The 12 month millionaire challenge: Can you handle it? ;)
Along side our long term portfolio we've decided to make an attempt at a long discussed challenge between myself and friends, regarding doubling a $250 account once a month for 12 months.
With new, crazy moving Crypto's coming out everyday, this idea is more achievable than ever before!
The idea is simple. Use our knowledge of fundamental and technical analysis to pick stocks that have the potential to double within a month. The idea saw some success a couple of years back trading Equities, but high stress and high risk trading is not for everyone!
The mathematics are as follows $250 x 2 (2^12) = $1,024,000
Month 1 - $250
month 2 - $500
Month 3 - $1000
Month 4 - $2000
Month 5 - $4000
Month 6 - $8000
Month 7 - $16,000
Month 8 - $32,000
Month 9 - $64,000
Month 10 - $128,000
Month 11 - $264,000
Month 12 - $512,000
Total End of Month 12 = $1,024,000
The strategy is based on fundamental analysis of the companies and the development team behind the coins but the second key to the success in this idea is management of the trade. We pick the coin, and set a take profit target of 100% gain and leave it to play out. This ensures stress levels are as low as possible.
Whos up for the challenge??
Ill keep results posted over the coming months and lets see if we can hit our $1m target!
Were currently holding 2 coins. LINDA and ECC. Both coins were bought at lows of the recent dip.
ECC is currently up 40%
LINDA is still holding but definitely still looking good to go and 100% would only have to reach previous highs, We think this is going much further and we actually hold a long term position in LINDA also.
It's a nice idea and I wish you the best of luck. The road isn't always smooth in crypto investing of course, but I do believe it has the potential to make everyone wealthy if they take the time to research the fundamentals of projects rather than looking for short term pumps with no substance. If you can get a good start, I think you'll have a decent chance because you'll be able to diversify your portfolio a little more.
Have you considered looking at ICOs? There are a fair few gems out there, and some of them have some incredible bonuses for pre-sale. Pick the right one, and you'll see much more than a x2 return for that month!
Upvoted, and following with interest.
Hi Phil! Absolutely, don't get me wrong I've been trading for a long time and ''get rich quick'' is not the way trading goes. while its certainly not the method I would usually go with. We have long term holdings in many crypto's and a nicely diversified portfolio as is. We just decided to have a play with some gains and put the $250 up to give it a go. We tried years ago and failed at month 2 but the difference is, we're looking for unleveraged ICO coins and low priced newly established coins that have a lot of room to grow but not much chance of dying out before they at least double. When we tried this before we were using leveraged equities which give you a very small stop loss and this ultimately wiped us out. Even if a coin takes longer to go than usual we will hold our position and our take profit order. If for example a stock jumps 200% we would only take half position off and hold 50% long term.
Were looking at the Storiqa ICO at the moment ;)
Ill do my best to keep this as exciting as possible, I imagine it will get quite a lot of interest if we can even almost pull this off!
@piratemonki upvote back.
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STOPReally cool idea and I wish you the best of luck. High risk trading isn't for everyone! I hope you jump aboard that gain train!