How to make £5 profit trading Dogecoin with £50 stake

This is designed to demostrate how to make £5, it is your choice whether to use this information to make money for yourself. The time it takes to execute will depend on market conditions.

Use this information at your own risk.

Learning outcomes

Using excel, work out the target sell price to make £5 profit from an initial stake of £50

Create a new payee that will buy dogecoin

Create a limit order using the target sell price we calculate based on the number of doge purchased

Be patient

Prerequisites

Uphold account that is connected to a bank account with £50 available to trade doge coin.

Calculations

The cells highlighted in green can be changed by the user

Here are the formulas used in the above illustration

Cell B8 is the amount of Doge that was purchased after funds were sent to the exchange

Create Doge Payee

Send funds to Uphold

We have bought 454 dogecoin, now we create a limit order to sell at our pre-determined target price and arrange to have the funds sent back to our bank.

Create a limit order

Check the transaction is correct, we want to make sure £55 will be paid to our bank

Press the Confirm limit order button, then enter the 2 factor authentication number and press Confirm

Our list of limit orders has the latest Doge coin order

Summary

We have chosen a profit target of £5 based on the commitment of £50

Created a new payee to buy Dogecoin from the exchange

Checked the amount of doge bought

Calculated the target sell price to make the £5 profit target

Created a limit order to sell the doge at a future higher rate to make £5 profit

The limit order will send the funds direct to the bank when the trade executes

Next Steps

Be patient, wait for market conditions to improve so the trade will be executed.

Patience has paid off, 9 days later we have made £5

Your Task

Use the example above to simulate some trades, see how much you can make on paper