Self-proclaimed “Crypto OG” with over 205k twitter followers and bitcoin-maximalist WhalePanda is convinced that no one should trade in cryptocurrencies. In his opinion, 90% of traders lose their money, 5% will go to zero and only the remaining 5% will be able to earn. He stated this during a panel discussion with trader Tone Vays and developer Florian Mayer at the Baltic Honeybadger 2018 conference in Riga.
“And never trade with your savings,” he added for those who do not listen to his first advice.
It is noteworthy that Vays, who has 15 years experience trading in traditional markets, agreed with the interlocutor’s opinion, stressing that “trading is a gamble.”
“You need to remain calm and control like in poker. The more transactions you make, the higher the risk. I, for example, carry out 4 to 8 transactions a year,” he said.
He urged not to copy the approaches of other traders and not to believe blindly in trading recommendations.
“If you have not lost all the money on other people’s advice, then immediately drop this case. You need to develop your own approach and make decisions based on it. This requires appropriate education. If you have absolutely no experience, then it is probably better to delegate the management of your funds to those who know what they are doing,” Vays stressed.
He also said that some people consider his educational courses too expensive, although, he said, he himself for such knowledge at one time paid 20 times more.
“When people ask me about discounts, I say that trading is not for you.”
Answering a question about preferences in the choice of trading platforms, Vays said he stores most of the bitcoins in offline storage, because he does not want to get into a situation similar to Mt.Gox. For trading bitcoin, he prefers the BitMEX exchange.
“Bitcoin is the only crypto currency in which I would invest. In addition to the BTC, I invest exclusively in blue chips.”
WhalePanda also trades bitcoin in pairs with altcoins in order to accumulate the first. He himself calls this concept “monetary bitcoin-maximalism”.
“I still use Poloniex, Bittrex, sometimes Bitfinex. When it comes to bitcoin, I choose Bitstamp. Basically, I focus on daily volumes, I prefer TOP-20 or 30, because they are still quite liquid.”
Recall, Tone Vays predicted the fall of Tether and the approval of Bitcoin-ETF for two years.