Anyone can become a player on the crypto market
Different coins are suitable for traders and investors
The DeFi market is very risky, so it is worth entering it very carefully
International consortium of news organizations developing transparency standards.
Almost everyone can master the cryptocurrency market. Oleg Marchenko, a trader with 8 years of experience and the author of the Binaryx knowledge base, is sure of this. He started trading on the market back in 2014, and today he is one of the most successful crypto traders in the post-Soviet space. BeInCrypto asked Oleg a few questions and learned how novice traders “not go bust”, what you need to know about DeFiDecentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and .. . More and what cryptocurrencies are worth investing in in the coming year.
– Oleg, how long have you been engaged in crypto trading? How did you come to this area? Have you ever traded on stock exchanges or Forex??
O.M .: I spent the least time on the Forex market, as I don’t like to work with large leverage. It is more convenient and easier for me to work with my own funds, without borrowed funds from the exchange. I started trading in the cryptocurrency market somewhere in 2016, when Ethereum and Litecoin cost another 40 and 4 USD, respectively.
I remember it now: I worked at that time on the Poloniex, Bitfinex and BTC-e exchanges. It started as a diversification of funds, and the concept itself was interesting to me. At that time, I still did not fully understand how cryptocurrency works, what a blockchain is. Many people associate “blockchain” with “cryptocurrencies”, considering these concepts to be synonyms. But in reality, the blockchain is more than just … More, etc. It would have been difficult without knowledge of technical analysis, but I had it, and I acquired it while still working with finance in the banking sector..
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My entire career has been associated with the financial system: first with fiat money, then with the stock market and forex, then with virtual payment systems, and today with cryptocurrency. The principle of operation for all assets is practically the same, only the conditions for working with these exchange instruments differ, and also strategies differ.
– How and where did you learn to trade on the crypto market? Have there been any failures and how much money did you lose on cryptocurrencies as much as possible? Under what circumstances did this happen?
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O.M .: I studied on my own. At that time, there were no courses, only books on technical analysis and experience in the stock market allowed me to smoothly transition into cryptocurrency trading. Everything is quite easy: first, you acquire an asset, then enter it on the exchange and start working. To date, most exchanges have already begun to authorize funds from a client’s bank cards and sell cryptocurrency as a commodity. Previously, this was not the case either. Now “entering” this market has become much easier than it was. The main thing is to have a great desire to learn how to work with these assets and have patience..
Have there been any mistakes? Of course there were. The market does not always move in the direction you need, and if you have an open position on a margin account, and the collateral does not allow you to cover the resulting loss, then the position is liquidated. My losses from such incorrectly opened trades totaled about 10,000 USD, but I consider this to be a tuition fee &# 128578;
Now I am more conservative and only work on the spot. I don’t particularly welcome working with derivatives or on a margin account. But this is my choice. Others can work as they like and with the tools they like.
– How much did you make the most on trading? What is your monthly turnover and which exchange do you trade?
O.M .: Understanding the maximum earnings is a rather flexible concept. I work every day, analyze the market every day, turn bots on and off. I also trade manually. In general, I have enough for my expenses and family expenses. There are investment instruments, the assets of which I only buy. Let’s just say, having 10,000 -20,000 USD in circulation, you can fully cover your needs. I mainly work on three exchanges Binance, Binaryx and Waves (DEX).
Before choosing a cryptocurrency exchange to work, check out our ranking of the best cryptocurrency exchanges of 2020.
– What costs do traders bear: exchange commission, commission for deposits and withdrawals, other fees. How much do you spend on it per month?
O.M .: Commissions, mainly 0.1% of the transaction, deposits and withdrawals are very small amounts: in the crypto market, they are taken not on the volume, but on the number of transactions. One transaction can cost 2 USD. If you transfer 100 USD, you will pay 2 USD. Even if you transfer 1000 USD, you will also pay 2 USD, but these are average rates, each exchange has its own conditions. My commissions cost around 200 USD per month. It all depends on the frequency of work and the number of transactions. Robots can open and close up to 1000 trades per day, and manually you can open and close as many trades as your mood or desire allows.
– What cryptocurrencies do you work with? And which do you think are the most promising?
O.M .: The number of cryptocurrencies I work with at the same time can go up to 15-20. I don’t work with just one BTC or ETH. In my arsenal, there are both top and those currencies that are far beyond the 100th place in terms of capitalization.
Some may be promising from the point of view of earnings, and others from the point of view of accumulation and storage. The less capitalization of an asset, the more profit it can give. Today, in terms of income, there is a boom in DeFi projects and, working with them, you can get the maximum profit. I did not notice that this is already the next question, from here we smoothly move on to it.
– How do you rate the DeFi boom? How long will it last and is it possible today to make money on farming or DeFi tokens. How risky is it?
ОМ: DeFi projects are quite a risky tool. Like all bursts of activity on the market, this is another cycle, like ICO and EIO, given that most of them have already been on the market for more than two years. For example the same MKR. At the time of our interview, there is a cyclical decline in this area, I mean capitalization. If capitalization falls, then the price of assets also falls. Now we need to wait for a more profitable entry point for those who want to purchase these assets.
– Give some advice to our readers. Where to start a trader’s path, what should be done first, and what then? What are the difficulties and risks?
O.M .: What can I advise … First, determine your status: you are a trader or an investor. If you want to learn how to trade, this is a difficult process. I will not say that everything will work out the first time, no. Investing in crypto is much easier. Working with people, I have seen that training takes from six months to a year. Compulsory practice is needed, not just theoretical knowledge.
If you are a newbie or have already heard something about assets, I can recommend a free knowledge base, developed by me in cooperation with Binaryx. Not all sections are still available for study, but you will definitely find something useful and interesting for yourself. Why did I mention this? Because there is a lot of material on the web, but it is not structured. Some of everything that is available for study is information business, free initial lessons that may not be suitable for everyone either. The level is different for everyone: some do not even know what BTC or altcoins are, while someone already has purchased ETH and owns a “farm” for mining. In any case, you need to start somewhere – invest a small part of the money and start watching the price charts.
– By the way, if we talk about risks, then how to minimize or avoid them on a dynamic crypto market.
O.M .: If we mention the risks of investing, then the important rule here is diversification. When it comes to trading, don’t go against the market!
– Which coins are worth investing in until the end of 2020 and which ones are worth investing in 2021?
OM: For all the time I taught other people how to trade, I did not give advice on investing in certain assets. You need to invest in everything that is in the growing channel at the moment. If the channel of the asset is downward, then there is no point in “sitting” in the falling coin. If you want to buy something and hold for a year or two, then any asset from the top 50 in terms of capitalization will do. If you want to receive “X”, then you need to have insider information or launch your own project on the blockchain &# 128578; Everything is relative!
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