A Fig Rig is a circular camera mount designed to simulate the look of a steadicam. Manfrotto sells them for about $400. Make an even better one for under $10.
Step 1: Look at a real Fig Rig
A Fig Rig works by spreading out the center of gravity across the rig. Instead of the camera capturing all your hand movement, your hands are away from the camera, but at the same level so you not only get smoother movement, but more control as well.