Eric Crown Trade Like a Professional the Art Application of Technical Analysis
Former New York Stock Exchange (NYSE) market maker Eric Crown has revealed why he swapped legacy markets for trading Bitcoin independently.
While going from trading options on NYSE Arca to trading Bitcoin on BitMEX seems like a large bound, it's something that has come relatively easy to Crown, who live-streams his trading insights to his 26,000 YouTube subscribers twice a day.
Trading flooring clerk at 11
The extroverted American began his trading career at a very immature age after going down to the floor of the Pacific Stock Exchange with his father aged 11.
"I'd wake up at the crack of dawn and go downwardly to the floor to be a clerk," Crown told Coin Rivet.
"That really sucked me in, as even though anybody'due south wearing suits and are dressed for business, it's a complete adult playground, and I really loved that.
"I of the things I was really afraid of was getting stuck in a compact office job, so the trading floor really appealed to me. Afterwards that I spent some time going to the University of Oregon to study economics and business, but equally far as schooling went, I never constitute my passions there, and none of it prepared me for actual trading."
After having graduated from the University of Oregon and coming to the realisation that an part task wasn't for him, Crown went back to "harass a family unit friend who had transferred to NYSE Arca".
Crown continued: "He taught me how to trade options. I was very lucky to exist around some of the best traders on the floor at NYSE and eventually I took a series 56 to get a marketplace maker myself at a relatively young historic period. Then I got very lucky once more. One of the older guys from the commutation who had 35+ years' feel took me under his wing and let me trade on his business relationship before I eventually graduated to trading independently."
Hearing near Bitcoin in 2014 was a 'game changer'
"A few years afterwards, I started learning most this magic internet money chosen Bitcoin. That was a game changer. I first heard about it on the floor in 2014 when it went parabolic and blew off its meridian. We were all talking most it, but it wasn't until a year subsequently when I actually started to come into the crypto landscape that I started to trade Bitcoin. Ever since then I haven't looked dorsum. I stopped trading traditional markets completely and now I'g really enjoying it."
When asked how trading Bitcoin compares to traditional markets, Crown revealed that the near compelling difference is the lack of liquidity.
"The lack of liquidity was a major shock to the organization. Of form, this is essentially the Wild West for trading right now, simply this does present a significant corporeality of opportunities. The percentage plays in Bitcoin are unmatched in any other market – it's just insane. Of class, that comes with its own bug, but I do enjoy the market place because of that opportunity," he added.
While several cryptocurrency 'traders' and 'influencers' have faced criticism for shilling and non actually knowing how to trade, Crown puts his coin where his mouth is by trading live on stream twice per 24-hour interval.
He started a streamer account on BitMEX with "around 500 bucks" and proceeded to plow that into "more than xx Bitcoins" within the space of a year.
"I did get lucky with that [the streamer account]. On the outset trades I ran the take a chance of getting rekt. After the commencement few drops from $10,000 and $8,400 last twelvemonth, I was on the correct side of the trade. At that time, at that place was no reason to be bullish in a macro downtrend. Technicals were lining up and there were more lower highs over time."
What's the secret to being a successful trader?
More of import than knowing trading strategies and technical analysis is "emotional command", co-ordinate to the ex-NYSE trader.
"Information technology's as much of an emotional and psychological game as information technology is annihilation else," he claims.
"Y'all can't become happy when y'all make 20% and you can't get sad when you lose 20%. With trading, you will ever brand losses – even the best traders in the globe accept losses. But they don't let that loss influence their decisions. That'southward the whole value in technical assay as it's a law of probability, so over fourth dimension you will accept that reward.
"If you get into a mindset where you entice those emotions and entertain those emotions, whether positive or negative, they both lead you lot to the aforementioned identify. It puts you into a psychology where you actually walk off from making sound decisions – you will lose your edge. Information technology'south the same thing as a poker player. Professionals say, 'I don't become happy when I win and I don't get distressing when I lose' – information technology's exactly the same matter.
"You have to remind yourself that losses are simply a part of the process. You also need to take a healthy body and healthy listen. Myself, I work out regularly, read and meditate every morning time, and I also eat a strict diet. When you have all of that in order, the rest will autumn into shape."
Crown streams his trading expertise twice every day on YouTube, where he also has links to exclusive trading guides and techniques.
Stay tuned to Money Rivet's YouTube channel for the full interview.
The post Former NYSE marketplace maker reveals why he now only trades Bitcoin appeared kickoff on Coin Rivet.
Source: https://finance.yahoo.com/news/former-nyse-market-maker-reveals-120036074.html
Post a Comment for "Eric Crown Trade Like a Professional the Art Application of Technical Analysis"