You might not recognize Scott Melker by name, but if you are in crypto, you probably heard of The Wolf of All Streets, a man who left his DJ career to jump into the blockchain industry.
The Wolf emphasizes that trading is not easy, whether in stocks or crypto. “To trade full time for decades, you are like a unicorn,” he explains, adding that the crypto markets are especially brutal because they operate 24/7, without pause, meaning that traders don’t have an opportunity to recharge while markets are closed. Of course, you don’tto trade all the time — Melker himself uses leverage to trade Bitcoin only two or three times per year.
A curious aspect of trading is that as one’s portfolio grows, so do the sizes of bets one should make to remain profitable — doing otherwise would be akin to taking out $10,000 in casino chips only to spend all evening making $1 bets. “When your portfolio reaches a certain size, you have to be willing to ratchet up the size of your trades as a percentage — and those numbers can start to become uncomfortably big.”Melker is quick to point out that the odds are stacked against day traders. “95% of traders fail — they go bust quickly,” Melker states, explaining that those aspiring to be serious traders need to be prepared to lose their invested assets several times over. “Most don’t have the time or capital for that,” he says.
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