Is it realistic to try and turn $10 into $1,000 by trading and investing in cryptocurrency? If this is a question you would like an answer to, I've got some great advice from my mentor for newbies who only have $10–$30 to start investing in crypto.
Here is a strategy that will work if you follow it diligently:
Step 1: Invest in knowledge
Business wisdom says to never invest in a business you know nothing about. It's one of the lessons I picked from the book "Richest Man in Babylon."
Your success in any venture depends first on your knowledge about it. Learn from YouTube, blogs, exchanges, etc.
If you want to go a step further, get structured knowledge from a course. In fact, I recommend that you join a genuine crypto investing and trading community.
Experts know that the cryptocurrency world is treacherous, with all sorts of scams lurking around.
You need a proper guide to navigate safely. Like a tour guide, a good crypto community, led by a great mentor, will be of immense help in keeping you safe as you turn your $10 into $1,000.
You may decide to go on your own, armed with knowledge from online articles, videos, and the like, and you might succeed, as I hope you will. However, your chances of getting scammed reduce significantly when you have a mentor.
Step 2: Get Your Tools Ready
The tools you need for a profitable crypto journey include a decentralized crypto wallet like TrustWallet or Metamask and a verified crypto trading and investing account on centralized exchanges (CEXs) like Binance, ByBit, KuCoin, etc.
Step 3: Engage in Intelligent Spot Trading
This third step is where most scams happen. There are three important pieces of information to hold on to here.
1. Never buy crypto from social media vendors. I did that once and I learned a hard lesson. Only buy crypto from verified P2P sellers on CEXs like ByBit.
2. Start with spot trading. Your $10 is quite small to trade futures so I recommend you start with spot trading.
3. Be disciplined with your profits. Don't withdraw your profit and spend. Have a business mindset and you will succeed.
If I were you, I would determine not to spend anything from the capital and profit for the next twelve months. I will make the power of compound interest work for my finances.
Wrapping Up
You have seen the steps but I know you would like a game plan as well. Let's look at one here briefly.
If I really want to go from $10 to $1,000 in 30 days, I would focus on finding shitcoins that can do 10x to 100x. I will invest the $10 in one of them and wait to have $100 in about 7–14 days.
Then, I would find another one, take $100 from the previous asset and invest in the new one. Within another 7–14 days, I will have $1,000. In reality, it may not be this straight-forward, but it's worth a try, right?
See you at the top.