. I've been pretty silent here for quite some time. Basically my AM stuff dried up so I started an ecom store in Q4 2017. Unfortunately it was a pretty bad time to jump into it since CPC prices were sky high. Since I couldn't get my ecom store off the ground, in the last month or so I decided I was going to put my ecom stuff on hold while I dip into the crypto world head first. I've been researching this space very heavily and have been doing quite a bit of day trading and now I want to do a little experiment.
The plan is to make a million dollars with crypto in 2018. Is it possible? Absolutely! Will I pull it off? Well, I guess we'll have to find out.
My plan of action is to become a profitable day trader. What I would like to do is make consistent, profitable trades greater than 2%, thus compounding my balance with each trade. My current balance is worth about $4700, but my day trading/balance not used to hold is about $3450 (when I say dollars in this thread I will be referring to CAD, since I am Canadian). What I have done is I created a little spreadsheet which tells me how many consecutive trades it will take to make a million dollars for 2%, 3%, 4%, 5% and 10%. Here is a screenshot of what I am talking about:
What really gets me going here is how quickly things can compound once I get through the first grind to 10k. You can see it that at 10% profit per trade, it will take 11 trades for me to go from $3450 to 10k, but then it only takes 24 trades to go from 10k to 100k! Obviously 10% profit trades aren't just hanging around every day right there for the taking, but they do happen.
Of course this is all easier said than done too, but this spreadsheet makes it look within reach. The major problem here will be when my balance becomes much larger, as it will be very difficult to put in a successful buy order at large sums. Therefore, once I hit 5 figures I will begin to diversify and start holding coins long term, while also continuing to try and day trade. We'll cross that bridge when we get there though.
For the past 2 days I have been holding RDD coin. I got in at 172 sats and the price dropped a bit more than I thought, chilling out between 158 to 166. I've just been patiently waiting for it to rise since I believe this coin will be passing 200 sats in the short term, but I am growing impatient now since it is slowing down my plan. Looking back, I could have been consistently selling at 166 and re-buying at 159 multiple times in the last couple of days which would net me over 4% on each trade. For tonight I will continue to hold RDD and wait to see if it will go up, if not, tomorrow I will sell at a small loss and continue my journey.
Hope to see you all on the moon soon!