Interview with Crypto Monk

It’s my pleasure to introduce you one of the best chartists on #cryptotwitter, the one and only Crypto Monk.

His content 100% reflects his brand — plenty of clean and straight to the point analysis and extremely wise advice. We are probably interrupting one of his meditation sessions, so let’s jump into it!

Tell me a little bit about you, who is Crypto Monk?

Crypto Monk is an enthusiastic full time Crypto trader. Passionate about the tech backing Bitcoin and dedicated to raise awareness around him about the coming storm about to disrupt the whole industry.

When did you first hear about Crypto? And why did you get involved?

The first time I heard about Cryptocurrencies was back in 2012–2013. It started to become popular and it was a bit prior to the first bubble burst.

I didn’t dig enough to get interested in the tech and my gut feeling was that it would probably die like many overhyped financial stuff. When the bubble burst, it convinced myself it was the right decision not jumping in but ironically Istarted to get interested by the tech aspect and decided to try to understand more about it.

I slowly invested in 2015–2016 with a small amount of money and then it all started.

I can see that you joined Twitter back in 2012 — have you always been putting out crypto content or was that a ‘recent’ shift?

Absolutely not. I was lurking for quite some time before I decided to share some of my thoughts and trades just for « fun ».

The purpose of this account wasn’t to grow such an audience but to share thoughts with friends.

Did you ever have a job within the finance/trading world? Or did crypto introduced you to candles?

I started to trade with forex and so TA came from a long learning process.

Did crypto have a big impact on your day to day life? Or is it a late night hobby?

Yes definitely. It has become a full time occupation and some kind of addiction. I work on many projects with close friends.

As traders, can we learn something from monks?

Monkism is really a way of living. They constantly work on themselves to reach the highest level of enlightenment achievable. Meditation is really underrated in occidental society and it’s a shame because it can literally change many aspects of your life.

Using it as a trading enhancement tool brings you a clear mind and new perspectives every single day.

Do you spend a lot of time charting/researching daily? What are your favourite educational resources?

I can spend 12h/day or more charting, researching about projects or educating myself.

Learning process never ceases. It’s in constant evolution. I find the best educational resources in old books and looking at other people’s work. It’s always inspiring to see different approaches of trading.

The TA you share on Twitter is typically very ‘clean’- what are you favourite indicators/tools that you use to confirm your analysis?

I put Price action above anything else. It’s definitely the most powerful approach to define a trend and open/close positions accordingly.

To complete, I love using EMAs, RSI , Fibs and horizontal trend lines as indicators. These are very helpful to spot the best r/r.

Patterns are also something I rely on but you need to be very cautious.

What was the most valuable lesson you have learned as a trader? Any major mistakes that turned out to be great lessons?

Anytime you open a position you’re biased by it. The common mistake is to not recognize it and thinking you can’t be wrong because you’ve done anything necessary to minimize the risks.

Working on your own bias is essential so is working on emotional aspects of trading.

Do you have a favourite long term HODL? Or do you trade the trend?

My favorite long term HODL is Bitcoin of course. I mostly trade the trend for alts. I believe that a few portion of them will succeed on the long run. It’s still a very young market so I can see a bright future for many and I believe even shitcoins will shine again within the next bullrun. But i’m not so confident over a longer time frame (a few years from now).

What advice can you give to someone that is new to crypto?

I’m not gonna be original here but DYOR is the main thing to do as a newcomer. You don’t need to rush and buy every single project shilled on Twitter or anywhere else.

Do your own research and make sure the tech backing it is interesting and really bringing something new with a real use case to the space.

Remember that Bitcoin is leading the market and that it’s probably not going to change tomorrow. Many of us saying this are being wrongly perceived as Bitcoin maximalists when it’s just factual.

Last piece of advice would be to avoid overdiversification. So many people are tempted to buy as many alts as possible thinking it will decrease risk exposure. Unless you have a huge portfolio and want to put some small bets on shitcoins, you don’t need 10+ coins in a folio. You won’t be able to monitor them all and it will be harder to follow closely

Thank you so much for your time and wise words Monk — looking forward to see and learn from your future content

Teddy, Crypto Freak Network