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Cryptocurrency Trading

Who was the first to get into cryptocurrency after bitcoin was worth $ 10

We reached out to experienced traders, venture fund managers, and cryptocurrency influencers for their top tips and Twitter subscriptions. We’ll be talking to Ray Tong, a long-time trader who offers plenty of useful advice for novice and experienced investors.

Ray Tong discovered bitcoin while working on a college project in 2011. His first bitcoin was $10. It required him to travel to Walgreens in order to send a Western Union payment. On the other side of this planet. It’s much easier than it sounds. It was easy to become addicted when Bitcoin’s price soared to $30. While he was in college, he began trading and became an active participant in a popular intra-company crypto channel. His day-to-day life is split between his role as product manager at Farfetch online fashion website, where he creates tools that are not related to cryptocurrency, and his management of his cryptocurrency portfolio. This book is filled with practical and everyday tips that are useful for beginners as well as experienced traders.

Ray Tong’s favorite occupation

Tong knows that it may sound crazy to some but he hasn’t sold Bitcoin since 2014. It was initially because he didn’t know how tax impacts of making a profit. But as Bitcoin’s potential to be a wealth store has grown over the years, it became a strategy. He laughs, “I just kept buying and refraining selling.” This obviously helped a lot during the 2017 bubble. The best deal I have made was literally inaction.

Refrain from FOMO

You will never be perfect no matter how accurate your time calculations are. It will be a regret that you waited too long to learn and didn’t give up on trying to drown sooner. Or leaving a position that will recover in the future. There are many other situations. Tong remembers feeling like he missed the opportunity to buy bitcoin at a fraction of its current value. He says that setting goals is a good thing. Let’s assume that Ethereum is worth $500. You can set a goal of selling 10% when it reaches $1500. Another 10% when it reaches $1500. This structure is very useful.”

Set boundaries

Tonga thinks that friends asking him to give them cryptocurrency money are asking the wrong questions. Instead, they should consider what percentage of their portfolio (and eventually net worth) they would like to spend. Once you have that number, you can further break it into three segments: the percentage in Bitcoin, Ethereum and all other coins.

Keep track of all your assets

Tong recommends either using an online tool or creating a spreadsheet to track your assets and make strategic decision. It is available as a web and mobile app through the coinGecko cryptocurrency market info site. He said that they provide virtually every coin and ticker symbol. “You can simply manually enter the number of coins you have to quickly see how they interact with each other.”

Research, studies, studies

Tong is a regular reader of major cryptocurrency publications like Coindesk, Mercari, and says that Twitter is the only source that can move at the speed required for cryptocurrency. His favorite followers include people who work for large funds and have greater access to analytical resources than individual traders. Suu Kyi Joo, Kyle Davis and spartan Group are just a few of his offerings. He says, “I also follow the whole Paradigm team — their stuff is super-tech.” “If I don’t understand their posts, it causes me to dig in.”

Don’t think Dollars, Think Bitcoin

Although it’s difficult to do, Tong recommends changing your mindset. Instead of thinking about the value of Bitcoin or Ethereum in US dollars (or other major fiat currencies), instead, find the currency that you believe in most and make it your primary currency. Don’t worry about how much you have in dollars, worry about what trades will eventually lead to more coins. Many large firms are beginning to do this.”

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