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RE: 20$ Challenge! Week 0 - Introduction.
@andrius1 - time is the most valuable thing that we all have. Your target of making $20 / week with $500 is not really worth the time that you will have to spend to do so unless you are trading selectively - selectively with your time to trade.
But, all the best!
As for me, I believe the power of compounding and HODL-ing does that.
freedomshift, thanks for your comment. The real purpose, I suppose is not to make $20/week, it is to test a couple of strategies that I have in mind and hopefully reach a point where I have enough confidence to scale the position sizes up. 20$ is just a simple benchmark number for me to start with. It is probably worth another post but my partner and I have decided to do a bit of travelling in the next year so I want to be confident that trading could become an additional source of income when I leave my full-time job. When it comes to HODL-ing, most of my cryptocurrencies, stocks and other assets are long term investments so I am totally with you on that.
@andrius1 - I know exactly what you are doing or intend to do - because that was also exactly what I wanted to do.
I did that a few times, months at each time, while I was working and found that it will not work. I would place a trade and waited and waited and it finally did when I was either travelling, on vavcation, or in a meeting and when I became free, it was all over and sometimes, even worse, it reversed and turned a big win into a loss.
I also ventured into trading options and the time aspect was even more compressed! It is for full time trading only.
Trading virtual assets(VA) AKA crypto-currencies (CC) is 24 / 7 and watch out for exchnges going down when trading is hot - Binance went down for hours once when I wanted to transfer and trade and I totally missed out ...
If you want to trade for a living or just for extra income, I would do options trading and /or ForEx as they are more reliable and less subject to manipulation.
I have good experience with trading SPY (ETF for S&P) due to the liquidity and low spread trading.
VA / CC have very thin trading volumes especially the alt-coins and thus, the spread can be large. Also, there might be issues of time delays in moving / transferring.
All the best!