You can bet that day trading crypto is arguably the fastest way to lose money. After all, over 90% of all wannabe traders end up losing money when trying their luck in the market, and usually end up losing their capital (or, worst, in debt) while trying to print millions instead.
Several aspects are to blame. Social media influencers make trading look easy, but the reality couldn’t be further away. Trading is a rather stressful, round-the-clock endeavour that requires strict risk management, adequate amount of training and capital, and an iron-clad strategy that ultimately makes money after one incurs all those pesky trading fees.
But if you’re still looking to grind and searching for tips, look no further than Anthony Lesoismier, the chief security officer and co-founder of crypto app Swissborg. Lesoismier started out as a quantitative analyst for hedge funds back in 2008 and worked in sales trading for the next nine years or so.
It’s there that he learned the in and outs of the markets, tackling both psychological and technical challenges to build out a successful career.
Today, Lesoismer sat with Alex Fazel of crypto edutainment platform CryptoNites to reveal a little bit about all his learning, sharing tips, tricks, and other risks that budding traders face ahead of them in the unforgiving market.
Tip snippets for crypto traders
Strangely enough, Lesoismer says that most successful trading strategies usually end up having a low hit rate. “If you want to become very successful together, usually, the percentage rate of your trades are extremely low, because you will try to get the valuable signal and you will fail because most of the time it’s noise,” he shared.
“So noise makes you a profit, then a loss of profit, small profits of loss or smaller, smaller, smaller. So you start to doubt yourself in the process. I think Bitcoin is going to go up, you go, you take a position and then you lose a bit of money,” he added.
The mental aspect of trading is yet another challenge, he shared. “When you have a new graph in front of you, it puts so much pressure on you, right? That’s why as well, you know, sometimes people say I do believe in fundamental analysis, or I do believe only in technical analysis, but actually, the two can be complimentary, because it gives you that you should never neglect the psychological part of investments,” Lesoismer said.
He added, “Sometimes, even though your technical analysis is extremely helpful when it comes to your position, reading news meetings, founders going to conferences help you as well, to get more confidence.
“And confidence is part of the process. You shouldn’t only be blind, and confident, but you should be aware and confident.”
(Check out the rest of Lesoismer’s thoughts on crypto, card trading, poker strategies, Bitcoin and much more in the Cryptonites episode, available for streaming in full right below!)
The post SwissBorg’s Anthony Lesoismier discusses how to not get ‘rekt’ while trading crypto (or other assets) appeared first on CryptoSlate.
Source: SwissBorg’s Anthony Lesoismier discusses how to not get ‘rekt’ while trading crypto (or other assets)