How I generate a passive side income from home
This guide breaks down exactly how I make an extra £500 passive income per day from the comfort of my own home. If you want to make money online, this guide is for you.
Written by Starttrading.com
One of the best things about living in the 21st century is that there are now plenty of opportunities for making money online from the own comfort of your home. Although everyone’s circumstances are different, something as simple as having access to the internet can provide you with extra income… now who wouldn’t want that?
Let’s cut to the chase. You’re here because you want to learn how to make money online.
If you’re looking for legitimate ways to make some extra money online without having to first purchase an in-depth training course, then you’re in the right place!
This is my ultimate guide on how to make a side income online, and it’s completely free.
There’s no catch, no tricks, and no credit card details required.
I’m sharing everything I’ve learned over the past decade, pulling from my own experience in consistently earning over £10,000/ month in side-income (on the side of my day job) from the comfort of my own home. You just need a laptop, some start-up capital (even less then £100 is fine) and an internet connection to get started.
Like me, you’ve likely searched up various ways to make money online and by now you probably already know… one of the best ways you can start making money online right now is by investing or trading the financial markets. Don’t worry, the secret I’m about to share with you isn’t another complicated trading strategy or some type of get rich quick scheme. Instead, it is a way for a normal individual such as yourself to earn money by simply copying the expertise and skillset of professionals that do this for a living. The best part is… it’s all FREE!
Sound too good to be true? Trust me it’s not, people are benefiting from this every single day and throughout this guide, I’m going to show you exactly how it works.
Firstly, what is trading?
Everybody is familiar with the term “trading”. Most of us have traded in our everyday life, although we may not even know that we have done so. Essentially, everything you buy in a store is trading money for the goods you want.
The term “trading” simply means “exchanging one item for another”. We usually understand this to be the exchanging of goods for money or in other words, simply buying something.
When we talk about trading in the financial markets, it is the same principle. Think about someone who trades shares in the stock market. What they are actually doing is buying shares (or a small part) of a company. If the value of those shares’ increases, then they make money by selling them again at a higher price. This is trading. You buy something for one price and sell it again for another — hopefully at a higher price, thus making a profit and vice versa.
However, what differs trading from simply investing, is the ability to “Sell”, also known as a “Short” position. Making money when a share decreases in value.
What is copy-trading?
Copy-trading is the most simple, efficient & transparent way to make money from trading the financial markets for someone who has limited knowledge when it comes to investing.
Copy-trading is a form of investing that allows investors to observe the trading behaviour of their peers and expert traders and to follow their investment strategies using auto copy trading activities. The World Economic Forum report has even called it a low-cost and sophisticated alternative to traditional wealth management.
Copy-trading allows ordinary people with little to no experience copy trades executed by winning investors/ traders in the financial markets. Instead of spending countless hours with your trading mentor learning how to trade, you can benefit by getting access to the exact trades they are placing on a daily basis. Generating you income from the profits in the process.
- Copy-trading frees up time for both new and experienced traders. Even investors with tight job schedules can earn in the markets without having to monitor their trading charts all day.
- Copy-trading allows traders to choose the trading style that suits their risk tolerance and trading preferences.
- Copy-trading allows for the diversification of risk. That is, you can trade manually by yourself, plus you can boost your market insight by integrating copy trading into your trading activities. Even while copy trading, you can select different signal providers in order to hedge trading risks in case different trading strategies become successful in different market conditions.
From my own personal experience both learning how to trade as a beginner and by mentoring students on how to trade using my strategy. Learning to trade on your own is not easy… Risk management, physiology, strategies, emotions and patience are all essential aspects in becoming a profitable and consistent trader.
Using the auto-copy feature you could copy all the transactions, including trade-entry, take-profit and stop-loss. Allowing you to rest easy whilst the pros do what they do best.
How I came across copy trading
I first came across copy trading almost 5 years ago, whilst in the process of learning to trade. Obviously, when learning to trade I didn’t have a successful trading strategy in place. Which meant that choosing people who had these strategies in place was important for me.
Not only was I able to analyse and learn their techniques for future reference but also to ensure that I was following winning traders and that their trades have a high probability of being profitable. I achieved this by doing research on the potential traders I considered copying. The good thing is that transparent trading results are available, and the leader board shows live results of traders’ performances from all over the world. I like to look into a trader’s detailed trading history before choosing to duplicate their performances. This gave me a picture of how successful the professional is so I could minimise risk as much as possible and filter my choices to traders who had a strategy I liked or takes the same risks as I would.
What are the benefits of copy trading?
My experience with copying trading has been shocking in the most positive way possible, where I am still gobsmacked at how easy it has been to make profits whilst I get on which my day. At first, I was sceptical at how money could be made so easily, but what I love is that I am in complete control of my account where I can choose which traders I copy trades and most importantly decide how much risk I want to copy traders with. At any point, I am able to adjust the settings to my account; stopping copy trading, withdrawing or putting on my own trades. It honestly couldn’t be any easier!
You may have heard that the world of trading is becoming more and more accessible. The variety of tools and platforms is shockingly big and diversified. The latest industry trend is social trading as it allows to benefit from the features of a traditional social media combined with the tools for trading and investing. Novice traders can benefit from copying professional traders’ live trades and strategies.
Copy-trading can be useful for traders who don’t have the time to follow the markets themselves. Generally, copy trading is focused on short-term trading, but there are several different strategies that are used to generate revenue. The assets that are used focus on the foreign exchange market and contracts for difference. While copy trading can be lucrative, there are also risks involved, and traders should remember that past results are not a guarantee of future returns.
Copy-trading allows traders to diversify their portfolio. This means that a trader is using multiple ways to make money in the markets. Instead of putting all their eggs in one basket, traders can use multiple strategies. When copy trading, you should consider using a few different traders to copy.
One way to diversify is to find copy traders that trade on different financial instruments. For example, you could copy a forex trader as well as a commodity trader. They could also consider copying traders that use different time frames. One might be an intraday trader and another could be a longer-term trader. Traders that experience high volatility on their returns compared to those that have low volatility on their returns could also be considered. Lastly, one may consider very active traders compared to less active traders. Remember, however, that if something appears too good to be true, it probably is.
What are the risks of copy trading?
The greatest risk you will face when copy trading is copying an unsuccessful trader. If the trader you follow is unsuccessful, they can lose money and you will too. However, this risk is minimised due to the transparency of the leader board, stats and trader profile aspect of the platform.
One way to minimise this risk is to follow the strategy of more than just one trader
While it is possible to have gains by copying only one trader, it is better to diversify your portfolio. Basically, by copying more traders, you are lowering your risk. Remember: even the best traders have bad days, weeks or even months and they can also lose, so diversification is the key to minimizing your loss. It is much less likely for 2 or 3 successful traders to have an unsuccessful trade.
It’s also a great strategy to never hesitate to stop. The best strategy is not to let the traders you copy reach 30% and more loss on the overall amount invested. So, if you see that things don’t feel right — just pull the plug and stop auto-copying the losing trades.
Finding the best traders to copy
…or you can use the advanced search feature. You can change the criteria to match what best suits you such as:
- Most trades made
- ROI on single trade
- Best return
- Most copiers
- Profit for copiers
- & much more…
Viewing a trader’s past performance
By clicking on the ‘stats’ tab in a trader’s profile you can access some very useful information to help determine whether they are worth copying or not.
There are two other key things to look at here. The profit chart indicates how much a trader has made and the win rate shows how often the traders win their trades. For this example, the trade has won 14,392 trades and lost 89. (you can’t win every trade…)
How to copy a trader
At the top of this screen you will see two options:
- Copy by position
- Copy bt investment
Copying a trader by position is a percentage allocation of your account size for every trade made. Let’s say you auto-copy a trader with 10% and you have an account size of £100. This would mean that you would invest £10 into every trade they make, profiting on your £10 whenever they profit on a trade.
Copying a trader by investment is a fixed figure you will enter for every trade made. Let’s say you auto-copy a trader with £100, this would mean that you would invest £100 into every trade they make, profiting on your £100 whenever they profit on a trade.
How to start copy-trading
Open a NAGA trading account
You need to open a trading account in order to start trading. The application process is simple and secure and you can apply for an online account at any time by filling in the online application form.
Once you have successfully completed the verification process, you will receive a confirmation email to confirm that your account is open.
You may receive a call from an account manager, in case you have any additional questions.
Verify and fund your trading account
Once your account is open, you’ll need to deposit funds into it to start copy-trading. You can do this in a variety of ways via the ‘Account’ tab in the trading platform
Your initial deposit must be at least $1.
For more information on how you can transfer funds in and out of your account, visit NAGA
Find winning traders and start copy-trading
Now you have an online trading account and have deposited funds, you can utilize all of NAGAs innovate features to start trading. The social trading tool that takes your trading experience to another level. Beginner traders can benefit from automatically copying the professional traders live trades and strategies.
You can access live price feeds, streaming charts and news instantly and trade 24-hours a day. Good luck and safe trading.