I hope you are having a good afternoon, Steemians :)
For days I have been thinking about several aspects of my Challenge and I had thought about writing this post to leave them in writing (the thoughts and conclusions, of course).
For those who read me for the first time, I am passionate about investing in cryptocurrency and trading that a few months ago proposed a challenge:
Reach $ 100,000 or equivalent starting at $ 0.
Well, the truth is that I must say that I do not start 'exactly' from scratch (but is it better to say it, no?), Because I am depositing money from my pocket from time to time, but even so it is still a medium goal. - long ambitious term, I think. I am currently publishing two to three weekly updates with trading analysis and my impressions of each moment.
Right now I'm working with crypto currencies, but I do not rule out working with other financial products (or even talking about my work 'offline' as a source of income for the Challenge). Time will tell, one thing at a time.
I love the challenge, firstly because it keeps me motivated and also helps me maintain a work routine. Second, it is a source of enormous learning for me, last but not least, thanks to Steemit I have the opportunity to meet people interested in the niche of trading, investment and cryptocurrency. Not only that, but also we can all benefit economically from it.
I use a CoinTracking account (+ details at the end of the post) to show approximately the assets I have at any given time. It is not 100% accurate, but it is by far the best way I have found to maintain (and show) updated statistics (updated after each trade or movement).
A part of my gains in STEEM go entirely to the Challenge in the form of Steem Power. I am convinced that Steem is a great cryptocurrency for the long term, so I will not touch it in years.
- This Steem is on account @ meatball07, a 2nd account created expressly for this purpose and to help with your Voting Power to the community. The best part is that the more time passes, the more Steem will accumulate, so the rewards will be bigger and bigger.
The Phases of the Challenge
Somebody has asked me, and it is true. The road to $ 100,000 is long and difficult. It is true that I am not in a hurry, that Rome was not built in two days ... but obviously an organization is necessary to reach this goal (sooner or later, arriving is what matters).
That is why I have divided the Challenge into several phases
Phase # 1 - Accumulation; (0 - 5 / 10K)
I am currently here. As the name says [and with more reason given the situation in which the cryptocurrency market is located (03/2018)] is a phase in which my priority will be to accumulate the largest amount of cryptocurrency with the greatest upside potential of face the following 'alt seasons'.
I do not care so much about trading itself right now (with exceptions), I think it is much more advantageous to think in the medium term (a few months) than in the swings that there may be now in the price. Right now most of the growth of the account comes from my pocket and from STEEM.
If all goes well, the crypts that I am accumulating right now will shine in some time, taking me to the second phase (or at least to the doors).
Phase # 2 - Distribution; (10 - 30 / 50K)
After a 'theoretically' slow start, things will start to accelerate once the account falls into the range of several thousand dollars.
Deposits from my pocket and contributions from STEEM will be increasingly irrelevant and the real growth will come from the Trading (now yes) of the swings that the market can offer (even from crypto currencies).
At this point of the Challenge, capital and risk management will also be very important. Once I find myself in the situation I will see what (exact) measures I take, but from the beginning 60/70% in medium / long term positions and 30/40% of capital in rotation does not seem like a bad starting point to to consider.
Apart from my readers, my best friends at this point will be the Stop Loss (Loss Limits) that will protect my account day and night.
Phase # 3 - Expansion ?; (50 - 100K)
This is still quite far, but I imagine that I will be acting in a similar way to phase # 2, only with a much tighter risk margins (10-20% of capital in rotation and 80-90% in the medium / long term). ).
The ideal towards the end will be to let the compound interest work by itself accompanied by Trading in small doses (a small part of the portfolio).
It is still too early to talk about what will happen at this point of the challenge. So for now, enjoy!
Summary
(In all the posts that deal with my progress in the Challenge I will always include a link to statistics and capture)
I hope you liked the post!
Public portfolio:
https://cointracking.info/portfolio/fcalabuigtradingportfolio
Warning: All the content here is published with educational and / or informative education. In any case, it is an investment advice and / or portfolio management as such.
New to the world of Trading? Learn the basics:
-Observing a graph for the first time
-Types of Analysis: Technical and Fundamental
-Trends
As always, Thanks for reading and Happy Trading!