Date: Friday 22nd May
Role: Independent Trader
Despite being the best performing asset over the past decade, Bitcoin is an incredibly volatile asset and risky to trade. Outperforming the market is hard, and very few people manage to beat the strategy of buying and holding.
Unlike traditional markets, bitcoin markets are open 24/7/365, and traded on both regulated and unregulated exchanges. High leverage options and low liquidity altcoins make it easy for a newcomer to wipe out their trading accounts quickly.
While few traders are profitable, a large number of the Bitcoin community find the temptation to increase their bitcoin stack hard to resist. I always recommend against trading, especially if you are new to Bitcoin, but this doesn’t stop people. So, if you want to try trading, what are the basic things you need to understand?
In this episode, I talk to Flood, an independent Bitcoin trader. We discuss the key things a newcomer to trading needs to know from which exchanges to use, trading strategies, leverage, finding your edge and the common mistakes.