Crypto Biz Magazine’s Editor-in-Chief Soshi sits down with crypto coin day trader Yuri Yerofeyev to talk about his trade
Like the traditional Forex market, or the securities market, the crypto currency market also has its share of day traders. Because of the nature of Bitcoin and crypto currencies, the market tends to swing more wildly — which means that day traders much have a high tolerance for risk and nerves of steel.
Soshi, Crypto Biz Magazine’s Editor-in-Chief, had a chance to chat with one Vancouver-based crypto day trader about an average day in his life.
- Soshi: Yuri thanks for doing this interview with us at Crypto Biz Magazine. We are excited to talk with you and tell our readers exactly what your day entails as a Crypto Coin day trader.
- Yerofeyev: Thank you for providing this opportunity! I will try to give a detailed perspective on what my trading routine looks like and, hopefully, motivate those who are interested in it!
- Soshi: How does your typical day start?
- Yerofeyev: It starts with quite an ordinary routine. I get up, have breakfast, go to the gym. The only advantage is that I don’t really have to wake up at certain time. I usually take it easy but try to be up and ready for the day before 830am. Sometimes there are significant market movements at night. That’s when I decide to stay up.
- Soshi: How long have you been trading for?
- Yerofeyev: I got into trading right when I learned about Bitcoin which was around two and a half years ago. Since then it’s been a constant learning process for me as there is no end to the valuable knowledge I can potentially acquire.
- Soshi: What is your background, how did you get involved in this? Were you previously a day trader?
- Yerofeyev: I come from Russia where I studied linguistics. My Canadian major is International Trade. Speaking three languages and having some business background helps a lot. I didn’t do any day trading before and, to tell the truth, never thought I would. Bitcoin changes people.
- Soshi: What is the most profitable coin you’ve ever bought and what was the buy strategy?
- Yerofeyev: Being one of those who like to be concentrated only on one or two things at a time, I trade Bitcoin most of the time. When I got into it the value was under $10 and its rapid growth attracted me. That was my buy strategy: I saw it going up and up so I bought in. I do hold a little bit of Litecoin and I also bought some MaidSafeCoin during their funding campaign as I really like and support the project.
- Soshi: Is your typical strategy a short buy, medium, or long term?
- Yerofeyev: I trade in a few ways. My main activity is the “walking ATM” type of trading. I meet people in person and perform trades in a public or secure location. Having done that for a couple of years, my ratings and reviews got high enough for people to consider me one of the go-to traders for Bitcoin deals. As you can see, “safer” deals is what I prefer. However, I admire those who do day-trading with multiple screens before their eyes for hours and hours. Bitcoin trading is hell of a ride!
- Soshi: Where have you made the most money on the short term or long term trades?
- Yerofeyev: Mostly, on short-term trades by trading locally. The demand was there and I was there to fill it.
- Soshi: Do you have a unique strategy of your own that you follow or are your practices common among the community?
- Yerofeyev: Doing what I do (trading locally and arbitraging) doesn’t require any particular strategy. Nevertheless, over months I came up with my own ways of doing things and I try to improve constantly.
- Soshi: Are there any typical buying and selling patterns that you see and watch for?
- Yerofeyev: Reading Bitcoin-related news as well as hanging out on Reddit and Twitter is enough for me to understand the overall mood. The Bitcoin market, however, has proved to be pretty unpredictable at times. Thus, my intuition is what I trust. This may seem funny, but news from China, for example, definitely produced a pattern. Depending on whether it’s good or bad news, the decision to buy or to sell would be quite obvious. But, again, China can do it only so many times.
- Soshi: Do you see an alt coin taking over the value of Bitcoin?
- Yerofeyev: Bitcoin has the biggest network effect in the cryptocurrency world. I believe it will keep its value and will continue to go mainstream unless there is a new revolutionary technology. There are several altcoins that look interesting as well. Namecoin, for example, is used to create a decentralized DNS platform which is quite an interesting feature. Mastercoin aims at creating an infrastructure that will allow users to issue assets and create sub-currencies. The team behind Ethereum want it all: they are working on a platform that may transform the world of finance and digital ownership as we know it. Innovation in the cryptocurrency world is ongoing. Who knows what developers come up with tomorrow!
- Soshi: How do I become a crypto coin trader?
- Yerofeyev: My main rule is to learn something well before diving into it. Educate yourself about the market, the differences between coins, how they work and, most importantly, how to protect your crypto wallets from loss or theft. Then, simply start with low amounts to test your skills, try out different approaches and, when it feels like you’re ready, go for it! We live only once! Crypto currencies are here to stay and you will definitely find something to do with them, even if it’s not trading.