Bitcoin Trading 101 with Flood

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“Trading, if it’s going to be the majority of your income, really is, passively, one of the hardest full-time jobs you can choose.”
— Flood

SHOW DESCRIPTION

Location: Zoom
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.

TIMESTAMPS

00:04:16: Introductions
00:08:53: Where to start with trading
00:12:28: How to find an edge
00:15:46: Trading with pretend money
00:18:06: Risk management and emotions
00:19:52: Trading across multiple exchanges
00:22:11: Trading spot
00:24:14: Early indicators to learn
00:30:13: Leverage
00:33:44: Equipment
00:35:38: Full time or part time
00:37:14: Impact on health and life
00:45:07: Is trading gambling?
00:49:05: WhatsApp and Telegram groups
00:50:40: Paid groups
00:53:48: Things to avoid
00:56:05: BitMEX
00:58:53: Security
01:01:53: Trading stories
01:08:45: Final comments

 

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SHOW NOTES

PodcastPeter McCormack