OK first of all I get that the headline may seem too good to be true, this is however an idea of my own and something I am actively doing so feel free to bookmark my website or enter you email above for monthly updates – I’m not asking anyone to partake in this challenge. If however this is something you would like to try yourself you can sign up here, if you decide to sign up please keep me updated as it would be good to see how your journey plays out.
If you have ever tried your hand at trading stocks or currencies you will know that it is not something you can just walk into and make money. You need to be consistent with your trades and it can takes years before you can stand a chance at earning a regular income.
Enter Etoro. In simple terms Etoro allows you to copy other traders after reviewing their trading profile, this profile breaks down completely the traders performance over the last few years:
There are many variables for you to review however for me nothing matters as much as the traders trading history. As you can see from the profile above on a bad month jaynemesis will have a loss of around 2%-5%, on the other hand on a good month (which he has more of) he could be anywhere from 15%-35%. Looks like someone you would want to trade for you, right?
I have to admit I was a little sceptical when I first looked at this however I have now been following jaynemesis for a month and its going great. I will go into this more after i’ve detailed my plan below.
The biggest pull for me with this platform was the idea of monthly compounded interest, for example £1000 at 10% return is £100 month 1 then the 10% of month 2 is based on the total value of £1100 rather than £1000 so you are effectively receiving interest on interest each month. This method of receiving interest can really snowball.
My goal here is to receive 10% per month with a starting balance of $1300 (I am based in the UK my Etoro account is in $). If I achieve 10% a month and do not add anything else monthly in 5 years my earnings will be $395,826:
| Month | Month Interest | Total Interest | Balance |
|---|---|---|---|
| 1 | $130.00 | $130.00 | $1,430.00 |
| 2 | $143.00 | $273.00 | $1,573.00 |
| 3 | $157.30 | $430.30 | $1,730.30 |
| 4 | $173.03 | $603.33 | $1,903.33 |
| 5 | $190.33 | $793.66 | $2,093.66 |
| 6 | $209.37 | $1,003.03 | $2,303.03 |
| 7 | $230.30 | $1,233.33 | $2,533.33 |
| 8 | $253.33 | $1,486.67 | $2,786.67 |
| 9 | $278.67 | $1,765.33 | $3,065.33 |
| 10 | $306.53 | $2,071.87 | $3,371.87 |
| 11 | $337.19 | $2,409.05 | $3,709.05 |
| 12 | $370.91 | $2,779.96 | $4,079.96 |
| 13 | $408.00 | $3,187.95 | $4,487.95 |
| 14 | $448.80 | $3,636.75 | $4,936.75 |
| 15 | $493.67 | $4,130.42 | $5,430.42 |
| 16 | $543.04 | $4,673.46 | $5,973.46 |
| 17 | $597.35 | $5,270.81 | $6,570.81 |
| 18 | $657.08 | $5,927.89 | $7,227.89 |
| 19 | $722.79 | $6,650.68 | $7,950.68 |
| 20 | $795.07 | $7,445.75 | $8,745.75 |
| 21 | $874.57 | $8,320.32 | $9,620.32 |
| 22 | $962.03 | $9,282.36 | $10,582.36 |
| 23 | $1,058.24 | $10,340.59 | $11,640.59 |
| 24 | $1,164.06 | $11,504.65 | $12,804.65 |
| 25 | $1,280.47 | $12,785.12 | $14,085.12 |
| 26 | $1,408.51 | $14,193.63 | $15,493.63 |
| 27 | $1,549.36 | $15,742.99 | $17,042.99 |
| 28 | $1,704.30 | $17,447.29 | $18,747.29 |
| 29 | $1,874.73 | $19,322.02 | $20,622.02 |
| 30 | $2,062.20 | $21,384.22 | $22,684.22 |
| 31 | $2,268.42 | $23,652.65 | $24,952.65 |
| 32 | $2,495.26 | $26,147.91 | $27,447.91 |
| 33 | $2,744.79 | $28,892.70 | $30,192.70 |
| 34 | $3,019.27 | $31,911.97 | $33,211.97 |
| 35 | $3,321.20 | $35,233.17 | $36,533.17 |
| 36 | $3,653.32 | $38,886.48 | $40,186.48 |
| 37 | $4,018.65 | $42,905.13 | $44,205.13 |
| 38 | $4,420.51 | $47,325.65 | $48,625.65 |
| 39 | $4,862.56 | $52,188.21 | $53,488.21 |
| 40 | $5,348.82 | $57,537.03 | $58,837.03 |
| 41 | $5,883.70 | $63,420.74 | $64,720.74 |
| 42 | $6,472.07 | $69,892.81 | $71,192.81 |
| 43 | $7,119.28 | $77,012.09 | $78,312.09 |
| 44 | $7,831.21 | $84,843.30 | $86,143.30 |
| 45 | $8,614.33 | $93,457.63 | $94,757.63 |
| 46 | $9,475.76 | $102,933.39 | $104,233.39 |
| 47 | $10,423.34 | $113,356.73 | $114,656.73 |
| 48 | $11,465.67 | $124,822.40 | $126,122.40 |
| 49 | $12,612.24 | $137,434.64 | $138,734.64 |
| 50 | $13,873.46 | $151,308.11 | $152,608.11 |
| 51 | $15,260.81 | $166,568.92 | $167,868.92 |
| 52 | $16,786.89 | $183,355.81 | $184,655.81 |
| 53 | $18,465.58 | $201,821.39 | $203,121.39 |
| 54 | $20,312.14 | $222,133.53 | $223,433.53 |
| 55 | $22,343.35 | $244,476.89 | $245,776.89 |
| 56 | $24,577.69 | $269,054.57 | $270,354.57 |
| 57 | $27,035.46 | $296,090.03 | $297,390.03 |
| 58 | $29,739.00 | $325,829.03 | $327,129.03 |
| 59 | $32,712.90 | $358,541.94 | $359,841.94 |
| 60 | $35,984.19 | $394,526.13 | $395,826.13 |
This is a nice figure however I want to turn this into a cool million so I am going to add $500 monthly out of my own pocket, this will hopefully allow me to get to a balance that will produce more interest sooner:
| Month | Month Deposits | Month Interest | Total Deposits | Total Interest | Balance |
|---|---|---|---|---|---|
| 1 | $130.00 | $1,300.00 | $130.00 | $1,430.00 | |
| 2 | $500.00 | $193.00 | $1,800.00 | $323.00 | $2,123.00 |
| 3 | $500.00 | $262.30 | $2,300.00 | $585.30 | $2,885.30 |
| 4 | $500.00 | $338.53 | $2,800.00 | $923.83 | $3,723.83 |
| 5 | $500.00 | $422.38 | $3,300.00 | $1,346.21 | $4,646.21 |
| 6 | $500.00 | $514.62 | $3,800.00 | $1,860.83 | $5,660.83 |
| 7 | $500.00 | $616.08 | $4,300.00 | $2,476.92 | $6,776.92 |
| 8 | $500.00 | $727.69 | $4,800.00 | $3,204.61 | $8,004.61 |
| 9 | $500.00 | $850.46 | $5,300.00 | $4,055.07 | $9,355.07 |
| 10 | $500.00 | $985.51 | $5,800.00 | $5,040.58 | $10,840.58 |
| 11 | $500.00 | $1,134.06 | $6,300.00 | $6,174.64 | $12,474.64 |
| 12 | $500.00 | $1,297.46 | $6,800.00 | $7,472.10 | $14,272.10 |
| 13 | $500.00 | $1,477.21 | $7,300.00 | $8,949.31 | $16,249.31 |
| 14 | $500.00 | $1,674.93 | $7,800.00 | $10,624.24 | $18,424.24 |
| 15 | $500.00 | $1,892.42 | $8,300.00 | $12,516.66 | $20,816.66 |
| 16 | $500.00 | $2,131.67 | $8,800.00 | $14,648.33 | $23,448.33 |
| 17 | $500.00 | $2,394.83 | $9,300.00 | $17,043.16 | $26,343.16 |
| 18 | $500.00 | $2,684.32 | $9,800.00 | $19,727.48 | $29,527.48 |
| 19 | $500.00 | $3,002.75 | $10,300.00 | $22,730.23 | $33,030.23 |
| 20 | $500.00 | $3,353.02 | $10,800.00 | $26,083.25 | $36,883.25 |
| 21 | $500.00 | $3,738.32 | $11,300.00 | $29,821.57 | $41,121.57 |
| 22 | $500.00 | $4,162.16 | $11,800.00 | $33,983.73 | $45,783.73 |
| 23 | $500.00 | $4,628.37 | $12,300.00 | $38,612.11 | $50,912.11 |
| 24 | $500.00 | $5,141.21 | $12,800.00 | $43,753.32 | $56,553.32 |
| 25 | $500.00 | $5,705.33 | $13,300.00 | $49,458.65 | $62,758.65 |
| 26 | $500.00 | $6,325.86 | $13,800.00 | $55,784.51 | $69,584.51 |
| 27 | $500.00 | $7,008.45 | $14,300.00 | $62,792.96 | $77,092.96 |
| 28 | $500.00 | $7,759.30 | $14,800.00 | $70,552.26 | $85,352.26 |
| 29 | $500.00 | $8,585.23 | $15,300.00 | $79,137.49 | $94,437.49 |
| 30 | $500.00 | $9,493.75 | $15,800.00 | $88,631.23 | $104,431.23 |
| 31 | $500.00 | $10,493.12 | $16,300.00 | $99,124.36 | $115,424.36 |
| 32 | $500.00 | $11,592.44 | $16,800.00 | $110,716.79 | $127,516.79 |
| 33 | $500.00 | $12,801.68 | $17,300.00 | $123,518.47 | $140,818.47 |
| 34 | $500.00 | $14,131.85 | $17,800.00 | $137,650.32 | $155,450.32 |
| 35 | $500.00 | $15,595.03 | $18,300.00 | $153,245.35 | $171,545.35 |
| 36 | $500.00 | $17,204.54 | $18,800.00 | $170,449.89 | $189,249.89 |
| 37 | $500.00 | $18,974.99 | $19,300.00 | $189,424.88 | $208,724.88 |
| 38 | $500.00 | $20,922.49 | $19,800.00 | $210,347.36 | $230,147.36 |
| 39 | $500.00 | $23,064.74 | $20,300.00 | $233,412.10 | $253,712.10 |
| 40 | $500.00 | $25,421.21 | $20,800.00 | $258,833.31 | $279,633.31 |
| 41 | $500.00 | $28,013.33 | $21,300.00 | $286,846.64 | $308,146.64 |
| 42 | $500.00 | $30,864.66 | $21,800.00 | $317,711.31 | $339,511.31 |
| 43 | $500.00 | $34,001.13 | $22,300.00 | $351,712.44 | $374,012.44 |
| 44 | $500.00 | $37,451.24 | $22,800.00 | $389,163.68 | $411,963.68 |
| 45 | $500.00 | $41,246.37 | $23,300.00 | $430,410.05 | $453,710.05 |
| 46 | $500.00 | $45,421.00 | $23,800.00 | $475,831.05 | $499,631.05 |
| 47 | $500.00 | $50,013.11 | $24,300.00 | $525,844.16 | $550,144.16 |
| 48 | $500.00 | $55,064.42 | $24,800.00 | $580,908.57 | $605,708.57 |
| 49 | $500.00 | $60,620.86 | $25,300.00 | $641,529.43 | $666,829.43 |
| 50 | $500.00 | $66,732.94 | $25,800.00 | $708,262.37 | $734,062.37 |
| 51 | $500.00 | $73,456.24 | $26,300.00 | $781,718.61 | $808,018.61 |
| 52 | $500.00 | $80,851.86 | $26,800.00 | $862,570.47 | $889,370.47 |
| 53 | $500.00 | $88,987.05 | $27,300.00 | $951,557.52 | $978,857.52 |
| 54 | $500.00 | $97,935.75 | $27,800.00 | $1,049,493.27 | $1,077,293.27 |
| 55 | $500.00 | $107,779.33 | $28,300.00 | $1,157,272.60 | $1,185,572.60 |
| 56 | $500.00 | $118,607.26 | $28,800.00 | $1,275,879.86 | $1,304,679.86 |
| 57 | $500.00 | $130,517.99 | $29,300.00 | $1,406,397.84 | $1,435,697.84 |
| 58 | $500.00 | $143,619.78 | $29,800.00 | $1,550,017.63 | $1,579,817.63 |
| 59 | $500.00 | $158,031.76 | $30,300.00 | $1,708,049.39 | $1,738,349.39 |
| 60 | $500.00 | $173,884.94 | $30,800.00 | $1,881,934.33 | $1,912,734.33 |
I have noticed the total here is $1.9m however I understand that some months may not be as great so my goal here is to turn it into $1m.
Before creating this post I decided to run it for a few weeks to see if the results are possible, i’m please to say so far so good.
Each month I will update you with the previous months results and also any changes I have made during the month.
As you can see from the below the $1300 has had a 9.24% return in the last couple of weeks giving a return of $120.16. I have also added $603 to MicmikLikemike who has an equally excellent trading record. I’m aware this is more than the $500 however again some months it may be below some month it may be above.
So our actual table currently looks like this:
| Month | Month Deposits | Month Interest | Total Deposits | Total Interest | Balance |
|---|---|---|---|---|---|
| 1 - Aug 2017 | $1,300.00 | $120.16 | $1,300.00 | $120.16 | $1,420.34 |
| 2 - Sept 2017 | $603.00 |
Ok that’s it for this month again if you would like to follow me, please add your email address below to receive monthly updates as I post them or if you would like to try this yourself you can sign up here and if you would like to discuss further and share your journey please email me@james-duffy.com.
Thanks for reading!
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Hi James,
Just started to follow your blog on the million dollar challenge and will be doing the same challenge myself soon. How did your September end?
I’d be interested (if you are) in hearing more, especially when i start trading properly. Be good motivation for both of us.
Thanks,
Dave
Hi Dave
My update was a little delayed but you can now read it here.
Please feel free to instant message me on Skype: innovseo to discuss.
Thanks
James
Hi James, for months ive been looking into and researching high risk/reward investment ideas and have finally bit the bullet and put $1000 into etoro to copy trade. I’m just wondering how you are going to top your account up monthly with $500 when the min deposit seems to be $1k. I’m also from the northwest, UK and will be following you on here including the ICO at the end of the month.
Hi Ste. Due to demand Etoro raised the first time deposit to $1000 from $500 on 5th January 2018. After the first time deposit the minimum is $50.
Also thanks for your interest in my blog! I’m also from the Northwest UK. The goal is to try and make some money but as long as people realise trading is high risk/high reward it should be fun. The ICO is looking good. I will be doing a post next week about spotting a good ICO then on the 22nd I will be publishing the ICO and why I think it will do well.
Look forward to hearing about it.