This may be motivational for some of you, this may be boring as heck to others - but I recently hit the illusive 1000% profit mark and I'm super chuffed with it!
It starts back in mid-January of this year. Bitcoin had just hit the highest price since the Mt Gox crash - at around $1140. I already had an account on eToro - a 'social' CFD trading platform - and after looking more into Bitcoin I discovered they offered contracts with Bitcoin I decided to get stuck in. I already had a little chunk of money sitting in there, and I hadn't been actively using the platform for about a year, but Bitcoin was enough for me to get back into the investing dream. The price pulled back to around $750 a few days after the peak and that's when I decided to start playing around with some trades - buy low, sell high lol. It didn't take long for me to start to truly understand the potential of this internet funny money so decided to jam another chunk of money onto my account to give me even more exposure.
I got some good gains by February and was well on my way down the Bitcoin rabbit hole. Watching YouTube videos with people predicting it to go to $1 million in 20 years. We've all seen them. I was also learning as much as I could about how the technology actually functioned. I went to university for maths so I'm kinda geeky in that way - although I did drop out but let's forget about that part.
Then I started to realise there was more than just Bitcoin. After seeing a Facebook friend post about Dash, I also started to look research that coin. I really liked the sound of the Evolution project, the focus on user privacy, the governance structure and of course the price had taken a recent jump which is always an attention catcher. It was enough for me to download the Dash Core wallet but I held off actually buying any because I was somewhat apprehensive about buying my first actual real-life cryptocurrency. I wish I hadn't waited, because 2 weeks later the price was now way up. I decided to just buy 0.5 Dash at first because it was so high (about $100 maximum) but as the price continued to gradually pull back I stockpiled quite a bit more. I've been Hodling them ever since (lowest purchase at around $50) as I await the release of Evolution, which I'm sure is going to take Dash to some dizzying heights.
Then entered Ethereum. I don't know how I missed it, but it had been open for CFD trading on eToro since mid-January but it wasn't until mid-March where I finally discovered it. It had jumped up to the mind-boggling price of $20/ETH. It didn't have the same extensive history as Bitcoin so I wasn't so sure if this new boom was going to stick. I made some good trades, I made some bad trades. Next thing I knew it was $50. That's when the roller-coaster really began. I was hearing about huge companies getting involved and that spurred me to put a bit more capital behind Ethereum. I wasn't to be disappointed.
The eToro platform was offering up to 5x leverage on Bitcoin and 2x on Ethereum. This was an absolute gold mine. My trading strategy involved closing positions and reinvesting the liquidated profits into a new position with even more exposure. This seemed like it was too good to be true - and it was. As the prices got higher and higher, eToro put limitations on the use of leverage and eventually disallowed it's use altogether. This killed the dream of making huge returns and basically turned my trading account into a buy & hold scenario.
Photo: What you'd have if you had invested $10,000 copying my trades since January.
Despite the annoyance of leverage being removed, I continued to use eToro and still managed some incredible returns thanks to the leaps and bound of Ethereum and the nice, indestructible power of Bitcoin. 90.14% gains in April and 183.55% gains in May. This supercharged my portfolio equity. I was reaching new heights of wealth that I had never been at before in my life.
There has definitely been some stressful mornings reaching for the phone to check the prices, and weeks of sitting there with red trades as I hope for the best, but in the end, 5 months later, I am very happy with my returns and I'm looking forward to what the rest of the year and future holds. I'm probably going to remove funds from eToro and just hodl everything in a wallet. A lot less stress, and possibly more profitable - as I am prone to mistake and being caught out by that annoying spread.
Now, I have friends messaging me daily asking me questions about Bitcoin and other cryptocurrencies. It gets a bit repetitive, but it's also awesome to be helping people get involved in such an awesome world-changing technology. We all know what it was like when we first started. I'm glad I'm now that slightly more experienced person that's there to help explain Bitcoin, set-up wallets, point people in the right direction to buy.
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I'm pretty new here, so I would love feedback, advice and recommendations on people to follow.
Thanks,
Joseph