WhalePanda: my advice — do not trade, 90% of crypto traders will lose their money

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Known cryptosuite bitcoin maximalist WhalePanda convinced that no one should have to trade cryptocurrencies. In his opinion, 90% of traders will lose their money, 5% will go to zero and only the remaining 5% you’ll earn. He stated this during a panel discussion with the trader Tone Weiss and developer Florian Mayer at the conference Baltic Honeybadger 2018 in Riga.

“And never trade on their savings”, he added for those who do not listen to his first Council.

It is remarkable that Weiss, whose 15 years of experience trading in traditional markets, has agreed with opinion of the interlocutor, noting that “trading is gambling”.

“We need to keep calm and control in poker. The more transactions commit, the higher the risk. For example, I exercise 4 to 8 trades per 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 foreign advice, then immediately drop the case. You need to develop your own approach and make decisions based on it. This requires appropriate education. If you have no experience, it’s probably better to delegate the management of their assets to those who knows what to do” — said Weiss.

He also said that some people think it’s educational courses are too expensive, although, according to him, he himself for such knowledge at the time paid 20 times more.

“When people ask me about discounts, I say trading is not for you.”

Specially for ForkLog Weiss outlined the basics of cryptocurrency trading.

Answering the question about preferences in the choice of trading platforms, Weiss said that has most of the bitcoins in offline storage because they do not want to get into a situation similar to Mt.Gox. Trading bitcoin he prefers the stock exchange BitMEX.

“Bitcoin is the only cryptocurrency in which I would invest. In addition to the BTC I invest only in blue chips”.

WhalePanda same trades bitcoin in pairs with Althingi to accumulate first. He calls this concept “monetary bitcoin maximalism”.

“I still use Poloniex, Bittrex, sometimes Bitfinex. When talking about bitcoin, Bitstamp choose. Mainly focus on daily volumes, prefer the TOP-20 or -30, since they were still sufficiently liquid”.

Recall, the Tone Weiss predicted the fall of the Tether and the approval of a bitcoin ETF within two years.

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