The 3000$ Smartphone Challenge

If you have read our Financial and Travel Objectives of 2019, you know that our goal for this year is to earn 15.000$ passive income. In order to achieve this result, I have been plotting out different strategies to reach to that goal. Basically an action plan that I will start implementing during the next 10 months. Read here why, how and what the 3000$ smartphone challenge is all about.

Our Reasoning why

While evaluating our past year results and reflecting on why I didn’t reach 10K last year, one of the main reasons has been my travel and working at different locations in the world. If I want to earn money with options, I need to be behind my laptop. Evaluating stock prices and trend lines is required to make a correct decision.

So the total time that I spend abroad is between 2 to 3 months, excluding other lost commuting time. So how can I use this time more beneficial to earn money ?

During the last months of 2018, I have been searching for a method to earn money on my smartphone. Is there a way that I can earn money while working remote, travel or commute ? There are so many time slots in your life that are completely wasted by different factors such as traffic jams, accidents, air travel delays, taxi rides, wasteful meetings,…you name it.

The second problem that I struggled with, was liquidity in the options market. Not all ETFs or stocks have sufficient options liquidity. This means you simply can’t trade them. So you are forced to use stocks or other financial products such as turbos which I am not familiar with.

So my research found successful traders trading the forex market. As explained in my blog post “Extra Skill Set : Learn FOREX trading“ the forex market is a 5,3 trillion market every day and it’s open 24 by 5 days. So it does not matter in which time zone I am. I can do it anywhere and don’t need to worry about liquidity.

 

Our 3K Smartphone Challenge

So what is the 3000$ Smartphone Challenge ? Well, it is very simple. My goal for 2019 is to achieve 15.000$, right ? I want to achieve 3000$ with FOREX trading on my smartphone starting with a 500$ balance.

So how will I achieve this ? Simple, I will execute my 3 STEPS STRATEGY TO SUCCESS :

1. INVEST IN MY KNOWLEDGE
2. COACHING AND SURROUND YOURSELF WITH THE BEST
3. DEMO TRADING UNTIL I START WITH REAL MONEY

So what have I done so far ?

Invest in my knowledge and surround myself with the best

I subscribed to a FOREX education platform and I attended a BOOTCAMP in London. The FOREX trader that was teaching his FOREX trading strategies, was Stevenson Lindor. It was his first time in Europe. You can find him on YOUTUBE and on social media.

Stevenson showed his live FXChoice broker trading account to me, which had a balance of 1.9 million $. Stevenson is a swing trader, which means he trades longer timeframes. I learned SO much during that 1 day, you can’t imagine. I am focussing on 1 strategy first and hope to master this strategy as soon as possible.  On the 24th of February we will attend another event in Belgium where a millionaire and top trader will teach their way to success.

Learning a strategy from a successful trader is a requirement for success. I am also watching and learning from other (Belgian) traders and their success in their strategies. Forex traders apply a multitude of strategies. Stick to one first and build from there, I think.

Demo trading

People who start with investing or trading, always debate whether demo trading is useful. Some people say you take more risks when demo trading, you are less emotional as it’s not real money. Stevenson Lindor started with real money and he lost 30K after six months. Another trader in the public blew up 200 demo accounts before being consistent and getting to a profitable trading pattern.

I have opened a demo account with FXChoice broker and started with a 500$ balance. I started to practice what Stevenson taught me and it actually works. Stevenson says you need three things to be successful. Consistency, Risk Management and Mindset/Knowledge.

Final Words

So can I achieve 3000$ in one year ? I think it is possible…even more. Take a look at the screenshot on the side. If I achieve 3% success in 20 days, I can get to 3000$. Of course that is only when I have 20 green days and no red days. I realize that. One example for me, is the trader Jay Wayne. Take a look at this Compounding plan Youtube video

In this video Jay Wayne shows you how he grew his forex account from $1K – $10k IN 1 year using his compounding plan. So more is possible…for sure. It’s all about learning, practising, consistency and investing in my own financial literacy. Some people watch others and never take action, some people always complain and only dream, some people simply take action and execute…which one are you?

This is the end of this blog post.

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