So I finally decided that I need to start setting myself some goals to see how well I can actually do by trading cryptocurrencies. Although I mentioned in my previous posts that my preferred way (as well as more natural for my personality) of building my portfolio is long term investing, I really want to test a couple of strategies and see if I can increase my initial trading pot over a longer term. Now, just to be clear, I do not live in a fantasy world and I do not expect to become a millionaire overnight and also I know that it is going to take time and patience to make it work.
Cryptocurrency market has proven to be extremely volatile so to start with I decided to set aside a small proportion of my portfolio (somewhere around $500) and, by only trading what I think is within my comfort zone, see if I can do $20 of profit every week.
Now, another reason why I am doing this with 500$ only is to hopefully demonstrate that even with a small sum of money trading profitably (without using leverage) is possible. I have seen so many traders uploading videos and posts about their trades and how they make several thousand dollars every time but that just does not hit home. It just does not resonate with me and unless you hold hundreds of thousands of dollars/euros/pounds in your portfolio it probably won't with you too... The most inspiring blogs and videos that I have seen is where people start taking small baby steps and demonstrate persistence to work hard in order to reach their goal. I remember watching a video of this guy who was so happy about increasing his follower number from 16 to 25 in one week that he made a video to just thank them all.
I've digressed - back to the challenge!
In theory, as long as risk/reward ratio of the trades that I choose is >1 and more than 50% of my trades are profitable, I should make money. Now, nobody knows what is going to happen - I might beat the target easily as 20$ is just 4% profit of the initial sum of money every week (one profitable trade a week). I have never traded consistently and have never really counted my profits or losses from active trading so I don't know!
I suppose before you start laughing at my $20 target I should mention that I work full time and have other real life commitments so I will only be able to allocate a limited amount of time every day. It takes time to find good setups and I won't trade just because I "have" to. Because I don't.
Finally, it is worth mentioning that I am a little bit behind with the intro. I have already closed 3 trades this week and 2 of those I've covered already in my previous posts.
Here: https://steemit.com/cryptocurrency/@andrius1/live-trading-2-xlm-elastic-band-effect
And here: https://steemit.com/cryptocurrency/@andrius1/live-trading-3-steem-elastic-band
I will write about the third one shortly. Please don't judge me if I do not talk about them in a perfect chronological order - sometimes thoughts flow easier about one than the other. Trust me, I will cover them all eventually.
Thanks for reading, and I will speak to you soon!
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