The Cash Diaries

My experiments in passive income, trading and life

Why you shouldn’t use Plus500

Plus500I’ve talked about how I’ve used Plus500 in the past, and even made money with it.  And I’ve also  written plenty of reasons why I like Plus500 and why you should use it.  So it may seem a tad weird that I’m now dedicating an entire post to convincing you not to use it.  But there is a very important reason why….

Trading Forex is not for Beginners 

Forex is a crazy beast, with wild swings and often perplexing results.  It’s impossible to predict and even the best traders are wrong a lot of the time.  So if you’re new to Forex the odds are that you’re going to fail. One of the biggest mistakes I see newbie traders make is thinking they know what they are doing.  They make one or two trades which result in a profit

It takes a lot of your time

Successful forex traders need to spend a lot of time watching the news and keeping an eye on their charts.  Some of my friends, you are professional traders, claim they only trade for a few hours a day, but in reality they always have one eye on the news.  You can’t afford to take a week off and just escape.  You need to be constantly plugged in.

It’s no get quick rich scheme

Even if you make $$ on a couple of trades, the way that forex moves, you are only one trade away from a loss.  In fact, you can easily wipe out the profits of numerous trades with just one bad trade.  So it takes dedication and a lot of time.  You’re not going to get rich trading forex overnight.

A smarter alternative for beginner forex traders

So is there any alternative?  I’m a huge proponent of social copy trading.  The idea is that newbie traders can copy more experienced professional traders and let them do the research and make the calls.  It’s still up to you to find the right people to copy and make sure you spread your money across multiple traders, but it does reduce the amount of risk.  My favorite copy trading platform is eToro.  I’ve written about how I use it and how you can use it here.

If you want to trade on Plus500, you need to start learning

If you still want to trade on Plus500, then you need to start your forex education.  This is the online course that I used, and I highly recommend.  There are many other great sources of information.  Just make sure you stay away from anything that tells you, you can get rich overnight!

Here’s a July eToro Bonus for you

Thinking about joining eToro?  Before you do, make sure you read this post so you can take advantage of a bonus offer that i’ve managed to hunt down.

I’ve been a long time copy trader on Etoro.  I’ve managed to make a small profit each month by copying guru traders on the platform.  I think social trading is the future of investing – why?  Unlike regular forex and CFD trading, you are taking advantage of the knowledge of professional traders.

July 2016 eToro Bonus

Here’s how to claim your bonus.

  1.  Register a new eToro account here.  This offer is only valid to new etoro traders.
  2. When you make your first deposit, just put in one of the codes below:

eToro July Bonus

Make sure you also subscribe to this blog.  I share lots of my trading tips and tricks 🙂

eToro Traders Made a Profit during the Brexit

eToro BrexitHere’s a really interesting tidbit that I recently discovered.  During the recent Brexit event, when markets were wiped out and a huge the pound dropped to record breaking levels, traders on etoro still managed to make a profit.  In fact the majority of traders correctly predicted the outcome of the referendum.

According to etoro’s CEO, traders made a 2.41% return during that period.

Why does eToro perform so well in turbulent markets?

The majority of people on the platform are copy trading.  They aren’t making trades themselves, but rather using the natty copytrade feature, which lets you automatically copy the trades of guru traders.  This means that beginners aren’t betting wildly on the market, and instead are letting better and more experienced individuals make the tricky analysis.

This whole just goes to show that social trading is the way forward.  Forex is extremely risky.  And so is CFD trading.  That’s why I love the approach of etoro.  By copy trading across numerous traders, you spread out the risk and forex suddenly looks like a more profitable investment.

Were you copy trading on etoro during Brexit?  How much money did you make?  Let me know in the comments.

My Acorns Results for June 2016

Acorns LogoEach month I report how well my investment using the Acorns App is performing.  I’m fascinated by all the amazing new investment choices people have, and I want to test them out and share how well they work.

What Happened in June

June was a crazy month for investors.  My etoro investment did really well, and I’ll be writing about this soon.  But my acorns investment didn’t perform as well.  And that’s entirely expected.

I need to keep reminding myself, that Acorns is all about investing small amounts on a regular basis.  Sure, the market is going to sometimes go down, like it did with the Brexit event, but other times it’s going to surge.  As long as you keep investing through the good and bad times, things balance out overtime and you end up ahead.

I was surprised that I didn’t actually lose any money during Brexit.  My acorns dipped down, but I’m still in profit.  Just not by as much as before.  So how did I go….

How I went in June

Starting Balance: $207.56
June Deposits: $207.59
Current Balance: $406.79

June Income: -$8.38

p.s – These figures were calculated just as brexit happened.  A few days after my account recovered and I’m now back in profit.

Wrapping Up

I’m still convinced Acorns is a great idea.  It works automatically.  I don’t notice money coming out of my account and being put into my acorns investment.  It just works.  And that’s why I love it.  In June, I managed to deposit well over my $100 target.  I think I will try and beat my deposits for June this month.

Have you tried acorns?  What have your experiences been?

eToro is holding a massive Brexit promotion

eToro copytrading tipsAre you ready to trade the largest market event in a decade?  The brexit event is just about to happen, and whether Britain stays or leaves, it is going to have massive implications on the markets.   This means there is a chance to make a lot of $$$ as the market moves.

Forex traders make the most profits when there is a lot of volatility on the market.  Which is why almost every trader I know is getting pumped up for this.

eToro also knows this, and thats why they are offering this massive promotion.  You can find out more here

45% Deposit Bonus on eToro

Here is how to get your 45% deposit bonus:

  1. Grab a new account here
  2. Make a deposit
  3. On the cashier page, enter the code: june16

How to Trade the Brexit on eToro

What i recommend is letting a guru do your trading.  If you’re new to forex and try trading this massive event on your own, you’re gonna find it hard.   On etoro you can automatically copy the trades of professional guru traders.  And that’s what I’m going to do.  Although there is going to be movement in all markets, look for traders who are experienced in trading the GBP pairs.

Get motivated and inspired to make money with this video

I just finished watching this little documentary called Rich Kids go Shopping.  On the face of it, it sounds really shallow.  But the reality is, that each of the young 20 somethings that it follows are self made.  Further more, one of the “rich kids” is a forex trader.  So it was really fun to see that others are having success with forex trading as well.

So if you’re in need of a little inspiration then give this a watch.  I have days where nothing is working – traffic is down, I’m not making much on etoro and things are just shitty.  It’s times like these where I just take a step back from work, give myself an hour or so to watch a video like this, and by the end of it i’m pumped up and ready to get working again.

Let me know what you think of the video in the comments

Why you shouldn’t trade binary options

binary options“Trade” is being a bit generous.  In reality you are just gambling.

Can you make money from binary options?  Well you can in the same sense you might be able to make money in a casino.  But it’s definitely not a good long term strategy and in the end the house is going to win.

It’s sad to see the recent trend in sites promoting binary options as some kind of “investment”, lending credibility to what I believe are outright scams. Continue reading

Switch to HTTPS/SSL improve search engine rankings

SSL LockGoogle recently announced that they were using https/ssl as a signal for rankings.  Meaning, sites that used HTTPS/SSL would improve in the rankings.    Now at the moment, there is no need to panic if you don’t have ssl enabled.  It’s only being used as a very small signal.  You probably won’t even notice a difference.  But google has definitely made clear it’s intention and will place more importance on secure sites in the future.

Continue reading

Is eToro a scam?

Another really common question I get is whether or not eToro is a scam.  I’ve had years of experience copytrading with a real money account, so I thought I would share my experiences to help you get a better idea of the platform.

First off, there is no doubt that etoro is a reputable broker.  I don’t want the post to be about that.  They are fully regulated and i haven’t heard any complaints from people regarding payouts.  What I want this post to be about is whether or not their platform is a legitimate method of making money.

First let me explain how eToro works…. Continue reading

Which Traders should you copy on eToro?

eToro copytrading tipsThis is probably the most common question I get – who should I copy?

I’d love to give a definitive answer, and in the past I’ve posted on a regular basis about who to copy, but it changes very often.

On eToro, I’ve been quite successful.  I think that’s down to being quite picky with who I choose to copy and being brutal when it comes to stop copying people.

If you’d like to get access to the traders I am currently copying and the traders I will be copying in the future, then you have to subscribe to my weekly copy trading newsletter.  Each week I share with you why i’ve picked these traders.

You can join the newsletter here

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