eToro one Million challenge – 260$ profit on January 2021

I have posted some articles about eToro social trading platform before. And in one of them I talked about compound interest and how can you turn 2000$ into one million dollars in 10 years. I have accepted this challenge and I will make monthly reports about my progress.

I will make public reports on my investments in the eToro social trading platform every month. You can read why I chose the eToro platform in the previous article – My experience with eToro social trading platform.

January was my first full month on the eToro trading platform. I made my first deposit of $ 200 just before Christmas, but now $ 2,200 has already been invested in my trading account. I also described my investment strategy in one of the previous articles: How to turn two thousand into one million.

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So my investment strategy is as follows – start-up capital of $ 2,000 and then make monthly contribution of $ 200. At the beginning of January, I topped my account to have 2200$ available to invest. I will make each subsequent deposit on the first day of each month. The total amount of my own investments per year will be $ 4400 in the first year and 2400$ in the following years. I have even created a spreadsheet with my eToro investment plan.

This month I closed my trades with a profit of $ 259.96, which is an 11.82% return on the $ 2,200 invested. I chose to look at the closed trades of the statistics instead of the current situation, which shows that I’m minus $ 168 from my current investment. I believe that the trade is over when the stock is sold with a profit or loss, because falls and rises in the value of shares are inevitable (I have noticed that on Fridays the value of shares usually falls and rises again on Mondays).

I currently have $ 2,460 that I can trade by buying stocks, cryptocurrencies or copying other people’s investment portfolios. My investment portfolio is divided into two parts, one ($ 1460) for buying stocks and other assets of my choice and the other ($ 1000) for investing in eToro Copy People.

In January, I copied 3 people, all three of whom were profitable, respectively:

Harry Stephen Harrison (4.82%)

Hugo Angelo Lucien Manenti (3.07%)

Jeppe Kirk Bonde (4.15%)

 

 

It may seem that I chose to copy people with multiple names, but I chose to copy these people because of their balanced stock portfolios and the results of previous months. In 2020, all of these investors had earned more than 50%, and I certainly believe that they will do so again this year.

Although those anyone of those traders did not hit the 5% mark, which is my target profit for the month, they was not loosing money. I truly believe that in the following months their profits will definitely exceed the 5% mark and all of them will close the year with 50+% profit.

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January stock madness

If you’re not trading the stock markets, you may have heard that Bitcoin has reached $ 40,000 and has increased tenfold since March 2020. It may seem like an opportunity of the century, but in reality you can see some stocks doubling or tripling their value in one day. And it is not some rarity, it happens almost every day!

In January, I saw several stocks tenfold in value, I also bought a stock (NAKD) for $ 0.28 in start of January and last week of January the value of that stock at one point was $ 3.3. Of course, I had already sold this stock for a much lower price and did not earn even 100% of the amount invested.

And what happened to the Game Stop stock? It was written about in all the news! The value of this stock flew from $ 17 to $ 500+$ !!! That’s more than 29 times. Imagine if you bought this stock for $ 100 at the beginning of the month, you would have $ 2,900 at one point. Isn’t it crazy?

And the best part is that everyone have that opportunity! Everyone has the opportunity to buy any stock available in eToro and sell it free of charge. Of course, whether you buy and sell this stock at the right time is up to you.

What resources do I use to find out about the hottest stocks?

One of my favorite resources to find out what’s going on in the stock market is the social network for investors called Stocktwits. The main advantage of this portal is that each ticker has its own news feed, in which all users of this network can share their thoughts on stocks, cryptocurrencies and other assets.

Another very cool thing this network offers is tracking specific stocks. You can track these stocks and see the pre and post market price action for these stocks – see if the value of these stocks increases or decreases after the market closes. It is interesting to see what will happen to your stock portfolio before the market opens.

Also on the eToro platform, each user has the opportunity to start a discussion at any stocks new feed. It is interesting to compare people’s opinions on both websites.

I’m also watching a Youtube videos to learn useful lessons about specific stocks, the stock market in general and investing strategies. I also use Google if I can’t find the answer in one of the resources above.

What would I suggest to you if you decide to try your hand at the eToro trading platform?

First of all, I can offer you a € 50 bonus if you open an account using the link below and make a deposit of at least $200. I will transfer this bonus to your Paypal, Skrill or Revolut account. The eToro platform does not offer any bonuses to new customers. On the eToro platform, I would recommend you to try the Copy People feature as well as buying stocks yourself. The minimum amount of money you can copy for a person is $ 200, the minimum value for which you can buy a stock is $ 50, and cryptocurrencies can be purchased starting at $ 25.

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Secondly, I am glad to have entered the stock markets because they are surprisingly full of great opportunities to make money. I have already seen the value of shares increase tenfold and even thirty-fold in a few days. I’ve missed the opportunity to convert $ 50 to $ 500, but hopefully in time I’ll learn to use those opportunities.

Thirdly, I understand that the stock market is exchange of money between people like us and institutions. And the wisest or richest usually wins this exchange. Therefore, it is very wise to follow the law of buying low, selling high. And that’s why it’s worth learning to read the most basic things from stock market value charts. I bought stocks several times this month at a value that doesn’t even show up in the stock’s historical price chart, because that value was only available for a few minutes – I bought it at its peak.

Of course, I still have a long way to go so I can say that I make money by investing it in the stock markets. For my first month, I could say that I won this money because I relied more on some intuition than knowledge.

Anyway, I would suggest you try trading on the eToro platform, even with a free DEMO account, where you can risk-test all the features of this platform and decide whether you want to invest $ 200, $ 500 or $ 1,000.

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