Welcome to Dale's Den, issue two where I went to a remote island and climbed all of those damn stairs to meet with one of crypto Twitter's most sensible and calm members, Crypto Medici. I open the ten-thousand-pound door and see monks scattered amongst the large room.
Step three thousand, four hundred fifty-three. Am I breathing heavy? I'm almost ded. All I'm thinking when I got to the top of these monk like steps was Medici better give one hell of an interview.
Dale: Hi, hey, hey, hello, what's up, hey, hi, good day sir, when… (all of a sudden I see smoke coming from far away, I walk towards it and out pops Medici)
Medici: Welcome Dale, Thanks for coming and doing this interview.
Dale: Yeah no problem, you are surrounded by a bunch of assholes, none of them would talk to me
Medici: JFC Dale, they are Monks practicing Monastic silence. Come on into my office and we can talk.
Dale: Oh… ok… let's get this started. Medici, when did you get into crypto?
Medici: I got into crypto early 2014. This was during the time that Bitcoin was falling from $1,000 towards $300. Read about Bitcoin from an article and was instantly captivated by it. Loved the idea and the possibilities of it growing to become something bigger than just a temporary fad.
Dale: You are viewed as one of the most level-headed folks in this space. What do you do to keep your cool during the winners and losers of trades?
Medici: I keep my cool holding onto a big winner that I feel is a long term investment by knowing that the market has cycles. I come to terms with the fact that the asset can fall or appreciate heavily because I know that it will grow significantly more in the next few years. This is a lot easier when the asset is already a big winner, but when the market turns bearish it makes it more difficult and usually people sell because of it.
Holding a loser is far more difficult because this is when emotions and FUD from the market start to invade your psyche. This happens to all of us. The way I keep my cool is by acknowledging that the market hasn't caught up to my analysis of the asset and that I have the opportunity to buy more at a discounted level.
Dale: Why is it so important to be mentally sharp in crypto and have that edge?
Medici: It is important to be mentally sharp and on your game in crypto because the smallest details can make or break you. You need to be constantly evaluating scenarios and figuring out how the market will react to those scenarios. Many games are being played inside of your head with the assets that you are invested in and those you are looking to enter and exit. Your head needs to be able to think clearly and not get distracted by the noise that the market creates.
Dale: What would you suggest to new people entering this space and how they can maintain their focus?
Medici: Learn as much as you can before you start trading real money. I'd recommend traders join a fund or a group of traders that will allow them to be mentored and helped throughout the process of learning how to trade. This will expose traders to different strategies, experiences, and more them in the direction that will provide the maximum value.
Don't expect to win immediately. Learn first.
Dale: What's the one piece of advice that you would give to a new trader?
Medici: Understand the assets and the market that you are trading. If you have only a few weeks of experience in the market and barely understand the assets you are positioning yourself to fail. Know the assets and the market better than anyone else. When you do that you can start trading. But I'm not a trader so my advice should be taken lightly. This advice is more for investors, but it does apply to traders as well.
As I head out the back door, I can see my car across the street. Where did all of those damn steps come from?
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https://twitter.com/cryptodemedici
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Listen another interview on The Crypto Street Podcast with Medici
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