The Start of this Journey.
Welcome to the start of this epic war. We will be starting from scratch to create fully functional Passive Trading System (PTS).
The idea is to create a system that generates fantastic returns by me doing as little as possible and should serve as a bench mark and refence point for anyone who likes the idea of creating an additional income stream!
So want to know how to get started?
If you have been apart of my eToro course one of the first emails I sent out was all about setting financial goals and briefly showed some things you should think about to get a rough idea and target to work towards.
In that email I suggested that for most people a good goal for most was £30k per year by investing £200 a month for about 8 years.
Here’s the compound interest formula which assumes:
- £1000 initial deposit
- £200 per month
- Average a 33.14% a year
- Returns are compounded daily.
So that ours current rough goal and once I hit 30k per year I will look to decrease risk and start to create a more conservative portfolio.
But one step at a time!
For most people I would suggest doing a full review and research of the market to find the best Social Trading platforms, unfortunately there aren’t that many and eToro is the safest bet in my opinion. So I’m sticking with it!
So the next step for this month was I signed up to eToro
You can sign up to eToro here.
If you do sign up through my website I receive a small commission at zero cost to yourself which helps me keep all the information here free!
I haven’t signed up to eToro in 5 years so creating a new account was interesting endeavour that you can see below!
Lovely easy sign up just what I like.
I named this account JoeMoriccaPTS.
And was immediately brought to the home screen.
We have started, so the next step was all about setting up the account and completing the profile.
I filled out the basic info
Filled out my experience
My trading knowledge
Answered A very simple Trading knowledge Test
Trading time periods
Why you are trading.
Gauge your attitude towards risk
They check you’re not a snake trying to do some dodgy insider trading
Sources of income
Received an inconvenience…
Turns out you cant use the same number more than once!
To counteract this problem I could talk to eToro but I didn’t want to. (say what you will!)
So I ordered a new sim card and burner phone as I want extra account protection anyway!
Then I waited….
I Received the package, wacked £10 quid on the pay as you go burner and continued with the form filling.
Overall, I spent less than an hour setting up and getting the account ready (even with the big delay for a new sim!)
If you follow my steps and get setup I would spend 30 minutes getting used to the platform.
Next month I will look at choosing our traders and creating our portfolio!
If you want to join along you can Sign up to eToro here.
Joe “eToro master” Moricca