On 23rd September, The Baltic Honeybadger 2018 Bitcoin conference was held in Riga, Latvia. Matthew Mezinskis, host of CryptoVoices podcast organized a panel discussion where some high profile speakers were invited.
Tone Vays, a Bitcoin Maximalist, and host of Crypto_Scam podcast were accompanied by Whale Panda, a Bitcoin Accumulator and Florian Maier, a Software Engineer & Security Professional.
Matthew the panelists had any specific strategies to group altcoins while trading. According to Panda, he would usually use market volume as an important parameter and avoid illiquid shitcoins because of his past experience with it. Panda further added:
“I avoid anything that I cannot enter or exit properly ….. I know a lot of people have made money by trading shitcoins including Florian but i cannot do that. Its a part of developing ones own strategy and i usually trade with the top 20 coins in the market because I know that they are more liquid”
Florian opined that the risks were high in trading shitcoins and there was a time where a part of his portfolio was invested in 160 different coins. He added that it was very exhausting but also rewarding at the same time. Furthermore, he stated that patience was very important and only a small part of the user’s portfolio must be assigned to such coins for at least more than a year.
Tone spoke about the importance of strategies while trading in the market. According to him, those who rely on other sources for trading are usually the ones who are vulnerable to losing all of their investment. Additionally, successful long traders quite often build strategies and the directional trading is based on technical analysis which is widely used by many traders. Tone further stated that it was very important to stop following other people very blindly because it was not a sustainable strategy.
Matthew asked the panelists about the general strategies they use to trade and also their preferences while trading. Florian stated that he did not trade a lot but he was incentivized to hold cryptocurrencies because of the German tax laws which allowed him to pay a small amount of tax for his profits.
According to him, it was very important to build one’s own strategy and develop it. Tone further added that he would usually make eight trades a year and it was eventually very important to trade lesser as it was risky. He added:
“Its like playing poker, If you’re patient enough just play the top 4 or 5 hands. Those hands which you know is going to win”
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