A Side Hustle you can start as a Forex Trader

Howdy Trader!

Today its all about money! We cover how you can make money on autopilot without needing to do much. (After the initial investment of course).

This is not one of those “Make money as you sleep by doing absolutely nothing!”

Sadly life doesn’t work like that. Something always has to give! That can be inform of money or time.

You cant make money from thin air. Consider even the most illegal businesses, they always need an initial investment of some sort.

Anyway, lets secure the bag, shall we?

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If you’ve been around the trading world for long enough, you must have come across telegram and discord servers that give signals. Some paid some free.

The idea being that you can just use an experienced traders signals and make bank like they are.

Whether the signals are any good boils down to a lot of things.

Now flip the scenario.

You are a great trader. You’re strategy has been giving you net gains year on year and you think to yourself “How can I share this strategy with my close friends?”

Did you know that you can automate sending trading signals to discord or telegram?

All on autopilot, without you needing to do it.

Some caveats though! This works well for fully or semi automated strategies.

Let’s look at an example.

Remember the RSI + BBands bot?

(I have linked it at the end of this piece incase you want to test it out)

If you backtest the bot on the 15 minute timeframe, Boom 500 Index on Deriv, since 2019 you will notice the backtest actually makes money!

if you started with $1000 dollars you would have actually made a profit of $100+.

I know its not much but unlike the a million strategies out there, this one actually made money on a 3+ year backtest.

For this examples sake, lets say this is the holy grail strategy that mints money.

Instead of selling the bot itself as a one off charge, you could have the signals sent to discord.

Then make the discord access to the signals as a monthly subscription.

Whoa! whoa! whoa! All that sounds super!

However, you’re probably wondering how much it would actually cost.

Let’s take a closer look at the costs that would go into this. Let’s assume you only have a manual working strategy.

Let’s go over several ways you could execute this.

So here is the plan A.

You would need a couple of things for plan A. Plan A is perhaps the most expensive plan.

1. You would need to work with an MQL5 developer who would turn your manual trading strategy into a bot.

2. A VPS to host the bot so that it can run 24/7.

3. A developer who can help you host the code that would be interacting with discord or telegram.

The main cost here is the intial development of the strategy. Once you get over that, you will virtually be printing money.

You could save more if you found a dev who can do the MT5 bot programming and also has cloud hosting + can also use the discord or telegram APIs.

The main reason for separating the last segment from just putting everything on the VPS is because you would need to keep monitoring the server within the VPS.

If you’re not very technical and something happens, you might need to go back to the dev to help you set things up again. On top of which, you would need a bigger VPS that can handle the server on top of MT5.

If you still wanted to go this route, the costs would change as follows:

IKR! Better save the $6 and avoid future headaches!

In fact let’s call that plan B!

The cloud route makes it such that once its set, thats it! As long as the code can handle any errors without crashing, you’d be all set!

Lastly here is plan C:

Ditch the entire MT5 thing! Go straight to the source and use APIs. Deriv for example has an API. This means instead of needing to install MT5 on the VPS then load the bot on the VPS, you would be getting the Boom 500 Index data straight from Deriv.

What this also means, is that you would only need one dev who would code using the Deriv API and directly integrate the discord or telegram code all in one.

This can then be hosted on serverless! How serverless works is that Google cloud or AWS let you host the code on their servers and only charge you when the code runs.

If the code is not running, you pay nothing! Nada! Zilch!

You would only pay for what you use!

The new costs would then be as follows:

This leaves out one crucial part of the equation. How do you keep track of who renewed the subscription and who did not?

Alright! Alright! Let’s keep going on the money stuff!

In order to keep tabs on who is still subscribed and who is not, you can have a couple of options.

Option one:

Literally keep tabs on the daily on where the subscriptions are at! One workflow could be using a payment processor like Stripe or PayPal and activate the payments as a subscription.

The Stripe and PayPal platforms actually manage the subscriptions for you. While that sorts out the auto payment processing, you would need to manually kick out users who fail to renew the subscriptions.

Option two:

Use PayPal or stripe to manage customers then have a dev automate the member management on auto pilot.

This option would add up to the costs you will have incurred for the trading bots. Nonetheless, chances are, the same dev who will setup the cloud hosting will be able to setup the members management.

The additional costs now would come from increased scope of work.

Option three:

Use a service like Whop that lets you sell discord memberships. They handle all the payment processing and also kicking out the members.

There’s a catch of course!

If your memberships is $10 per month, they get 30% of that.

Perhaps a question to ask “Would it be cheaper to have this setup by a dev as a one off project? Or would it be cheaper if I made 70% of all my memberships but have none of the headaches?”.

I will let you pick that bone!

That’s all for today! Happy hunting!

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