If you have ever been on Twitter you may have seen the practice of “Follow Friday” where people recommend others to follow. In our Follow Friday feature we speak to those on crypto Twitter who we believe provide value to the space and who you should be following.
For our first follow Friday we decided to speak to British-based Nik Patel, also known as @cointradernik, author of An Altcoin Trader’s Handbook. Having had skin in the game for many years now and widely respected within the community we thought he would be perfect to speak to about his own experiences within crypto and what advice he has for those that are new to the space as well.
RC: Tell us about how you first became involved in cryptocurrency?
NP: I stumbled upon Dogecoin whilst browsing the web in late 2013 and fell down the rabbit-hole from there.
RC: What attracted you to trading and trading cryptocurrencies in particular?
NP: The high returns from minimal capital investment. I was only 18 when I first started trading, and I was working a poorly paid part-time job, so my disposable income was minimal to say the least.
RC: What inspired you to write “An Altcoin Trader’s Handbook”?
NP: Originally, I had wanted to develop an online school for altcoin trading with live classes and such. I soon realised that the overheads would be large and thus most people probably wouldn’t be able to afford the classes, even if I was just charging cost for them. I had studied English Literature at university and writing has always been a part of my life, so, I put two and two together and realised that the most cost-effective way to provide the material I wanted to provide was to publish a book. There also wasn’t (and still isn’t) another altcoin-focused trading book out there.
RC: As an altcoin trader what is your opinion on Bitcoin maximalism?
NP: I think maximalism of any kind is naive for those looking to make a living speculating. For me, the price paid is the most important aspect of any trade or investment, across any asset class. I trade for more BTC when BTC is relatively cheap; I sell BTC for fiat or other altcoins when BTC is relatively expensive.
RC: Can you explain to us your trading methods. Do you trade coins based on their technical fundamentals and teams or focus on chart analysis?
NP: My approach incorporates fundamentals and technicals. The goal is to find fundamentally sound projects at a cheap price. However, I will never enter a position based on fundamentals alone, but I would enter a position based solely on a chart.
RC: What is your view on KYC requirements in the crypto industry?
NP: I think there’s a place for KYC and a place for decentralised exchanges with no registration requirements at all. KYC isn’t necessarily a bad thing, as long as there is competition in the market and plenty of options for users, there’s no reason to fear it.
RC: If I remember correctly you were hacked a while ago. How did you deal with this setback and what is your advice to the community regarding security?
NP: I essentially just had a dialogue with myself along the lines of “it could have been worse; I still have everything I value most in my life. I’m only (then) 22 and have a whole life ahead to reclaim the ground that has been lost; and, I know I still possess the skill-set that got me those returns in the first place”. Regarding security, I highly recommend reading this post by @notsofast: https://steemit.com/bitcoin/@notsofast/4-ways-to-secure-your-bags-bitcoin-altcoins-cryptoasset-tokens-whatever-a-notsofast-security-primer
RC: How do you deal with the stressful world of crypto trading?
NP: I don’t find it that stressful in all honesty. I like to spend a lot of time learning about things unrelated to crypto in any way, shape or form. I also watch football and combat sports. I also try to meditate a little here and there. The crypto twitter community is an interesting and vibrant ecosystem.
RC: Speaking of crypto Twitter. What is your opinion on the community as a whole?
NP: It’s a unique one, to say the least. I think, at its core, there isn’t a more generous or curious group of people on Twitter. However, the growth of the space over the last 18 months has brought with it – as would be expected – a lot of bad actors and snake-oil salesmen seeking to capitalise on the turbulence that most newbies don’t yet know how to deal with in these markets. We often see arguments and conflict but also new friends being made from all over the world.
RC: What has your experience been like?
NP: Predominantly positive. I rarely have bad experiences in the space and have made a lot of friends whom I have spoken to on a daily basis for years now. Also, the community was incredibly supportive when I was hacked. I was inundated with kind messages for days and days.
RC: What would be your advice to those who are interested in crypto but yet to take the plunge?
NP: Invest in some large-caps with money you can afford to lose. Buy some Bitcoin, Ethereum and Litecoin and just store it away for three years. When you start to feel more comfortable with owning those more prominent coins, then perhaps look at becoming more active in the space.
RC: Finally, what is your prediction for the future of cryptocurrency space in the next five years?
NP: A muli trillion-dollar bubble.
You can follow Nik on Twitter, search for @cointradernik and follow his blog where he provides analysis on altcointradersblog.com
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.