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Cryptocurrency trader Scott Melker, also known as the “wolf of all streets”, said Dogecoin is a good way for new investors to enter cryptocurrencies. Sharing his own experience of investing in meme cryptocurrencies, he now provides some advice for new Dogecoin investors.
Insiders reported on Friday that cryptocurrency investor Scott Melker shared his experience in Dogecoin investments. He also shared his advice to new Dogecoin investors.
Melker is both a private person and a trader and investor in Texas Western Capital. He is the host of the “Wolf on All Streets” podcast, the author of the “Wolf’s Den” newsletter, and a consultant for many blockchain-based projects. He also has 20 years of music career. Last June, Binance awarded him the “North American Influencer of the Year Award.”
Focusing on crypto investments, 70% of Melk’s own portfolio is allocated to long-term investment strategies. He believes that long-term holding of cryptocurrency is the best way to make money.
Regarding Dogecoin, Melk said that memetic cryptocurrency has been a very effective strategy for a long time. He believes that DOGE is a good entry point for investors to enter the cryptocurrency market, because its price is currently less than $1 and it is touted by more and more celebrities and influencers, such as the CEO of Tesla Official Elon Musk (Elon Musk), he claims to be the godfather.
Melk revealed that he once owned tens of millions of Dogecoins and more. “I did it again [recently] When the price of Bitcoin fell all the way a few months ago, I traded with Bitcoin. “He said. He elaborated that when he sold, the meme coin reached the highest point of the normal cycle for less than a cent. Currently, Dogecoin is trading at about 40 cents. Melk think:
It just continued, and obviously rose 70 times from there, which is kind of absurd. However, I will not make decisions based on information that I do not have, and this is not wrong with me. Moreover, if you do this as a trader, you will definitely go crazy.
Wolf traders on all streets know that Dogecoin has no fundamental value. He said: “This is definitely a joke, a beautiful joke, and one of the most popular jokes in the community.”
For those interested in investing in Dogecoin, he set out to make two important suggestions.
First, he said to do his homework and get good information. He pointed out: “Currently there are only endless amounts of encrypted information on the market.” “It’s easy to find. I think they provide mainstream information services, whether they like it or not.”
Second, he said that it is important to learn from your mistakes and emphasize that everyone makes mistakes. “If you can’t learn from your mistakes, then you shouldn’t trade at all,” Melkel exclaimed, adding that one way to learn from your mistakes is to maintain a transaction log.
“If you write down your trading plan before accepting the plan and say that I am trading here, then you will not deceive yourself about the fact that you decide to change the intermediate trading,” Melk pointed out. He concluded: “If you keep a trading diary, you can’t hide it.”
Therefore, I think this is very important because you will never learn unless you record it.
What do you think of Melk’s advice on Dogecoin investment? Let us know in the comments section below.
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