How easy is it too double your stake? I mean it's dependent on a lot of things not least how much you actually start with but is it possible in a month?
Well that's the challenge that was smacked down by the missus last week. I shall describe the events of the day.
The good lady enters the room, the daughter is sleeping for the night. My face appears to be surgically attached to my Chromebook. She looks over, somewhat condescendingly it must be said.
'Steeming?'
'Pfft, I most certainly am not woman. I am trading. Now quick, wench me up a cup of tea.'
note: artistic license used!
She sat down and we chatted. During the course of the conversation we talked about crypto trading. As with all mainlanders she was sceptical. Which culminated in her saying.
So if I gave you a tenner* how long would it take for you to double it?
*a tenner, also known as a 'Bob Fenner' is 10 British pounds (GBP)
Double it?
I lol'd like a donkey eating a stubborn carrot. Then leapt to my feet and drew a couple of imaginary pistols before blasting an imaginary pigeon out of the sky.
'Two weeks baby.' I exclaimed bullishly.
She snorted, somewhat derisively it must be said. 'I will give you a month. Enjoy.'
Then like a savage tornado she wheeked a Bob Fenner at me and was gone.
So of course, obviously the first thing you think is well this will be easy. Then you so and think. Hmm, will it? So your second thought is - I could just lie? But then pride kicks in and like a mouse standing up to a mighty lion I decided to accept the challenge.
So, to begin. I quickly exchanged the tenner via Bittylicious. For ease of tracking I purchased 0.01 BTC. this was a few pennies more than a tenner but looks so neat.
So, I transferred it to Bittrex and I was good to go. But what to buy. Using my amazing trading acumen built up over months of reading crypto posts on steemit I decided to go all in on New Economy Movement.
Well, it had a general upward trend. And some people said some nice things about it :0)
Of course within minutes of buying it took a downward bomb. In the trade we call this being dry humped. What the actual fuck? I thought. Am I going to have to go back to the good lady with my bushy tail between my legs and admit defeat?
I persevered and didn't let the fear get to me. I had faith in that general upward trend it was showing. A faith that paid off over the next couple of days.
Two days later
Hot sex donkeys!! XEM had gradually crept up to 2940. I was back in the game!! I sold as it had seemed to reach a plateau.
And what do you know? I was right, it started to take a tumble downward. I rocked back in my chair, an evil laugh spilling from my mouth.
Fools piss where wise men fear
I nodded sagely at my own wisdom. But wait, what was this. The price had dived down but halted and then seemed to be recovering? The pattern of trades was skittering back up. Dash it. I thought. I am buying back in on the dip!
This is known in the trade as stroking the dolphin's beard
So I bought 350 back at 2892. Then went to bed. Miraculously, in the morning it had crept up to 3942!!!
Knowing how fickle the markets can be I decided to sell as it was sitting at plus twenty percent profit. Now I know some people would have waited and waited to find the peak...
And indeed the price actually continued to rise for a while. But a wise man once said (me)
A real profit is better than an imaginary one any day
Sure enough later that night the price absolutely tanked!
So here I am, one full week in and about 36% in profit. Can I double up in two weeks? Will it take a month?
Will I even be able to do it at all?
Let me know what you think. I shall update next week on my progress!!
Note, none of the above is to be taken as trading advice. If you are looking for buffoonery however then yes, please feel free to follow my antics