Best/Worst Trades Feat. @Socal_Crypto (his twitter handle)
Today is the first post of our new daily best/worst trade post with fellow traders. Today, we are featuring our convo with trader, miner and internet trading KOL, @Socal_Crypto. Quick background on Socal_Crypto, he is a veteran turned miner/trader/crypto enthusiast since 2013. He has been involved with crypto Twitter since 2014 is also now a media entrepreneur as a cofounder of CoinHQ.tv.
Socal_Crypto’s Best Trade
His best trade was BIS (Bismuth). He was one of the very first GPU miners (up until Dec of 2017 it was CPU only) and he spent an entire day getting the GPU mining program working. Due to his efforts he made over 300x his cost of mining EVERYDAY for the ENTIRE MONTH of Dec 2017.
Socal_Crypto’s Worst Trade
Worst trade was by far ARCH (Archcoin). He did no due diligence, bought into the hype and cult of personality and ignored all warning signs and he lost over 20 BTC because of it (this was in the 2014–2015 time frame).
His Lessons Learned
He took what happened with Arch as a learning experience and really buckled down on his trading and actually formed some of his strongest crypto friendships from other Archcoin survivors.
A couple of takeaways here from our view. One, is that Socal_Crypto is an example of how diverse the crypto space is. Diverse meaning that there are many different strategies to generate alpha. There are many different opportunities and ways to invest in crypto. You just need to have the information. Which brings us to point number 2, the importance of your network. There are still many market inefficiencies in crypto which makes a network that much more important. Go out and talk to people in the space. You would be surprised how open most people are about sharing their experiences.