all that stuff. Testing and evaluating is the most important part so take your time, don’t jump straight into an account because it says it’s making 2000% per month. Check things like open positions and equity, because I’ll guarantee you that will be the fastest way to lose your money. Test a bunch first on individual demo accounts, don’t overleverage and don’t exceed the recommended, read the providers comments.
Additional notes
Don’t go with the trading bots you can download for Ctrader, they might look appealing not having to pay signal commissions but most of them are duped, I have back-tested and tested many of them on live accounts and they just don’t perform, they give a lot false results and they don’t take into consideration many aspects of live trading, so be warned.