I mentioned in my introduction that my aim is to make 1% per day trading cryptocurrency. Might sound rather measly against the tales of hundreds of percent increases that are common place in this social space, so lets clear a few things up on my strategy...
My base currency is Bitcoin...not USD, not GBP...BTC. Regardless of the fluctuating fiat value, I aim to increase my holdings of BTC by 1% per day. So yes, my worth in GBP could go down even if I have a successful day trading...I don't care...I have the confidence that BTC is here to stay and over the next 1-2 years will be a good bit higher than the £8,700 it is worth at the time of writing.
It's numbers time....I have a starting level of 0.013BTC (pah!)...if I successfully trade 250 days in 2018, increasing by 1% then by this time next year I'll have 0.15BTC. At it's current value that's £1,300...a decent holiday, but is it worth the work throughout the year, perhaps not.
But let's say I do the same in 2019...another 250 successful days, by xmas 2019 I'd have 1.86BTC, or £16,200!! Now we're talking, I can have 3 sweet holidays with that!! By the end of 2020, my 0.013BTC and my measly 1% could result in 22.42BTC, nearly £200k...and that's at today's rate!!!
So I'm definitely going for a tortoise over a hare approach, but we all know how that one finished up...
Peace