Paragraph 1 - Pre-ramble
A lot of people supposedly come into crypto trying to make a quick buck; maybe only a million. Lots of people will tell you that YOU ARE A PIECE OF SHIT and that YOU CANNOT MAKE 1 MILLION DOLLARS IN CRYPTO, and maybe you will agree with them and shake their hand, thanking them, thinking that THEY KNOW MORE THAN YOU. They'll have you convinced that MAKING 1 MILLION DOLLARS IS SIMPLY TOO DIFFICULT A TASK FOR SOMEONE LIKE YOU. Maybe it is?
Paragraph 2 - Pep talk
Now that that first paragraph has completely broken you down as a human, I have you in the palm of my hand, ready to mold into a future millionaire if that is so what you desire. (But remember, success is all about what you desire, maybe you want that 1 MILLION DOLLARS, but you don't want it as bad as you want to go the club or to watch that basketball game... If you want something badly enough, you get it; when you want something as much as you want air when you are coughing and struggling to breathe, you get it. The only thing in your way is time.
Paragraph 3 - Equations and breakdown of paragraph structuring
So you want 1 million dollars?
Well if you do, you know you want 1 million dollars. That's a number... the answer to your equation.
We know our end point, and we also know our start point. How much money do you have to responsibly invest over a long term period?
So we take our starting number (our initial investment), and we work out the return on investment (ROI) we need to get to 1 million dollars.
So so easy.
The next part is to work out the potential likely return on investments from different cryptocurrencies. Don't get distracted by shiny hype coins. Focus on those returns. Do a nice spread on coins that give you sweet return, based on your estimation of the future value/total market capitalization of that coin.
When your investments start to near or overshoot your estimated value, re-invest some of it into another promising cryptocurrency with good ROI if any opportunities are available. I personally like to do my buying and re-investing when the market is exiting dips. Squeeze every last drop of ROI if you can.
(Initial investments x ROI - x%*) + re-investments x ROI = $1,000,000
*x% = re-investments
You might not need to reinvest depending on your numbers, but it is always good to diversify. The markets are going to go WAY WAY WAY UP. Could be tomorrow, next week, next month, next year... it's just a game of sitting and waiting.
Do your math, watch the markets, and check yourself before you wreck yourself. Now that you have the confidence of a future millionaire (if that is what you desire), be your own expert and don't listen to anyone. Not even yourself. Or even me.
Good day.
@RiskDebonair
Irish Writer, Poet, & Lover