Off To The Races !

Whats up guys!

So in my last blog which you can check out here i decided to start a chalenge on Steemit where i would take a small initial investment, and trade it into a 50x return and today is the day it begins !

I've been thinking of the best way to do this and since I want to post my trades in a way that gives people the opportunity to get in on something, if they agree with me in thinking that it got a good chance at making us some money.
Now since i can not be at my desk all of the time, and also because i cant really make any quick reaction trades whilst simultaneously writing a blog to let you guys know what they are in real time, i am going to be using buy, sell and stop loss orders which i can place on different options i think are going to experience significant movement in the next 24hrs or so.
This will also allow me time to share some technical analysis and thoughts with you to explain my predictions.

So lets get to it ....

The first thing we need to do is to open an account on Bittrex and get our starting balance deposited into our Bitcoin wallet.
Then we need to find out how much $20 is in Bitcoin which can easily be done using one of many on-line calculators

So here we can see that we need to deposit ~0.007249Btc into our wallet to have our $20 starting balance.
An easy way to get bitcoins if you have never done it before and you live in the UK is Bittylicious, here you can instantly buy bitcoins via bank transfer of debit/credit card and have them deposited into your Bittrex wallet.

Now that all of that is done we can get down to my first trades of the challenge, i'll be using some different methods and strategies along the way to maximise our chances of success.
No although the fees related to trading crypto currencies are very low, they are still there and will soon start to add up if we were to split the $20 over as many cryptos. So until we get off the ground i'm going to stick to just a couple that ill split the capital between. and again i will be using orders to do this which will allow you guys time to get in there if you want to.

NEXUS

This will be our first shot and ill be investing all of our $20 into Nexus (NXS).
If you look at the chart above you will notice 2 red lines that i have used to represent the support (bottom line) and resistance (top line) which is the range in price that NXS fluctuated between during the consolidation period before the next breakout where the price rocketed.
Now on the right hand side marked by the two blue lines that i have mapped you will notice the same support/resistance pattern starting to emerge again, and this is what we will target.

I am going to place a buy order at the price of the bottom line which is ~ 0.00034600 and put a stop loss order in at the purple line just below the blue one at around ~ 0.00034200 this will help us maximise our gains whilst minimising our losses should something happen and the price drops. You can also see from the chart that these fluctuations repeat around every 12hrs so once the buy order has been triggered if i'm not going to be around to monitor the markets i will be placing a sell order in at around 0.00037400 and once that triggers we can place the buy order again at ~0.00034600, that should give us a return of just under $2 or around 8% each time which whilst small shouldn't be ignored, and as our balance slowly grows and we can afford to have our fingers in more pies you will see how the small moves we make early on will help us no end down the line.

I hope u guys have enjoyed the first challenge post and if your have any thoughts or questions then leave a comment and i will
reply to as many of you as i can and i'll see you in a few days .

Happy Trading,
Rob.