EDITOR’s note

Bitcoin trading is not for the faint of heart

The high volatility of the cryptocurrency market has attracted a large number of new players to the field. Some have been able to make a fortune, while others have lost everything. Following a steep decline early in September, cryptocurrency prices are now down nearly 80% in 2018. Tis exceeds the 78% losses taken by the Nasdaq composite index when the dot-com bubble burst in 2000.

Some tragic stories have been posted to remind us of how ephemeral crypto wealth can be, and how bitcoin traders and investors oſten mistake luck for supernatural skills. It is exceptional, however, to read success stories of experienced and highly skilled traders who explain in detail the trading techniques and strategies which they use to multiply the value of their investment and close out their positions at the most profitable levels.

When Patric Tengelin first contributed to FX Trader Magazine back in 2013 with articles relating how he traded EURUSD, I remember him saying how honored he was to be published along with some of the best forex traders and professionals in the industry. Five years

later he has transitioned into crypto and has become one of the most successful bitcoin traders, aſter making well over $1million trading Bitcoin from its meteoric rise and subsequent fall.

In his article “How I Made A Million Bucks Trading Bitcoin” Patric explains

cryptocurrency blog and websites -

technical analysis techniques perfectly apply to the crypto market, which is not too young to test indicators on historical periods. It also illustrates that human emotions and mass psychology are easily detectable on the most volatile and liquid markets, making bitcoin moves more predictable. Being aware of the mass emotion pitfalls that drive this market will save and earn traders money.

Few are able to resist the urge to engage

his system and methodology in great detail. From the minute he first spotted the market opportunity to the moments he pulled the trigger and decided to exit the trades. He shows the patterns he used and the steps he took to make $1m prop trading Bitcoin and $500k on arbitrage through 2017 and 2018. He also gives his forecast about the next bitcoin price direction and explains why he believes that the crypto bear market is not over.

What his experience shows is that - as opposed to what we can read on many

in this

cryptomarket when they hear or read about it, even aſter considering the

potential losses that may counter the wins. One thing is sure though, trading bitcoin and other cryptocurrencies is not for the faint-hearted. And if you are irresistibly attracted by cryptos’ volatility

and opportunities, make

sure you also read our article “Cut Your Damn Losses”, based on a sample of 150 real trading accounts open positions, which shows what traders do - and shouldn’t do - when a trade goes against their position and they “get punched in the mouth”.

Emmanuelle Festa Bianchet FX TRADER MAGAZINE October - December 2018 5


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