The 10 to 100 Challenge
As investors in cryptos get tossed around like a rag dolls, subject to news of governments trying to shut them down, my holdings have been quietly, and ever so meticulously creeping higher. Here we are, mid January, and I find myself leveraged to the hilt in STX, GSUM, and SLCA – names that continue to do nothing but grind higher on a daily basis. Granted, this could all end in a heartbeat and one must be careful when playing with fire, but I have plenty more ideas lined up and waiting to be executed. For the time being, my 2 accounts are moving along swimmingly and I have zero intentions of fixing what is apparently not broken.
As customary, I like to start the year by reseting my spec account to a new balance, serving as a mental checkpoint to take stock of where I am. My goal with spec accounts is to take a small balance, generally around $2-10k and turn it into something much larger – $100k+ throughout the course of the year. Typically, I can accomplish this in a few good months trading options, but this year I am opting out of option trading degeneracy and sticking to stocks instead, mainly for the sake of keeping my sanity. Naturally, in eliminating the risk inherent in option trading I am also expecting a much lower return this year, but with cryptos exploding 500% overnight and me spending 90% of my time dissecting this industry, who knows? Perhaps I may get lucky.
This year, I chose to start with $10k, allowing me a bit more margin for error. As of today, that balance sits at $14,467 – more or less a 44% increase from the start. My goal is to send that balance straight through to 100k, and more, and the theme this year to accomplish that is micro-cap stocks with exposure to blockchain technology, AI, and cryptos.
Setting little challenges like this here and there keeps things moving and makes life a lot more exciting. Dedicating an entire account into trading strictly speculative, degenerate shit is like playing catch with a ticking time bomb. Sometimes it goes off in your face and you just need to pause, put the pieces of your face back together again, and move on. It is a never-ending learning process that will pay off one day, certain to make others envious of your ‘luck’. Plus, at the end of the day, it’s just money. Whatever is lost today can be made back tomorrow with interest.