[Crypto Journey] Going from $200 to $100k.

Hi! I'm EagerToEarn.

This journey is my first journey in IM. Considering that i will be busy in next few months. I decided to jump in crypto, while its in its fancy.
While learning about cryptocurrency, I realised that this is the best time to invest in crypto.
It is the future currency. Now its cheap.

My Plan:
Its simple. Short term investment. I will buy low and sell high. No shit coin, Only good coins.
You may consider this as day trading. But I would say it as "Week Trading".
Why? Day trading is not profitable at all. Its frustating too.
I spend 1 month watching different coins. The coin has nice down and up in a week or two.

Why I choose this journey?
Why not? You dont have to keep an eye on the chart. Just set and forget.

Long Term Investment?
Yes, I did invest in Tenx, Lisk and SONM.
Tenx and Lisk will hit moon soon.
Why SONM? It is risky one. But I believe it has potential.

Why $200? Its not enough.
I know, but I invested max. in long term. Have to work with whatever i got.


Note: I will updating this thread atleast once a week. Sharing Which coin I invest in and whatever I learn in this journey.

Good luck! You've set quite an ambitious target. I find crypto tempting, but I'm not sure I have quite the flair for it. Let's see what we learn from you

# Update 1
BTC (Invested) - 0.04649318
Bought:
Coval - @0.00000120 (16625)
EDG - @0.00012499 (51.817)

I was so close at getting ARK at cheap. But its fine. Got Two Done.

From what I have seen the people who become millionaires from Altcoins (and also those who became Millionaire from Bitcoin) is they buy & let it sleep.

Those people who trade a lot, buy many different coins and always chase the next big thing, I only see FAIL.

See Bitcoin if you are a trader from back in the day and bought bitcoins for $1 each. You would have sold for $5 LOL ......

Maybe you would have rebought at $200 but then resold for $500...

Now its $5000 tho (well, it was for a short moment)... So best strategy? Buy coins for the CHEAPEST you can get them and then let them sleep and grow...

The chance you get a *50 coin is maybe 1 in 100. Many of the coins people now invest in ALREADY MADE *50. Sure you COULD still make a profit on them but never as much as those who bought it at their lowest & let it sleep.

Also the "small" (not sooo small) bitcoin crash just showed ALL ALTCOINS crashed too. So while that it is a good strategy now to buy more for cheap, its also a sign that it all depends on bitcoin still way too much. I was suprised people rather went back into USD when bitcoin crashed instead of buying some promising coins from their bitcoin money. So basically what this means, the market STILL dont trust any altcoin. Because if the market trusted WAVES for example to be the next big thing, they would have bought waves with their bitcoins. But they did not.

So again, best strategy buy the coins that are now at the lowest they ever been, that have a real value, that have real life application, get worked on, get marketed right ...... and/or have a HUGE idea/movement/vibe behind them.

Good luck bud, I'm rooting for you!
I'm personally in crypto for the long term and won't be pulling out anytime soon but I'm excited to see how you fare.

Buy low sell high... you copied this strategy from @Asif WILSON Khan

Reported.

Lisk is a great example. it creeped around at $0.10 for a long time, now its $6. So you would have made *60 already if you bought at the right time.

SONM is at a good price currently, seems like an interesting concept. I personally just dont like all the ETH altcoins so I wont buy some, but yeah it might be a good horse to bet on , good luck

I'm currently getting 1% on my Bitcoin 5 days a week..

meinewelt said:

Lisk is a great example. it creeped around at $0.10 for a long time, now its $6. So you would have made *60 already if you bought at the right time.

SONM is at a good price currently, seems like an interesting concept. I personally just dont like all the ETH altcoins so I wont buy some, but yeah it might be a good horse to bet on , good luck

Click to expand...

Thanks.
There concept is great and have alot potential.
Price was way cheap as market crashed. It will not go lower than this.
They are only on small exchange (liqui) + progressing towards releasing working product.
Its even cheaper than ICO price.
Thanks to @PinguSpy , I didnt invest in any ICO rather invest in this.

Definitely ambitious target but I hope it works out!!

Will be following, good luck!

I'm not sure you can make 100k from $200. It doesn't seem as realistic goal. Better try cost averaging. Invest weekly a fixed amount, regardless of cost. Friday usually has lowest prices, because traders unload before weekend to be stress free.

OP, so you plan buy low sell high on weekly basis. What happens when you buy during all time high week and it drops and never goes back to that point again(never=6 months or more). What will be your stop-loss?

It sounds like martingale in practice. If you don't plan your stop-loss, all you need is to miss once and you're in trouble. Everybody misses more often than expected and far more often than they admit.

I'm on a different school of thinking that says it's quite possible to go from $200 to $100,000. However, your most challenging time will be from when you get between 2-5k (with current btc prices). I say that because it becomes harder to move that amount with fewer trades. Liquidity becomes more challenge and you may have to diversify more than you'd like.

Fragmaster said:

OP, so you plan buy low sell high on weekly basis. What happens when you buy during all time high week and it drops and never goes back to that point again(never=6 months or more). What will be your stop-loss?

Click to expand...

I don't fully believe in a stop loss unless you're really playing a trend and taking a risk with no solid foundation. However the essence of the above quoted matters. It's doing yourself more harm than good if you have your strategy to buy low and sell high on a weekly basis. You may end up with several weeks where, because of the current prices, you end up buying high and selling (really) low.

Unless you're sure that a coin will go up over a week's time consistently, I would switch to target updates for this journey. Setting how much you intend to profit from the trade, set your sell limit and then report when it's achieved. And keep doing that all the way through until you hit your goal. Otherwise this'll become "A journey from $200 to broke: a crypto story of how one boy's dreams of becoming rich were spit back at him by people who knew better"

If someone writes that book, I'll pay you

I am sorry to burst your bubble but there is absolutely NO WAY you can turn $200 into $100k unless you actively traded Bitcoin futures on bitmex.

This just isn't how it works at this stage in the game, this isn't some get rich quick scheme where you can put in a dollar and become a millionaire .

strongsteel said:

I am sorry to burst your bubble but there is absolutely NO WAY you can turn $200 into $100k unless you actively traded Bitcoin futures on bitmex.

This just isn't how it works at this stage in the game, this isn't some get rich quick scheme where you can put in a dollar and become a millionaire .

Click to expand...

In march, if you invested 200$ in ANS/NEO, you'd get around $90k+ at its peak at $50.

OP, good luck!

CreativeCit said:

In march, if you invested 200$ in ANS/NEO, you'd get around $90k+ at its peak at $50.

Click to expand...

March to may were the golden days of crypto, those types of gains are not happening again, unless this is going to be bigger than the dot com bubble.

meinewelt said:

Lisk is a great example. it creeped around at $0.10 for a long time, now its $6. So you would have made *60 already if you bought at the right time.

SONM is at a good price currently, seems like an interesting concept. I personally just dont like all the ETH altcoins so I wont buy some, but yeah it might be a good horse to bet on , good luck

Click to expand...

Why dont you like Eth coins?

strongsteel said:

March to may were the golden days of crypto, those types of gains are not happening again, unless this is going to be bigger than the dot com bubble.

Click to expand...

I'm not implying that's the way to play the game, or that such growth will happen soon or again, just saying that it's possible to do what OP is trying to do, OBVIOUSLY it is not easy, but that's the fun part anyways.
Even it taking a full year to do so (looking at Crypto not dying out in that year), point is, it is not impossible, at all.

CreativeCit said:

In march, if you invested 200$ in ANS/NEO, you'd get around $90k+ at its peak at $50.

OP, good luck!

Click to expand...

With time machine, you can do it in single day, no need for months.

strongsteel said:

March to may were the golden days of crypto, those types of gains are not happening again, unless this is going to be bigger than the dot com bubble.

Click to expand...

You never know what'll happen in crypto...

strongsteel said:

I am sorry to burst your bubble but there is absolutely NO WAY you can turn $200 into $100k unless you actively traded Bitcoin futures on bitmex.

This just isn't how it works at this stage in the game, this isn't some get rich quick scheme where you can put in a dollar and become a millionaire .

Click to expand...

strongsteel said:

March to may were the golden days of crypto, those types of gains are not happening again, unless this is going to be bigger than the dot com bubble.

Click to expand...

What about NCL2 then? Someone posted it in another thread.

200 into 500,000. After March to May.

I'm sure a lot of people would have said it was impossible at those times too.