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Some of my best friends are exceptionally wealthy Wall Street traders. A) They’re not on Twitter. B) They do not calculate “R” for their trades (not criticizing “R,” just clarifying that it’s not widely used). C) They don’t care about followers, they care about money.
(2) D) They NEVER scalp. They look for large, clear moves. They often don’t take a trade for days. E) They trade primarily on fundamentals, using charts as confirmation. They never trade purely on technicals, and some think it’s complete hog wash.
(3) Most people on crypto twitter are not really traders. They’re brand new to this industry, unlicensed, making it up as they go. That’s fine. But understand that the most successful traders are on Wall Street and would stroke out after 5 minutes reading crypto twitter.
(4) Do not believe for one second that what you see on Twitter is reflective of the trading community as a whole, either in technique used or approach to risk. This is a small community doing things a certain way with other motives in mind. Again, totally fine.
(5) Most importantly - not ONE of them trades or invests in crypto, and in 2017 every single one of them told me it was a bubble that was going to pop. They would NEVER trade something without fundamentals or a way to value what they buy.
(6) I happen to love this market, the underlying tech and the lifestyle of trading it. I am a believer, and think there is endless money to be made regardless of fundamentals. But again, realize that the most successful traders in the world think that trading crypto is laughable.
