Major crypto influencer Scott Melker, known as “Wolf of All Streets,” notes that Dogecoin is a good way for new investors to enter the crypto world, and shares relevant tricks and trading tips while jokingly telling his own experience of investing in cryptocurrency. .
Speaking to Insider Media, popular cryptocurrency trader Melker has allocated 70% of its portfolio to long-term investment strategies. Melker believes that keeping the cryptocurrency long term is the best way to make money.
Dogecoin Trading Strategy and Tips from Melker
In the interview, Scott Melker talked about how he balances crypto trading and investment strategies. Melker, who mostly prefers a long-term holding, believes that small-volume coins can bring amounts beyond imagination:
“If you are extremely knowledgeable and can choose these small value coins well; I can say that within a week you can earn literally 100 times the investment you make in one of these. ”
Citing the Dogecoin example, Melker jokingly says that cryptocurrency has been a very effective strategy for a long time. He believes DOGE is a good entry point for investors into the crypto market, because its price is currently under a dollar and it is attracted heavily by a growing number of celebrities and influencers such as Tesla CEO Elon Musk, who calls himself Dogefather.
Melker Elon Musk states that the coin was popular even before entering the Dogecoin caravan. He states that at that time, traders bought the coin for just a penny before the price action and made a profit of up to 10 times its value.
“It was very predictable and only took a few months, but it was the best and most reliable way to make money in crypto.”
With its popularity on social media and among crypto enthusiasts, Dogecoin has been a limelight for a long time, shortly surpassing Bitcoin’s popularity. Since the beginning of the year, the internet meme-based cryptocurrency DOGE; It has increased by 6,800% and has increased by 13,561% in the last 12 months. As of today, its price is at $ 0.32, down 8% in the last 24 hours.
Scott Melker Had 10 Million DOGE
Melker explained that at one point he owned tens of millions or even more Dogecoin: “I did this again recently, and when DOGE crashed completely a few months ago, I traded against Bitcoin.”
When the analyst sold DOGE, the joke was that crypto reached the peak of its normal cycle at just under a cent:
“It continued from that point on and obviously it went up 70 times from there. However, I don’t blame myself for making decisions based on information I don’t have. If you blame yourself as a trader, you will devour yourself. ”
The analyst is also aware that Dogecoin has no core value: “It’s definitely a joke, a nice joke, a joke popular in the community…”
Melker continued with tips for anyone interested in investing in Dogecoin.
“Do your homework first and gather good knowledge. There is endless information about crypto on the market right now. It is very easy to find and at this point, this information is presented to the mainstream, whether they want it or not. ”
Second, he stressed that it is important to learn from your mistakes, and that everyone is making mistakes. “If you can’t learn from your mistakes, you shouldn’t do any trade,” he stated. Melker added that one way to learn from the mistakes is to keep a trading diary.
“If you write down your trading plan before executing it and say I made this decision here and you change your mind in the middle of the trade, there is no way to lie to yourself about it. If you keep a trading journal, you cannot keep it from yourself. So I think this is really important because you will never learn from them unless you record your mistakes. “