A guide to making easy profits on the Foreign Exchange Market, how I do it and how you can do it too.
Intro
Trading the Foreign Exchange markets doesn’t have to be difficult, complicated or time consuming to make consistent profits. It can be easier than you ever thought possible and you don’t even have to know that much about trading to start making profits straight away. By using ‘signal providers’ we can set up our trading accounts and pretty much press the ‘copy’ button to start mirroring some of the world’s most profitable professional traders, a fully automated trading system that works.
FAST TRACK GUIDE, I DON'T HAVE TIME TO READ!
I share your pain... for the witty, experienced & click happy people who are on their 3rd coffee this morning and don’t have time to waste! Go right ahead, don’t forget to bookmark this page so you have a reference for when you get lost. I’m one of those guys who look for the first few comments on YouTube where the guys says “starts at 5:43”.
FAST TRACK GUIDE
- Get a Foreign Exchange Broker Pepperstone or get one that works with ctrader platform.
- Download Ctrader Platform and create a demo account.
- Signal Providers web page Cmirror
About me
Goggle+ Verification: ServantOfNone
Gmail: [email protected]
FaceBook: Jaycob Bell
Location: Townsville, Queensland, Australia
Blog Credit Source: 100% Original from me.
I have been making profits on steemit by blogging valuable information in the form of guides. I am not the best writer or super creative intelligent person but I do know how to make a passive income from trading forex. I’ve been interested in investing, finance & debt management since I’ve had my first job and its pretty much been a hobby ever since.
Who what which when why how where
I am writing this blog because this is the most valuable/profitable information I know and every time I’ve put solid effort writing a guide from experience I have received a solid payout from steemit. If you can stick with me through this guide I am confident you can make easy profits like I do. The best part about this strategy that is you can test it out on a demo account to see if you have a real working trading system that makes profits before you go live with real money.
What kind of profits per month can I expect to make?
Its a difficult question to answer, Its like asking “how much can I make on steemit per blog?” It’s a combination of risk/reward and our ability to evaluate professional traders before we start to copy them. Lets imagine I had a gun to my head and I had no choice but to answer that question my answer would be about 10-35% per month we can make on our money. Below are some screen shots of my trade statistics and results of one of the traders I follow.
‘Stable’ aka ‘CashBoxMini’
Stable is on of my crown jewel traders at the moment. I’ve been following Stable on a live account for about 3 weeks now and he has made me some amazing profits.
- I started this account with about $518(AUD) and today he has made me a net profit $812. That’s about 156% on my money in less than 3 weeks. Not all accounts will be this great though, all investing comes with a risk and it’s something we need to consider carefully before using our real money.
- The equity chart shows my balance, transactions & equity. The white lines show my deposits and withdrawals, I deposited $518 on the 20th of July and withdrew $150 on the 3rd of August from my profits.
- I have about 7 live accounts and about 20-30 demo accounts which I use to track the ‘traders progress’. I will track for about 2 months before I even consider using real money.
Lets get into it
I could talk all day about my personal philosophy and views about decentralisation, fiat money, monetary systems, investing principles & debt but I just want to focus my energy today on this getting this guide done as the title says “how to make easy profits”.
Just one more thing
However you have never invested before I do recommend reading my guide on setting up your accounts for long term investing. The Barefoot Investor Survival Guide It has some great money management tips that everyone should look into.
Getting a grip
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 noobs 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 over-leverage, 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 in 7 steps
- Setup a forex trading account (demo) and download the forex trading platform.
- Access signal provider’s web page.
- Run a demo account for each signal providers strategy’s which show the best risk/reward that best suits us.
- Evaluate the best of the tested signal providers by checking maximum risk, drawdown, equity, profit factor, Return on Investment & history ect.
- Go Live with minimum amount of $200-500 with our tested signal provider and start copying/mirroring their trades.
- Grow with confidence and experience with the system.
- What happens from here is up to.
I would like to know more
I like to evaluate about 20-30 signal providers on demo accounts for 2 months before going live. I don’t have to manage anything, I just check my balances and trades each morning to see how they are performing. Sometimes I will email the provider if I have any questions.
Commissions
I pay a very small commission (picture above on the right side) to the signal providers for each trade I do (it’s how they make their money or else they would not provide signals!). Actual forex trading can be very difficult and time consuming to be profitable on a consistent basis.
The deep and meaning
Feel welcome to ask me any questions. This should be enough information for most people to get started.
My forex broker Pepperstone
Go with a razor account if you go live with pepperstone broker, works better for copying signal providers (cost effective).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. Feel free to use any broker you like that works with the ctrader platform.
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.
My Signal Providers 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 if you don't check these you will lose money faster than you can make it. Test a bunch first on individual demo accounts, don’t over-leverage and don’t exceed the recommended & read the provider's comments.
My top performers so far, start following with demo accounts and see how you go
- CashBoxMini
- After Math
- Yorex & Julian Tamad
- 786 or Wall Street
Things to remember
- Always check the traders statistics & equity levels make sure you have sufficient funds to follow.
- Don't start a live account without following for a minimum of 2 months with a demo account.
- Try to keep track of open positions between your account the the signal providers, make sure they match up.
- Don't invest money you can't afford to lose, investing can be risky. Past performance does not guarantee future results.
This is all I have for this guide, thanks very much for reading if you have made it this far. Don't forget to comment if you have any questions or feel free to email me.
Look out for my next guide "Dealing with Debt & Debt Collectors"
Jaycob Bell
Links
If you would like to know about forex trading in general try babypips.com its a free eductional on forex basics.
Introduction to ctrader platform
Introduction to cmirror platform
First of all, let me clearly write the fact that Forex trading on margin is considered a highly risky business. Its calendar is always full of red news (in other words, uncertainity). I am a professional Forex trader, and mentored around 50 students from around the globe. If you're saying that 150% is possible, yes, its possible, but when? I see that you're trading with 5M timeframe which means, you are a scalper and hey, let me inform you, almost all scalpers fall in big losses (with few exceptions). Maybe you're in exception or not, that's not my point.
The point is, people might start Forex trading greedily through your post. All you need is around 2-3% a month and that's all. And let me tell you, marginal trading SHOULDN'T be called trading, it is "gambling". Forex trading is NOT a reliable business. It looks too good from the cover but the statistics says it all. There are 95% losers and only 5% are winners. And those 5% do not last for years.
The first principle, always sit on driving seat if you have money involved in it. So, self-trading is better than following someone and risking your whole account.
I'm gonna upvote you because you are right on the money, 2-3% is great return per month and there is a huge risk involved. There is a reason why I had the title include the word 'Investing' because I like to think of investing as 'set and forget' like a managed fund investment. I only allocate a very small amount to forex out of my investment portfolio eg 10%. I agree with everything in your comment, wished you posted earlier. Trading forex for beginners is practically suicide.
This is really well written and presented, thanks @jaycobbell ! And a fellow queenslander too :) Will be following and trying your suggestions out thanks mate
Excellent post @jaycobbell you really broke it down as simple as 1,2,3. I can't wait to load up a few demo accounts and test some of your tips out. You got my upvote and follow.
Excellent post on a market that never closes! Upvoted and following you.
Great information here @jaycobbell - you are truly a giving spirit to share your knowledge with the rest of us. I would love to invest in anything right now but my time will come eventually. My world is pay debt before investing at the moment. It is what it is. :o/
I hear what you are saying, sometimes you can manage your debt payments to smaller amounts and split it up with investing if you don't have any interest accumulating on those debts. Try working on building your reputation and invest your time at steemit. Books i have mentioned in my barefoot investor blog have really changed the way I view investing. Spend your time educating yourself in the meantime, knowledge is our best investment.
It's kind of funny how I don't consider Steemit "real life" but more like my internet life. LOL One of the things I'm committed to doing is building my reputation here and continue to write consistently. I've told my husband about the potential to make money here. (I think I've accumulated about 80$). What he doesn't know is that a minimum of 25% of whatever I make is going to be reinvested back into STEEM (I think that's the investing part -- and I've got so much to learn here!) What he doesn't know won't hurt him, but I feel better about building some sort of a nest egg hopefully
:D
@jaycobbell thanks for the post!
Just to build upon what you started sharing because I have once used a similar copy-trading strategy as well in the past. I had used the brokers ForexTime and Alpari who also offer the possibility to invest/copy from other professional traders. If you are interested in increasing your possibilities of copy-trading or investing in professional traders, you might wanna consider the mentioned brokers.
Yes good point @mod-tamichh I haven't looked at those specific brokers you mentioned. I have looked into Zulu Trade and FXbooks though. I think once people know these possibilities are available, they will be able to make the decisions for themselves. Thanks for commenting, I will have a look into those sites you mentioned and see if I can get some better deals or traders to follow. I'm Aussie too and it's sometimes difficult for me to register for international & US brokers.
You are welcome :)
Also, at the moment, I am currently testing my own trading system and I plan on making the entire trading data/history available on MyFxBook sometime in the future (most likely next year). Opening up the possibility for those who might be interested to invest in it. MyFxBook is a great platform for MT traders to share their performances.
Great post Jacob, I myself have never been able to get my head around markets and trading.
Make sure you check the The Barefoot Investor Survival Guide too.
Nice post, ive always wanted to start trading but lt big prob is- you need money to make money. and unfortunately my local currency is so useless when converted into dollars
you are doing quite well on steemit so far, its a solid investment I would say :D
Downvoting. 25%-35% per month? Technical charting to predict where the rates are going? Nonsense. Total nonsense. You will blow yourself up soon enough. If you have actually had these large returns, it is nothing more than pure luck. It is impossible to make those kinds of returns without taking huge risks.
A lot of these traders I have mentioned aim to make a profit ranging 1-6% per trading day. I have mentioned in this article that there is a risk to reward ratio. We can invest more conservatively and aim for 5-10% per month which is still a great return. Please test it for yourself before you judge, a lot these signal providers have a history of 6 months or more which you can check for yourself. There is no risk using demo accounts & you can view the traders full trade history.
Dude - I work in finance. I have professional experience with the FX markets. I have worked with hedge funds. I am telling you, what you are saying is complete BS. No one can make the returns you are talking about. If you made those returns, you would not be wasting your time on Steemit. 35% monthly returns turns $1,000 into over $35,000 in a year. Your reply, that traders look to 1-6% per day (6%?!!) doesn't even match up with with your prior absurd statement of 25%-35% monthly. 6% per day (assuming only 20 days in a month) turns $1,000 into millions in one year.
We're (theoretically) paid to curate good content - this is not good and hence the downvote. It's basically promotional material for gullible people looking to get rich quickly.
1%/day turns $1000 into $37,783.43 in a year
2%/day turns $1000 into $1,377,408.29
It gets ridiculous after that (even though 365%/year is phenomenal in and of itself)
6% daily turns $1000 into $1,724,411,147,271.40! Yeah right!
35%/month would turn $1000 into $65,106.18 in a year
and that's assuming 365 days/year....there's about 250 active trading days yearly so at a 1% daily trade return you're actually only looking at $12,079.11
No one gets these kind of returns, ever. S+P baseline is around 10% (averaged from 1871-2015 including dividends comes out at 10.71% yearly) anyone who does better than this is doing well. An amazing trader might make an averaged 0.1% per day every day on each trading day. That still amounts to a 25% yearly return!
Let me correct you there: Very few people get these returns - and NOBODY gets is consistently. Also: Where does the money come from? It comes from amateurs who lose it to the big gainers.
Thanks for doing the maths. 10% return per year is great investment in my eyes. I do mainly value investing through stocks. I only invest a very small amount of my portfolio into forex and I do accept the high risk involved but I still it's worth the risk.
This is 'piprancher' he has killed it last few months and consistently made good profits for last 2 months. I've talked to this trader via email, and he is actually moving on to a more premium service where is going to get paid more for his work. thanks again for your comment
10% yearly is no where close to the 1% per day you're saying you consistently get in the OP. It's closer to 1% monthly.
10% yearly is still great, however!
Easy and profit do not belong in the same sentence. Powering up is easy. Forex is hard.
Won't downvote cause it's a very good post, just have a thing about those clickbaity titles... ;)
yes I totally agree, I have added some 'showmanship' to get attention to my blog and yes I am an affiliate with pepperstone broker but I wouldn't have it any other way, people should find the best deal they can. I tried to put risk warnings throughout my post, even suggested to people to use demo accounts for long periods and read my previous blog on survival investing.
thanks! very great post!
This is an awesome post. Thanks!
Forex is a volatile market, but all thanks you for your post
yes forex is probably one the most volatile markets out there. Investing/Trading is not for everyone. At least Steemit is risk free
Thanks for this information!
Will follow you for sure. This is all pretty overwhelming for someone that only heard the word cryptocurrency two weeks ago. I'm interested and keen to give it a go
As I mentioned before if you are not familiar with investing, you should look at Barefoot Investor Survival Guide first. Forex is one of the most riskiest ways of investing. If you would like to know about forex trading in general try babypips.com its a free eductional resource on forex trading.
Excellent post, thanks @jaycobbel I have bookmarked your post as I want to read it in more detail I have also followed you by the way!
Very good post !!! I heard about this social trading and this article make me want to give a try to this new kind of trading :)
excellent post......
@jaycobbell How about Trader's Way Platform: will that work?
Traders Way looks like a brokerage service, like pepperstone. They support ctrader and cmirror, they are also an ecn broker, should work as far as I can tell.
Ur post is very interesting.. I didn't know there are such things as demo accounts ;) .. After getting a little bitcoins, creating e-wallets & a few video tutorials on youtube, I jumped in to bittrex right away & started trading steem , sbd & ether..lol!;)
Luckily it turned out quite well for me, nooby's luck I guess...;)
But this is a very helpful post bro, i'll follow it.;)
check the barefootinvestor survival guide if you want to survive investing long term its essestial to check out, as a new investor you may loose money for first few years, but in the long term it should pay off.
Can you receive mirror signals via API or is using cMirror mandatory?
there are many options out there, probably over 100 websites which allow you to copy traders on all types of platforms, this is just the one I have been using.
Post with affiliate links, not trustable.
It's just the broker, feel free to use any broker you like. It doesn't really matter, pepperstone is far the best broker you can get. Good luck trying to find an ECN broker than is better than pepperstone that works with both ctrader & cmirror.