magazine Scott Melker Scott Melker on Trading Crypto: Defying the Odds

Scott Melker on Trading Crypto: Defying the Odds

Read Time:2 Minute

Scott Melker, better known as The Wolf of All Streets, is a trader and crypto advocate who is far more approachable than his online handle might suggest.

A former DJ, Melker operates a small crypto advocacy empire spanning YouTube videos, podcasts and a popular newsletter.

Scott Melker is open about his initial intentions in the crypto industry. I simply came to trade and make money, he admits, getting involved after hearing friends go on about the gold-paved streets of the blockchain world where 100x weekly returns were common.

Being familiar with the more conservative movements of the stock markets since childhood, Melker was lucky to learn proper trading before entering the unregulated crypto casino.

The crypto beats stopped soon enough. The 2018 bear market meant that If you wanted to stick around, you really had to justify it to yourself, and you probably went way further down the rabbit hole to understand the importance of the movement, Melker explains. He began to truly appreciate Bitcoins fundamentals and understand the purpose of individual altcoins.

Trading is not easy, whether in stocks or crypto. To trade full time for decades, you are like a unicorn, he explains, adding that the crypto markets are especially brutal because they operate 24/7, without pause, meaning that traders dont have an opportunity to recharge while markets are closed.

A curious aspect of trading is that as ones portfolio grows, so do the sizes of bets one should make to remain profitable doing otherwise would be akin to taking out $10,000 in casino chips only to spend all evening making $1 bets.

Learning to fail is crucial for traders. You have to be able to learn on the job and go broke multiple times and still stick with it, Melker states.

DJing involved far more skill and investment than today, when someone can simply hook up a laptop to a sound system. This was the full vinyl era. I had to have four friends travel with me anywhere I went to carry all the equipment, he recounts.

The best of blockchain, every Tuesday Subscribe for thoughtful explorations and leisurely reads from Magazine.

When his Twitter following dropped by half after he stopped posting about music and started posting about crypto, he came up with his Wolf of All Streets moniker as a message to people that you can be more than one thing.

 

 

magazine Scott Melker Scott Melker on Trading Crypto: Defying the Odds
Scott Melker on Trading Crypto: Defying the Odds 3

Leave a Reply

%d bloggers like this: