Crypto Trader Nick: My Retirement Lasted Less Than a Month
Even though the world of crypto looks like paradise, many are reluctant to dive in because the possibility of failure is still very real, and always will be. Many of us nowadays has a friend, cousin or acquaintance who lost it all, so it is only natural to be wary of venturing forth. On the other hand, there are those who made it – and to our mortal eyes, they look like the gods themselves, descended from Olymp with a glass of nectar in their hand. And while the world adoringly gazes up at them, day trading star Nick (@Crypto_Core, of bitcoinmasons.com) has answered a few questions for Cryptonews.com readers.
How did you get into cryptotrading? What did you do before?
Originally, I planned on going into investment banking when I graduated. I day traded part-time and ran a business before I discovered Bitcoin. Life took over and it didn’t make sense to continue school. In 2012, I stumbled upon Bitcoin; I am a libertarian and a capitalist, so naturally I was attracted to the potential Bitcoin and blockchain technology had to disrupt the current economic system. I slowly scaled some very minor investments into Bitcoin. Didn’t do much with it until 2013 when we started to see Bitcoin in the news and the attention it was getting from the investment world and mainstream media. At that point, I went into trading bitcoin full time mainly through swing trading strategies. Trading then was very archaic within the exchanges so I really didn’t begin to see real returns on it till 2014 around the time Mt. Gox (it was a bitcoin exchange, based in Tokyo- Cryptonews.com) had its debacle and collapse.
How has it changed your life, if at all?
My life has changed a lot. I tried to retire early in spring 2017. I planned on living a nominal life and travel as I pleased; no stress, just enjoying life. That lasted less than a month. I enjoyed trading so much and being involved in the cryptocurrency world, I got a tad depressed and actually more stressed. So I came to the conclusion I can’t stop and decided to take on a few projects in addition to a public profile. This year has been a great year for me; more changes personally and financially than I can list and it all stems from crypto.
What's the biggest obstacle you've faced until now?
Balancing a healthy personal life. Day trading can take up massive amounts of time.
What's your view on this trading (r)evolution through the popularization of cryptocurrency?
Not sure on this; I know there are major opportunities through trading cryptocurrencies that allow just about anyone to become an overnight millionaire with the right discipline.
What's a common misconception about cryptotrading that you've encountered often?
That it is easier than traditional markets. Yes, the profitability is higher, but so are the losses. These are real 24/7 markets that move so fast and never stop.
Any tips for crypto noobs?
Yes, I recommend this: practice discipline, discipline, discipline. Technical analysis comes secondary, in my opinion. New traders can easily be profitable if they have bad technical analysis skills; practice good trading habits and risk management. Learning to control your emotions as a trader can be extremely beneficial. Also, immerse yourself in information. This world changes so fast. I learn something new every day. You can never stop absorbing information that will arm you to be a better trader.