There’s no investor out there who doesn’t like the idea of doubling their money. Whether it’s simply seeing what you put in grow by 100 percent or whether it comes from the risk-taking part of our subconscious, it’s one of the most attractive elements to investing.

Doubling up is not always realistic — it’s safe to expect it to be rare — but if it’s your primary motivation, here are some ways to potentially make it happen.

Doubling your investment when a stock grinds higher

Some investors believe patience is the key, so they are investing long-term in non-speculative securities like blue-chip stocks.

The trick is that you actually have to be patient — sticking out the ups and downs — realizing that you won’t double your money overnight, or in six months or a year. If you make a 12 percent gain per year in the stock market — and historically large-cap stocks deliver roughly 10 percent per year — it would take six years for your money to double.

One blue-chip stock with somewhat of a growth oriented approach would be Apple Inc. (AAPL). Here’s a look at Apple’s grind higher. It’s a nice climb, but that’s several years of gains, made through ups and downs.

Source: TradingView

Contrarian trades

Unlike the slow grind higher, a contrarian trade involves going against the trend, and often the herd. When the market is plummeting, it might be an indication that you could potentially buy stocks at an attractive valuation. It’s not always easy to step into a stock when others are heading for the exits, but doubling up isn’t supposed to be easy.

Here’s a look at what could have been a contrarian trade.

Source: TradingView

In times of market uncertainty and sell-offs, you could potentially double your money, if you get in at the right time and hold on.

Speculative stocks

The slow-and-steady or contrarian ways of potentially doubling your money aren’t for everyone. If you’re looking for a quick pop that doubles your investment, you’re going to have to speculate. Rather than investing in stable stocks, this means looking for stocks with immense upside potential.

Keep in mind that these speculative plays could carry a high degree of risk. With that in mind, penny stocks could be the way to go. Again, keep in mind, the speculative approach is highly risky and will only be appropriate with a small percentage of people who can truly stomach the risk and the potential losses if trades go wrong.

As with all investments, you should do your proper due diligence, and build a thesis around your potential speculative investment.

Here’s a look at what would be considered a speculative investment.

Source: TradingView

First Bitcoin Capital Corp. (BITCF)  trades over-the-counter — which means it abides by different (lower) financial reporting standards than the blue-chip stocks — and therefore is likely to carry a higher degree of risk, along with that potentially higher fast reward.

Final thoughts

Will Rogers once said that “the quickest way to double your money is to fold it in half and put it in your back pocket.” If you’re looking to actually make your money grow and are willing to take the risk to do it, look for the approach that best suits your risk profile and personality. Then do your due diligence so that you wind up having more than just hope that you can make it happen.

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   Petra Hess runs PetraPicks.com. She is a technical swing trader and long-term investor in domestic and Canadian stocks and ETFs.

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