@castbound. Thank you so much for your comments. I am happy if other people want to join me but be aware, there is a single point of failure (one bad trade and I'm well aware of that).
Here are my trade rules on this trading strategy.
- I need to understand the coin, reasearch it and believe in the project 100%.
- I'm only investing in mid and large cap coins (200M USD +). I need liquidity.
- I follow Clif Highs' reports and recommendations first and Trader Boss (from Jsnip4's channel) second.
- They both need to have consensus on a coin before I will invest. Clif is great for fundamental analysis and Trader Boss is good for advising on entry points.
- Timing is everything. I'm getting into the trade prior to product launch (OMG, EOS etc) when there is momentum building.
- It's a value and not a growth strategy. That is I'm trying to get into coins that I believe are undervalued and can double. This will most likely exclude Bitcoin and Ethereum until the last few trades (i.e.If I'm trading 2M USD, I will trade a bit more conservatively).
- I believe that Cryptos have a lot of momentum now and will be on a tear next year, I'm trading accordingly. I've traded Forex before and it's a completely different animal.
This is a binary trade for me. If I can reach my target I'm retired, otherwise I'm stuck in my job for a few year. There is no in between and I'm willing to take that risk accordingly.
$10,000 USD -> $10,000,000 USD is what I'm targeting however, $1,000 -> $1,000,000 USD is not a bad result either ;)
Hope this helps explain :)
Yes it does explain a lot. Thanks for the tips and I hope you reach your desired goal.