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Why I Started Hacked.com

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People need a meaningful job to be happy with their lives. They need to feel important, that they have a purpose with their life. For the last years, I’ve been on a rollercoaster of emotions, mostly due to my work situation. In 2015 I started a new entrepreneurial venture called “Tailored Message”. It was a news app for youth that I launched in April 2016 in Norway with a small team. I spent more than $100 000 on developing the app, and $15 000 on marketing of the app. We received a lot of attention in Norwegian newspapers for becoming the 3rd most downloaded app in Norway within the first month. After two weeks we had more than 20 000 users. I was high on adrenaline, and we thought we were going to “conquer the world” with our news app.

Since I’ve started other ventures before, I had a quite short deadline for the venture. I said that within 6 months we would need to have a media partnership with one of the big media companies in Norway (within July 2016). If we didn’t get any media partner by that time, I would shut the venture down.

In June 2016 we received a positive confirmation of a media partnership with “Nettavisen.no”, one of the major media houses in Norway. They were perfect since they control blogg.no which is the largest blog platform in Norway with a lot of young bloggers. The deal was set, and I decided to expand the deadline for the venture with 6 more months. The new goal was to ensure a positive cash flow within December 2016.

I went out to investors, trying to get more funding of the venture. Since we had a media deal, it was quite easy to find investors. I raised approx. 200 000 USD and we started with our first hire. We moved into “Nettavisen” and I believed that we were able to make this a success.

Then, the problems began to appear. The media deal that we made with Nettavisen, was not being properly followed. They began to delay implementation of what was agreed. Since we were a startup, time is money, especially when you have a small company. We had multiple meetings with Nettavisen and came up with other solutions with new deadlines. Unfortunately for me, we were dealing with a fucking bully in Nettavisen that was only thinking of himself and that couldn’t care less of our startup. He consistently delayed implementation of what was agreed.

My only office was at that time at Nettavisen, and during the fall of 2016, I had to take drastic choices. I fired our only full time employee to cut costs, because we didn’t have enough traffic to ensure a positive cash flow from advertisers. I did hope I was going to turn it around, but Nettavisen did nothing to fulfill their part of the deal. I became quite depressed, especially being around the people at Nettavisen.

During that time, my wife became pregnant. I started to become more worried about our financial future, since I had put so much energy and money into Tailored Message. Of course, I still had CryptoCoinsNews running, and some other small ventures that were doing just fine, but it takes its toll to work so hard for something that doesn’t turn out the way you want it.

Fortunately, I was at a conference with the owner of Wilhelmsen.com that said they were looking for people to work on digital projects for the company. I met the CFO afterward on a meeting, and he made me aware of some open positions in the company. It was my mom that found the job listing on the day of the deadline for the job as a “Digital Trainee” at Wilhelmsen. I’ve never been a full time employee anywhere, and I didn’t think I was going to be one either. But this job spoke to me, and in a time where I was quite “down”, it seemed like a match made in heaven. So I applied just before the deadline in November 2016. That job opportunity kept me up during a difficult time.

In December 2016 I decided to shut Tailored Message down. There’s no need to continue to work on a project that is going to fail. Nettavisen had broken most of the agreement that we made, and I was talking to some of my lawyers about what we could do about it. Unfortunately, in Norway, it’s very expensive to run a legal case. My lawyers told me that we could have a quite strong case, but just the legal process would cost up to $25 000. The investors in Tailored Message did not want to pursue a legal case since they didn’t want to risk losing more money. So, in December 2016 I moved out of Nettavisen’s offices and started the process to close the venture.

It was hard to acknowledge that Tailored Message had failed. I’ve been through that process before with my first major venture called “MyGoodAct” (a crowdfunding platform for social causes I started in 2009 that raised more than 1.5 million USD to different social causes). But with Tailored Message I had investors relying on me, and that was a new aspect I hadn’t experienced before. It was incredibly hard to let them know that this just didn’t work out the way we wanted it. Probably one of the toughest moments of my life.

Things were quite dark at a moment, I had lost a lot of money, almost two years of my life, and I had disappointed people that relied on me. I had also lost money on trading CFDs (stupid me, tried to gain the money I lost, human psychology right). Murphy’s law hit me.

In late December 2016, I got a call. “You got the job as a Digital Trainee at Wilhelmsen”. Suddenly, I could start focusing on something else. I felt that I was “saved by the bell”. I promised to myself that I should start over, forget what was done, but still learn from the experience. I wanted to create a better me.

If you are an entrepreneur, remember what I learned:

Never ever rely on a third party (like Nettavisen). It’s great with partnerships, but that shouldn’t be a show stopper if they do not fulfill their end of the deal.

I managed to reset my thoughts. I started at Wilhelmsen in January 2017 with three other amazing digital trainees. It was a pleasant experience to become a full time employee. It was amazing to be in a more professional setting with stricter rules and forms. I’m working on some quite awesome projects for Wilhelmsen, and I’m happier than I’ve ever been before. Even though I’m earning a lot less than I did while being an entrepreneur (on the top of my game).

As most of you don’t know, I bought Hacked.com in 2015. I spent 50 000 USD on it. I thought it would be quite easy to start a new venture with a domain like Hacked.com. We started writing a lot of tech news, and one day we had our news article on the frontpage of Reddit.com with more than 1 million views in a few days. But we did not manage to make any money on hacked.com, and I spent approx. 50 000 USD more on trying to build a news site. During 2016 I put hacked.com on hold. And I even put it up for sale during January 2017, since I had almost 0 USD in my savings account due to the mistakes I made in 2016. But after I started working at Wilhelmsen, I got an idea of making Hacked.com into what you see today. A place where people can get real advice and help in planning for their own financial freedom.

People that say money isn’t important is delusional. People living on a bare minimum isn’t happy with their lives. They are stressed, they work too much, they are homeless, they use drugs or alcohol to shut off their own emotions. I wouldn’t wish that for even my worst enemy. Money is critical up to a certain point; I call it the financial freedom ceiling. If you get above your own financial freedom ceiling, you won’t stay up at night wondering if you can pay the next utility bill. I believe we all can reach our own financial freedom ceiling, and that’s my primary goal with hacked.com. To help people get above a certain level, in order to fulfill their own lives.

Even if I reach my financial freedom ceiling, I still would want to work to feel “important” to my society. I want to make a positive impact on the world, Isn’t that what we all want? But you can’t fulfill your life if you are constantly chasing more money. That must be taken care of first. And with financial freedom, you can choose what you want to spend the rest of your life on.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.2 stars on average, based on 56 rated postsFounder of Hacked.com and CryptoCoinsNews




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20 Comments

20 Comments

  1. maxwest

    May 1, 2017 at 2:27 pm

    Great story!!

    • Jonas Borchgrevink

      May 1, 2017 at 3:36 pm

      Thank you.

      • tesla1000

        December 23, 2017 at 5:36 pm

        I have an idea: Get real rich ppl to write for your web site about getting rich etc…it may lend some credibility.

  2. mshiros

    May 1, 2017 at 3:01 pm

    nice to know your story. i presume most of us have a story. i just wasted half a year with a new project,which dint take flight. i was cheated by the investors. just getting back my act together, and to start afresh. but i believe more than anything, if you have a will to do something, to be someone in life, if you really wish for it and never give up, youll definitely succeed someday for sure… god bless… peace

    • Jonas Borchgrevink

      May 1, 2017 at 3:37 pm

      Thank you, and I wish you all the best. You just need to have a goal and be persistent.

    • FirewoodTime

      December 24, 2017 at 1:16 am

      On my end, I’ve almost died twice….in the last 5 yrs, soon to be 6…. I took a profile test from “fire Your Excuses” to see about getting out of the deep financial hole in 2012. I was not depressed. It did ask many questions that I answered honestly. It printed out a 31 page report. In many areas it said I was below below average. Most places it said I was below average….I read it in shock. “Fire Your Excuses” had written a summary – Very few people ever recover from where you are…I threw the report in the trash and said, at least I know where I have to come from. Thankfully I had great credit and still do. I hired a business coach. I began to listen to audible.com books on overcoming…Learning principles of success. I had my cell phone up to my ear brushing my teeth so I could here the principles…Napolean Hill, Earl Nightingale, Brian Tracy, Zig Ziglar, Norman Vincent Peale, W Clement Stone, etc. I have over 3000$ in audible book @ 14.75 or less. I played them at night in case I woke up….I’d hear something postive…I used to be a minister and one time while preparing a message, God said, you can do better with your money…So I started looking….I came across Stansberry Research….I bought a program for doing stocks that I was able to kill stocks with….Then I got sicker last year…I barely had anything left$….I went 60k backwards but I had 350$ in the crypto market….I was on Kraken and used conservative margin…I added 750$, then 950$, then I think 1200$, and 500$ when Etherium was 335. Wednesday night I had about 280000.00 USD in crypto…I have about 223,000$ in crypto as of a few minutes ago. Over half of that is the 350$ I started with…..My point is the principles of success are what got me here. Faith, action, eyes open, a plan and on my end, I spent about 20000$ for info in the last 2 years (13500 in the last 3 months)…I used credit because I saw good info was worth more than money. And then, the good info, would make a little money grow a lot faster….Seems common sense but most of my friends won’t spend 49$ for a stock market newsletter that consistently beats the S n P 500…Alex Green’s….Brian Tracy said, over 400000 people were studied, one thing we learned was success leaves tracks….Ryan Holiday wrote a book that changed my life, “The Obstacle is the Way.” It’s about turning adversity into an advantage and making that thought process a habit….Grant Cardone changed my life too. Be Obsessed of be Average on audible….He believe bad things equal good things. When we make this type of thought pattern a habit, life becomes easy….Life becomes constantly special..At the same time, we have to have long range goals…Being a past minister, I recognized every thing on success was biblical, except I’d never had it taught in church or sifted out to make our lives easy and awesome….Thanks a lot for this letter. I made 12509.00 on one margin trade with under 34,000$ because of one of the anaylysts and the previous pattern of ETC…

      • GumboTrader

        February 21, 2018 at 5:24 pm

        Great comment. May God continue to bless you.

  3. Gabriel

    May 1, 2017 at 5:23 pm

    Shit happens! The most important is to understand that no time is ever wasted, as long as you accumulate experience, learn lessons, and keep improving yourself.

  4. And

    May 1, 2017 at 5:58 pm

    Jonas, apparently you are a fighter. Best of luck!

    • Jonas Borchgrevink

      May 1, 2017 at 10:01 pm

      Thank you. At least I’m trying!

  5. gullyfoyle

    May 1, 2017 at 10:56 pm

    Props for your honesty. It is reassuring to know that we are all more similar than we probably realise. We’re all fighting to do better.

    I think learning the hard way is all part of the journey. I spent a lot of time reading hundreds of books when I should have been focusing on skills like Technical Analysis. My job is in Games so it’s easy to get distracted playing games for ‘research’ (nice rationalisation eh?).

    Spent thousands on courses going nowhere before accepting my nature and talents and applying myself accordingly. Lost thousands learning the hard way about markets too!

    Bitcoin really saved me by pulling me out of the hole. Now it’s at ATH I don’t think there is much analysis to help me, some vague targets but we are in unknown territory now. It could flip on a dime now.

    • Jonas Borchgrevink

      May 2, 2017 at 4:02 pm

      Haha, so true. Thanks for the comment. If I were in the gaming industry, I would probably play a lot myself..

  6. sambkf

    May 2, 2017 at 8:15 am

    Thanks both of your Jonas and gullyfoyle for your life’s insights. Thoses few lines are inspiring.

    I know I critically need to catch up on my programing skills. Engineer and I barely can code in C and matlab. :S
    But I needed a project to motivate myself to go ahead and climb that mountain.
    I have a thought lingering in the back of my mind… code a trading bot, applying knowledge from signal processing & stochastics. 🙂
    Just getting started learning javascripts.

    • Jonas Borchgrevink

      May 2, 2017 at 4:03 pm

      Thank you! That sounds like a good plan, to learn how to program is never wrong.

  7. fredthai

    July 2, 2017 at 8:29 am

    You give me a reason to stick with your website,because of your honesty …

    • Jonas Borchgrevink

      July 2, 2017 at 4:34 pm

      Thank you fredthai 🙂

  8. Renegade

    October 6, 2017 at 7:52 pm

    That was very good to read. I’ve been there myself having put everything into a venture, then having everything ripped out from under me and ending up nearly homeless. I can imagine how that article would be hard to write.

    Nevertheless, I’m out there again putting it on the line in a new venture, and praying it succeeds. I don’t want to have another failure story to tell. Success stories are much better.

  9. khaddafi

    December 23, 2017 at 8:13 pm

    Great job and respect for the accomplishments. You’re right about the people that say money is dellusional. I’ve also wen’t through a hell, lost my job which caused the love of my live to dump me all for bread. But you gotta lose it all just to make it god giveth god taketh shake the devil get the cake! That’s freedom

  10. Dmitrijb3

    February 21, 2018 at 10:36 am

    I can really understand you Jonas, because most of the people including me making the job they don`t like to. But what should we do? At least for this moment, this is the only one chance to feed the family. That`s why i`m here, on your website. Looking for new experience, new opportunities and trying to reach financial freedom to work on the projects i want to. I`m trying to find good partners as there are a lot of ideas in my head, but it is luck of experience and it`s hard to find one whom i can rely on 🙁

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“The Core of Any Blockchain Project is Decentralization” – Jack Zhang, Lightning Bitcoin

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Lightning Bitcoin is a fork of the ‘first-crypto-currency’ Bitcoin about which we decided to take the opportunity recently to speak to advisor Jack Zhang (AKA DianfuDatou / 点付大头 – known best as a Founder of Chainfunder and DAF).

Discussion topics include: what makes this project unique, as well as how you shouldn’t get it confused is not to be confused with the Lightning Network upgrade which is being applied to the original ‘Bitcoin’.

Who is Jack Zhang

Jack Zhang (AKA DianfuDatou / 点付大头) is a Chinese investor, business leader, and entrepreneur whose “portfolio includes XRP, XEM, IOTA, NEO, EOS, TEZOS, VEN”.

Zhang proudly describes himself as “one of the leading advocators of Ripple in China” having “translated Ripple into Chinese as ‘ruibobi’” – as well as the co-founder of NEO. Please note that most sources ascribe this latter achievement regarding NEO to an ‘Erik Zhang’ and so this claim requires further confirmation – however this writer sees no reason for him to lie in this respect.

He claims that his first experience with cryptocurrency was in 2011, when he entered the industry himself having previously worked as an investment banker at companies such as Zhejiang investment bank.

“I bought more than 10 thousand bitcoins at the price of 5 dollars and sold all of them out at the price of 7 dollars. At that time, I remember how I was reading posts on Bitcointalk about blockchain for several months and got fascinated by the genius design of the technology.”

Zhang says that the Lightning Bitcoin team members “come from a diverse cultural background, including China, the United States, Canada, the UK, Russia, Germany, and India.” And that:

“Currently Lightning Bitcoin has four core developers (listed on the website) with a team of 6 specialists. Eason Zhao is a CTO and H.H.Wang is a leading developer.

“Lightning Bitcoin also has an operational team of 8 outstanding and hardworking people managed by Wasley together with a community manager James Vuitton… We have independent leaders for each directions of the business;”

What is Lightning Bitcoin?

According to Zhang, Lightning Bitcoin is “a coin that takes the best from existing blockchain titans and adds advanced consensus mechanism.”

“Lightning Bitcoin forked from Bitcoin blockchain at block height 499,999… Lightning Bitcoin (LBTC) is a fully decentralized Internet-of-value protocol for global payments.

“The specific applications include peer-to-peer transactions and exchange platforms. Any users that operate on the LBTC protocol can enjoy instant, secure and nearly free global financial transactions of any size.”

Lightning Bitcoin is far from the first (nor will it be the last) fork from Bitcoin. A number of observers have claimed that the correlation between new forks and over inflation of Bitcoin. Jack Zhang however sees it as follows…

“Back in 2017, Bitcoin blockchain started to face network congestions, and a lot of other problems, that is one of the reasons why there were so many hard forks popping up. However, all of them changed either size or difficulty adjustment, what in my opinion did not improve the situation. That is a consensus that makes the difference. Pow and PoS are easily centralized, while DPoS represents true decentralization. Moreover, DPoS has the benefit of high efficiency, with little resource consumption.”

This mechanism utilises the relatively young Distributed Proof of Stake (DPoS) protocol which this writer has written about in a recent article, despite its basis upon the Proof of Work (PoW)-based ‘Bitcoin’.

Zhang states that Distributed Proof of Stake “allows separation of the voting power and block production, with no risks of a hard fork.” In fact, the aftermath of the announcement of DPoS adoption coincided with the company taking on another of its advisors “Stan Larimer a founding partner of Bitshares… we found mutual interests, as a result Stan joined Lightning Bitcoin advisory board.”

“Lightning Bitcoin uses DPoS, with the forging interval of 3 seconds, and the block size of 2M. We have achieved the TPS of thousands of transactions.

“Anyone can use LBTC, without censorship. The transaction fees are charged only for preventing network security issues, like DDoS attacks. It is not an off-chain solution on top of the Bitcoin blockchain as Lightning Network. I personally believe that Lightning Network will face the problem of centralization eventually.”

Furthermore,

“Lightning Bitcoin’s on-chain governance system enables LBTC holders to vote for the blockchain improvement proposals and the delegates who maintain the network as Lightning Nodes. It solves the problems of centralization of bitcoin by incorporating all participants in the Lightning Bitcoin ecosystem into the decision-making process.”

Lightning Bitcoin vs Lightning Network

Due to the similarities in naming, it seems natural that there may be a little confusion on behalf of the public and crypto-investment community with regards to the differences between ‘Lightning Bitcoin’ and ‘Lightning Network’.

“There is some confusion, you are correct.

When Lightning Bitcoin forked in December 2017, for Lightning Network it was still unclear when it is going to be launched, since it was still at the internal testing stage; only after four months later, in March 2018 when Lightning Network released its beta, both projects started to be confused by users in some countries.”

This, according to Zhang, is actually a problem more specific / limited to region,

“In other countries, like China, lightning network is not that well-known, as well as it has different Chinese name, that gives us more room for the development in Asia.”

Present and Future of LBTC

“Currently, Lightning Bitcoin network is stable, we constantly improving its functions and adding more products.

“The next big step for LBTC that we are working on right now is the development of on-chain governance, that will allow the network to self-improve and self-upgrade.

“In the future, stable upgrades of Lightning Bitcoin network in combination with chain governance, and decentralized transactions will allow cross-chain flashovers and smart contracts… the exploration of the on-chain governance model will become one of the most important tasks in the current stage of LBTC.”

Zhang continues to discuss the future for the coin in-detail as well, including that:

“In short, after complete integration of on-chain governance, next milestone is the development of new decentralized exchange. It will be an important component of the LBTC payment function.

“This exchange will have both basic functionality such as flashovers function of the gateway, as well as a system to guarantee the ease of cross-chain operations. Additionally, it will have the function of early crowdfunding of project under the necessary supervision.”

Finally,

“After implementing and perfecting the decentralized exchange, the development of intelligent contracts based on the UTXO model will be carried out, and a high-concurrence-based public chain ecosystem will be established to guide the flow of DAPP traffic.”

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Trans-Fee Mining: Investigating FCOIN and The Future

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Trans-fee mining’ is a concept utilised by a growing number of projects and exchanges which has not received much in the way of critical attention recently from either mainstream financial or specialist cryptocurrency publications.

The Fall of F-Coin?

Thanks to a company called FCOIN, most of the news which has appeared has been negative. Statistical information regarding the exchange can be found at popular aggregate ranking website CoinMarketCap.

Despite positive coverage earlier this year from the likes of Forbes’ Andrew Rossow, David Hundeyin of our sister site CCN.com wrote more recently that the exchange had been “Accused of Crippling Ethereum Network for Cheap Publicity” with a supposed aim of gaining publicity.

These pundits are joined by community members such as Reddit poster u/ltcisking (along with a large amount of other concurring, Google-topping results), who recently wrote a post aimed at proving such allegations, entitled ‘One of the biggest scams to ever hit Crypto’.

Twitter has also seen its fair share of investor complaints as well, including the following…

As well as the replies to this post,

What is Trans-Fee Mining?

Due to the unusual circumstances in which the ‘trans-fee mining’ sits (being supported by a number of independent projects despite the reputation of FCOIN): it is a difficult methodology to describe.

It builds upon the concept of the ‘exchange token’: which is most often associated with coins such as BNB (Binance Coin), which can be used for staking towards a particular crypto in the exchanges ‘community coin of the month’ program.

The original FCOIN implementation appeared to build upon this vision at first. The token’s value is derived from the fact that it has a stable value, and that it can be used on-platform (like BNB) as a means of purchasing other tokens whilst offering regular returns on investment for long-term holders of the token.

What is FCOIN Doing Now?

FCOIN has issued various statements which appear to support the sentiment behind the claims which they have faced. These include a recent August 14th post, with the telling title ‘FCoin community referendum end and recent plan publicity’.

Highlights of the piece include new objectives such as

“1.Complete and publicize the destruction of the remaining unissued FT.
“2. Complete the delivery of all FT warrants and withdraw the FT warrants from the market…
“4. As of the end of the referendum, the previous trans-fee refund will remain unchanged (based on the price of the FT related trading pairs before the suspension), and then, all the trans-fee refund will be stopped (including all return plans based on FT issuance).
“5. We plan to establish an FCoin mechanism and an announcement cleanup team. The team untied and improved the current FCoin mechanisms and standardized the release of various mechanisms in the future, and made a unified interpretation.”

At best, this may be an admission of fault, and at worst: an ambiguous and uninformative piece of messaging which fails to outline the situation with a strong brand or executive voice.

This comes in addition to a couple of announcements regarding ‘compensation planning’ with regards to investors who had “participated” in the fundraising of the ‘GU’ and ‘QOS’ tokens through their service.

The latter included the assurance that this process “compensation plan is an initiative taken by the platform to protect the interests of community user” concluded with the damning statement that:

“The FCoin platform has informed the QOS project parties and urged them to conduct self-examination of market price fluctuations and recent media reports as soon as possible. It is not excluded to take delisting and other related measures. The specific plan will be subject to the subsequent announcement. During this period, QOS will be temporarily suspended.”

Torch-bearers of Trans-Fee Mining?

Various claims of discrepancy against FCOIN’s actions as a company however, have not discouraged many projects which are attempting to build their own version of trans-fee mining. Whether or not they have been inspired by the short-lived success of FCOIN’s implementation is yet to be confirmed!

One of the most recent organisations which has decided to foray into this difficult and all-but-controversial territory is BitMart, an exchange founded by current CEO Sheldon Xia. Their approach is branded ‘Mission X’, and utilises their proprietary ‘BMX’ token.

“All transaction fees from the BMX market will go directly to the users who supported the project. In addition, successful projects will enter BitMart’s main trading markets.

“This program gives users the ability to decide which projects they want to be listed on the exchange, creating a self-regulated market.”

The platform piqued this writer’s attention upon noticing a disparity between public consensus and professional news coverage. Whilst the latter has published next to nothing with regards to the platform, a quick search of social media and communities such as forums seem to illustrate a positive and transparent image.

CoinEx was recently reported to have achieved unprecedented growth following the release of their token – however, like FCOIN have been called out for discrepancies. This time regarding the faking of volume metrics.

Final Thoughts

It appears that trans-fee mining as a concept is a long-way from earning this writer’s confidence, however it must be noted that there are many promising aspects. Time will tell whether talent will shine through or if trans-fee mining will fade out at the hands of opportunists.

What is important to note is that it is not the technology or idea, but the hands that are operating the machine incorporating it.

This writer cannot directly recommend the concept in its current state, but believes that the original idea is solid and if implemented in a viable way: would thoroughly warrant the full attention of any potential investor.

Until then, watch the community and keep an eye on the media – as well as word-of-mouth as this flawed-yet-promising idea is if nothing else, highly interesting!

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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My CFD Journey: 72,000 USD Up Today

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Wow the indexes are falling globally now. Dax is down with 1% today – same as Dow Jones. I would love to do a short call on these indexes, but that have seriously hurt my financial standings previously since we still are in a “bull” market with earnings reports beating forecasts and macroeconomic numbers excelling analysts viewpoints. I only want to trade by using trend following, so even if the markets are down, I love to do short buy calls as they most likely will rebound to new ATH (all time highs). The reason for just doing short buy calls is that we might be on the tipping point to a bearish market, but that’s something I would like confirmation on from e.g. macro numbers, earning reports and such. Until then, I’m quick in and out.

Here is my results

Order Entry Price Take Profit Stop Loss USD Bank Roll USD % Change
Start 258 064,52
Day 1 25.01.2018 Dax Buy 13268 13274 13262 6 472,52 264 537,03 2,51
Day 2 26.01.2018 Dax Sell 13342 13318 13392 7 642,84 272 179,87 5,47
Day 3 29.01.2018 Dax Buy 13331 13336 13313 12 508,39 284 688,26 10,32
Day 4 30.01.2018 Dax Buy 13226 13233 13176 6 625,94 291 314,19 12,88
Day 5 31.01.2018 Dax Buy 13217 13230 13187 26 474,06 317 788,26 23,14
Day 5 01.02.2018 Dax Sell 13291 13265 13327 10 834,58 328 622,84 27,34
Day 6 02.02.2018 Dax Buy 12797 12825 12772 72 314,97 400 937,81 55,36

Using ProRealTime

As I wrote yesterday, I’m using IG.com to trade CFDs. They got a tool called ProRealTime that I started to use yesterday. It’s a great tool with many more indicators and tools, and best of all, you get a good look at your stats. Here is my stats so far on ProRealTime in NOK (1 USD = 7.65 NOK – click on the images to get a larger view):

As you can see from the image above, I got 8 winning trades and 1 losing trade. I tried to buy the dip on Dax but managed to enter a bit too early. The Dax index fell quite rapidly after I initiated this trade and I wanted to keep it open as long as possible as I knew a rebound would happen. But I was not comfortable enough to sit it through so I closed it. Still feeling certain that the price would rebound I entered a buy position yet again at what I thought would be the lowest low. And thankfully, that worked and it rebounded above my initial entry point for the first trade. To ensure that I got the profits I wanted, I did a third trade buying Dax when RSI showed a trend reversal (rose above 50). I closed the trades once I was happy with the profits and because I became nervous that the price would turn back down. Then I initiated the last trade of the day going long on Dax yet again.

Here is the total overview of my trades today:

I would again like to highlight that trading CFD is very risky, and I’m still significantly down in total these last 3 years.

My trading rules

  1. Only risk max 2% of my bank roll per trade.
  2. Have 0 active positions during the night (first of all, I lose sleep, second; you are charged an interest fee for leaving a leveraged product overnight.)
  3. Always trade on last month’s trend including the previous day(s). If they do not correlate, I will not trade.
  4. If one position is lost, I’ll double the amount (martingale) and do a second trade. I’ll only stop doubling after 3 consecutive losses.
  5. Do not think about lost trade opportunities.
  6. Markets to trade: Dax & Dow (minimum spread).
  7. Stay updated on economic releases prior to entering a trade.
  8. Do not have emotional ties to the money. I like to call them “points”.
  9. Only enter a position when an asset is overbought or oversold shown by both RSI & Stoch at the same time.
  10. Always write down your trades and elaborate what went right or wrong.

What is the meaning of this?

Why I’m I writing all these posts? My main goal is to find a working strategy trading CFDs and be able to mentor Hacked.com members and do live sessions together. However, I would like to keep going for at least one month until I feel comfortable that the strategy I have, actually works. I would rather lose my own money, than lose any of yours.

I wish you all a great weekend. We are going to visit our family this weekend and have a nice time.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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