Well that's the end of the first month of the millionaire challenge, and it's been a bit of a topsy turvy month. On the one hand, the personal challenges that I have set myself by way of fitness have been going really well, but the more pressing issue and the one that this blog is more concerned with has taken a bit of a setback. So let's start with some of the analysis.
Creation of Passive Income Streams
By this time, I had hoped to already have some of the groundwork in place to have some passive income coming into the account. As things stand, I have started the ball rolling on these, but as yet have not gained any income from these streams. I have signed up for a clickbank account through which I can begin the process of affiliate marketing. I have also signed up for a new Amazon affiliate account. Both of these are being used on a new website that I have created and am currently in the process of writing content for. That's where the process is taking the time, to be honest. It's not so much the setup of these things, it's generating enough content to make the site marketable so that it can generate click-throughs.
This site is just the first of a few sites that I have planned to create over the next few weeks and months, all with the same aim of generating passive income streams with which to fund my trading account.
Personal fitness
Originally, I had planned to go to the gym three times a week, and thus far this has not happened. However, I have a genuine reason for this not happening and that is that I have been doing various fitness regimes at home and around the area where I live. As a result, I feel much fitter than when the challenge began, and it is only the beginning. There are a lot of other challenges and fitness regimes that will be added over the next few months.
Giving Up Smoking
The giving up smoking is going really well. Due to some social commitments, I wasn't able to give up smoking on day one of the challenge, but by the end of the first week I was ready to give up, and have not had a cigarette since. This has had a massive impact on my health and my ability to complete the personal fitness challenges that I had set myself. It has also meant that I have been able to put the money saved from buying cigarettes into my trading account, and this has already had something of an impact on the account in what would otherwise have been a large loss over the course of the month.
Trading
I have left this til last because, to be honest, it has been a disappointing month in my trading. There are a lot of pairs that are consolidating at the moment, and this is resulting in some heavy losses on my account. However, I am very much a believer in every day being a school day and as such, I am constantly learning more and more about the markets, and about my trading from a psychological perspective. I am reading a book about trading psychology at the moment that is really helping me get into the correct mindset when trading and I really think it is going to help a lot with my overall results.
Results
All that's left is to post the results as they stand so far. Check back next month for another update
Opening Balance: $2000
Expected Increase ($): $762.97
Expected Increase (%): 38%
Expected Total Value: $2728.84
Trading Gains: -$68.76
Non-smoking Gains: $320
Actual Gain ($): $251.24
Actual Gain (%): 12.41%
Current Total Value: $2320.81
