How hard is it to make a million dollars?

The first million dollars is the hardest, so I recommend you start with the second.

LOL! Ok, that was not funny but to be fair I heard that joke somewhere else.

Ok, let's get serious! I’m not going to write about the law of attraction, I intend to give you a precise plan to achieve this goal, but please consider that if you can make one dollar, you can make one million as easily. And believing in that is the first step to achieving success.

Most people have a series of habits that keep them away from making money, those habits are basically about their spending and their financial education of course. Again, I am not here to tell you that buying unnecessary stuff won't take you anywhere, because you already know that. I am here to tell you that all you need to do is to start mirroring the actions of rich people.

What do rich people do to be rich?

INVEST! They invest. They use 1 dollar or 10 or a billion to make more of it.

Regular people think there is no formula for becoming a millionaire. Successful people know that there is not only one but many formulas that can take you there.

The funny thing is that, for most people, if a millionaire comes to them and shares the formula to become a millionaire, most of the time, none of them will move a single finger.

It’s really easy to wish for a millionaire life. But most people are not willing to do what it takes to get there or even worse they don’t even have the patience.

Of course, they have the patience to work 40 years in the same boring job but they don’t want to wait 3 or 5 years holding an investment or working in their passion to make their first million dollars. And we all know that…

So what do we need to do to get there?

Honestly, it is quite simple, following some steps, rules, and consistency. You can get there in just a few years.

We are going to use Warren Buffet’s (cute grandpa) recipe with a magic touch of technology and innovation.

This “recipe” is so simple and effective that even Jeff Bezos (founder of Amazon) had a conversation with Mr. Buffet about it:

Jeff Bezos: “[I asked Warren Buffett,] your investment thesis is so simple… you’re the second richest guy in the world, and it’s so simple. Why doesn’t everyone just copy you?”
Warren Buffett: “ Because nobody wants to get rich slow.”

And you might be reading this and wondering, “Ok, so I’m curious now. What is this Warren Buffett method about?”

Well, I’m glad you ask, and to make things easier I want you to imagine that you have U$0.1 (one cent of a dollar).

Now, all you have to do is to double the amount you have every day for 31 days.

And you do this 31 times (31 days), so you will get something like this.

This is in a very dumb way how the Compound Interest works. And this is how Warren Buffet made his fortune, by using the power of compound interest while investing in stocks. Now, we will use the same strategy but we will add some special ingredients like innovation and technology, which means that instead of investing in stocks, we will invest in crypto and blockchain.

So, remember, we have to double our money for 30 days.

How can you do that in real life?

Well, doubling your investment can be pretty easy for the first 10 to 15 days, but after that, it seems like it would be more difficult, doesn’t it?

The truth is that it is not. Doubling a penny and doubling a million dollars through investment is the same, but your mind processes it differently because you are not used to dropping a million dollars in the street by accident and leaving it there.

When was the last time you saw a one-cent coin in the street? And what did you do? If you picked it up, congratulations! That means you respect money, no matter the amount. If you didn’t pick it up, well, that is one of the reasons why you don’t have and probably will never have a million dollars unless you change your mindset.

But, let’s go back to the point.

The way to double a penny or a million dollars is by investing that penny and using the Return of Interest (ROI) plus the original investment to reinvest it.

For example, I take $100 and invest it in cryptocurrency X. I wait until cryptocurrency X doubles my money ($200) then I take the profit ($100), and instead of spending the profit on a dinner, a party, or whatever you think you want to buy; I simply take the profit and reinvest it with the original amount. In other words, I would be investing $200 in cryptocurrency X. And repeat.

I will be honest with you. Doubling your investment will be quite hard to do daily. So, according to the picture I shared above, you might not be able to make 5 million dollars in 30 days. But the good news is that it can be done easily in a month or even 2 months, or maybe 6 months.

Ok, let’s add a little bit of pessimism here and imagine that doubling your investment will take 6 months every time, and you repeat it 30 times, this means going from 1 cent to 5 million dollars will take 15 years.

(6 months X 30 times: 180 months: 15 years)

Are 15 years too long to be a millionaire? Maybe, but better later than never.

But wait for a second, what if you start with $1,310.72 (Day 17) and your milestone is $1,342,177.28 (Day 28)? That means you only have to double your investment 11 times. So reaching your first million dollars will take you only 5.5 years.

(6 months X 11 times: 66 months: 5.5 years)

Even if doubling your investment takes 1 year, if you start with one thousand dollars, you can get to one million in only 11 years.

This was in a pessimistic scenario because if we check the stats of the crypto market and if you have the right strategy, you can double the investment in a month or two EASILY.

You don't believe me? Ok, let’s check

At the time of writing this article, it is April 19th, 2022, and we are in an accumulation phase of the crypto market, which means volatility is low, the price is not going up but it is not going down, it is mainly moving sideways. The accumulation phase is the worst time to invest because you have to wait more time to get some good profit. But even like this, you can see how some cryptocurrencies have massive profits monthly. 

If you want to check this list of cryptocurrencies with a lot of useful information you can visit https://coinmarketcap.com/ and register for free.

It is important to know that when the price is moving up or even moving down and the volatility is high, it is easier and faster to double your investment. But, before you run into investing your life savings in crypto, you need to have a strategy and follow some rules to guarantee your success and avoid losing money.

Some people may wonder.

“Ok, sounds easy but I have no idea about investments and even if I want to do it I have no idea which company would be good to invest in…”

We hear from you. Loud and clear. Of course, not everyone has the time to learn about investments, but thanks to the internet, nowadays even an 18-year-old high-schooler can make a U$5 investment from an app on his mobile phone.

And, to diminish your risk, it is much better to rely on an investment advisor. Yeah, I know, sounds expensive but it is not. Don’t worry, I will tell you about this later.

So, let’s make this easier for you.

Simple Step-by-Step Plan To Make My First U$1 Million With Crypto

You can download this document to calculate how long it will take you to reach your goal based on your initial investment and the average time: Calculator

As you can see, the process from U$100 takes longer than if you start with U$1,000. But, you knew that already, because you are a genius!

• Open a free account in a crypto exchange platform. There are many but my favorites are ByBit, BitMex, and Kucoin just because it's the most popular and you can find any token there. The previous links contain referral links because if you register with them you will receive a bonus/reward for being invited but if you don’t want to use the referral link just google the exchange and register. You can get free crypto in many of them by registering and applying for the “new user rewards”.
• Follow A Reputable Indicator Signal (preferably one that uses AI). An AI trading indicator is a technical indicator that uses machine learning to identify patterns and trends in price data. The indicator will tell you what is the most likely event to happen for a specific cryptocurrency and you just have to do what it tells you to do. There is no such thing as a FREE Trading Indicator. If someone has a good analytical tool that is good at trading and giving signals they will NEVER give that information for free. Remember, you need money to make money, so pay for a good trading indicator. I can recommend VIP Indicators (yes, this is a referral link), I have been using it for a while and it’s good and they even provide a free book to learn trading for beginners. Another good website for trading indicator signals is LuxAlgo (also a referral link) but it is a little more technical and requires some knowledge to set it up.
• (Optional) Get a Crypto Financial Advisor. This just means that you will have an expert providing information on the best stocks/cryptos to invest in. To have a private investment advisor can be very expensive, that’s why I opt for a subscription on a crypto advisor platform. I highly recommend you open an account with The Motley Fool, the subscription is U$99/ year but it’s worth it. You can also pay monthly. This subscription includes having access to their best stocks/cryptos to invest in every 15 days.
• Deposit money into your investing account (crypto exchange). Anything from U$50 to U$1000. Invest only money that you won’t need in the next 1 or 2 YEARS. That means, do not invest the rent money for the next month.
• Check your VIP Indicator account and choose 1 or 2 cryptos to invest in. Note: If you are starting with a low amount like $50 or $100, you can put all your investment in 2–3 cryptocurrencies, the best ones. However, the higher the amount you invest, the more diversified your investments should be. For example, if you invest $1,000, you can split it into 5 and invest $200 in 5 different cryptocurrencies.
• Go to your crypto exchange platform account and BUY the crypto when the price is DOWN. The best way to know this is by checking the price chart. To do this, just visit TradingView and open a free account. Search for the crypto you are interested in, for example, BTC/USD or ETH/USD. Now click on the “launch chart” button next to it.

• You will see something like the chart above. A chart like this won’t tell you anything, so you need to add some indicators to know when is the best time to buy. Click on the button above where it says “Indicators”. Search for the indicator EMA 20/50/100/200 and click on it to add it to your chart. Search for “Support Resistance Channels” and click on it to add it. Search for “Relative Strength Index” and click on it to add it.

After doing that, your chart will look like this:

You can see red and green bars that show you the support and resistance of the price. A purple bar at the bottom with a line going up and down shows you how oversold or overbought is the cryptocurrency and some colorful lines oscillating up and down show you the average movement in different periods.

Perfect! Now, you are ready to invest. The first rule to follow: BUY LOW, SELL HIGH! This means, buying when the price is low and selling it when the price is high.

First, make sure that you are in the daily chart, which means you should see a big “D” in the upper left corner (check the image below). You are going to buy the crypto of your choice only when the price is over or slightly above the green area and sell when it is over or slightly below the red area. And preferably, when the RSI (purple line in the bottom) is close or in the white area below the violet bar. In this way, you are buying in an area that most likely will start to move up.

• Every time you buy, you are going to hold and wait until your investment is in profit. If you see 10% or 20% profit, take it and wait again until you see the ideal situation in your chart.
• Crypto can be very volatile to the point that you can see fluctuations of 10%, 50% even 100% or more in A DAY. Don’t let this be a problem for you. Don't get greedy. It is better a safe 20% than nothing.
• TradingView has the option to allow analysts and professional traders to publish their ideas or “predictions”. You can check these ideas or predictions and take decisions about which cryptocurrency you want to invest in. This can be helpful if you follow the right people but it can be very bad if you follow bad advice. And it is important to remember that you should always do your research, if you want to keep it as safe and low-risk as possible, I suggest you only invest in the biggest cryptocurrency projects. But if you are curious about some good analysts, I can recommend to you a couple of them that I personally follow: PRO_Indicators, TradingShot, and Excavo. I am not related in any way to them, so I can guarantee you that I am recommending them because they are good at what they do and not because they pay me to write about them.
• Another good tool that you can use while investing is the “stop-loss” and the “take profit” functions that most of the trading platforms have. This requires some explanation, so I will probably write about it in a different article but if you want to know more about this chances are that your crypto exchange has a special page to explain it and how to use it. For example, Binance has its own “academy” where people can learn for FREE about crypto, and how to invest in it: here you can learn in Binance Academy about stop-loss.
• In summary, if you start with U$1,000 and you manage to double your money 11 times while investing, you will eventually reach the U$1 million dollar milestone.
• If you want to learn more in-depth about crypto trading, I recommend this webinar: Crypto Trading Webinar

Too difficult? Use a Trader bot or you can automatically COPY what successful traders are doing.

If you don’t trust yourself to deal with your emotions, then use a Crypto Trader Bot , this is basically a bot that will use an algorithm based on precise instructions about when to buy and when to sell. Some bots have AI technology so they can be very very good. This is great because then you don’t have to check the charts 24/7, the bot will do it for you. You just have to send your investment, set the Trading strategy according to the options (even my 5-year-old nephew can do it), sit, and relax. The bot will do everything, let it work, and do NOT check it every single day.

I recommend the ByBIT Trading bot or Pionex trading bot because they are easy and intuitive.

You can also COPY professional traders.

This is probably one of the best options that the exchange ByBit offers. You can literally set your account to automatically copy operations of successful traders, this is good for you and for the traders because they will earn 10% to 15% of the money that you make while copying them. Win-win for everyone.

It is very simple to do this, you just need to visit ByBit Exchange and sign up for free, deposit $10 to $5,000 bucks, go to the Menu and search for Copy Trading, use the filter option, and choose those who have had a highest ROI in the last 90 days and less mistakes in their calls, you will find users with hundreds of trades and zero mistakes, that means every trade they have made was successful and even if they made only 1% to 10% profit, that’s all what we need, remember?

Once you find someone who looks skilled in trading crypto, you just click on Copy Trader and set up the amount of money you want to use for the trades you will copy.

And that’s it! Sit and relax. Remember these traders usually make a very good living from this and if you make money they make money so it’s in their interest to make some profit.

And if you are getting good at trading, you can also become a Master Trader and people can start copying your trades which will allow you to make some profit when your copiers make money.

Sign up on ByBit and try this exchange because it’s one of my favorites for sure.

What can go wrong?

More than 70% of people lose money while trading or investing. That’s why, unless you are a professional trader and you know what you are doing, you should avoid these mistakes:

• Not having a strategy
• Take decisions based on emotions: greed or fear. (That’s why I recommend the trading bot)
• Using leverage (do NOT use leverage, if you don't know what is it, check this video)
• Buying when the price is going up because of fear of missing out
• Selling when the price is going down because of fear of losing money.
• Investing money that you will need in the short term.

If you are really committed to doing this, I suggest you take the time to understand it. It is not as difficult as most people think, it is just about consistency, discipline, and patience.

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DISCLAIMER: This is not financial advice. The article contains referral links, however, I only share with you these tools because I have found them very useful, if you don’t want to use the referral links, feel free to search for the name of the instruments on the search engine of your preference.