From evergreen questions about trading and risk management, to important considerations regarding the future of cryptocurrencies, Scott’s inputs has been incredibly valuable, giving to the participants not only an insight of his successful approach to trading, but also his vision about the future for all the crypto space.
HERE AN OUTLOOK OF THE MOS EXCITING CONVERSATIONS FROM THE AMA:
➡️"What are you trading these days?" (asked by @Sherman Lee)
➖@The Wolf Of All Streets's answer: "Not very much lately! The market has been rough, and I really try to avoid trading when the conditions are suboptimal. That said, like everyone else, I am focused largely on the volatility in DeFi coins, because they have been the easiest to trade and the most immune to Bitcoin's moves".
➡️ "When do you think cryptocurrency will become mainstream in India?" (asked by @Mattew)
➖ @The Wolf Of All Streets's answer: "Hard question with all of the issue they are having with regulators. India is notorious for flipping back and forth between what is legal and what is not. Trading seems to be off limits, or will be soon... but the actual use of crypto and projects being developed should increase, In my opinion".
➡️ "How do you manage your time in crypto? do you have a routine you follow? how long does it take you to write up one full newsletter piece on The Wolf Den NewsletterThe Wolf Den Newsletter?" (asked by @Danilo S. Carlucci)
➖ @The Wolf Of All Streets's answer: "It is hard! I basically block off certain time for each activity - newsletter, podcast, trading, meetings and advisory work. Writing each newsletter takes me most of the day before and the entire morning of... so most of Monday and Tuesday AM I do a newsletter, then most of Wednesday and Thursday morning. It's a ton of work!"
➡️ "As you know, we see many themes take hold in various crypto cycles. Currently, we're seeing a lot of attention on DeFi and more recently, NFT's. Im curious what narratives you feel might take hold over the next 1 - 2 years". (asked by @Robert Theryoung)
➖ @The Wolf Of All Streets's answer: "It's hard to ignore NFTs and DeFi at the moment. I do not view them as flashes in the pan at all, although I think a lot of it will be proven trash and will be culled, so to speak. I think that DeFi, at it's core, is the future best use case of crypto, eliminating the banks from the equation. As for art - the most valuable thing about art to an investor is scarcity. Provenance, fakes etc... not an issue with NFTs. We just need some serious artists in the space to really get the ball rolling".
➡️ "What would be your advise to someone who is getting started with cryptocurrency trading?" (asked by @Urte Simkeviciute)
➖ @The Wolf Of All Streets: "Start very small and practice with paper trading! Most people fail as traders, about 95%. The smartest way to enter crypto is to not trade at all - just invest small and add more as you can".
➡️ "Like the "ICOs fashion" in 2017, do you think that the DeFi projects could also "go out of fashion" once people have calmed down?I am afraid to see good projects not succeed in finding financing because "The DeFi fashion is over". Or good projects, with real fundamentals, getting a bad image because of the ponzi & pump/dump scheme DeFi's reputation?" (asked by @Owen Simonin (aka Hasheur))
➖ @The Wolf Of All Streets's answer: "I think it's fair to compare the ICO craze and DeFi craze in one way - that it's a lot of projects coming out at once, grabbing for money and superiority. That said, DeFi IS THE FUTURE OF BANKING. HotDog, Yam, whatever - those are crazes. But real DeFi platforms offering consistent yield that are behaving like "better banks" are here to stay. ICO is a catch phrase for a lot more things... DeFi itself is brilliant and it is here to stay".
➡️ "A tip for a beginner?" (asked by @Alexis HAAG)
➖ @The Wolf Of All Streets's answer: "Don't invest more than you can afford to lose, don't try to trade, start small! Learn as much as you can before putting your money into the market. Never do something because an influencer posts about it or tells you to. Do your research and trust yourself".