Bingbon Talk Ep 4- AMA with 주식갤러리 ( Winner of Bingbon’s 3rd Anniversary Event)

5 min readJul 17, 2021

Host: Welcome @stock_gallery! First of all, we’re so glad that you have joined us today. 😁When did you enter the cryptocurrency market and what prompted your trading journey?

Bingbon Official_KO: I learned about the cryptocurrency market by watching the news in 2017. My first trading started with Upbit. However, before that, I had been trading stocks for a long time, and this experience helped me easily start trading on cryptocurrencies.

Host: This is cool! 😏You performed extremely well in the Bingbon 3rd Year Trading Event. Congratulations on that! How did you learn about Bingbon’s trading contest and what factors came into play that helped you achieve such high returns?

Bingbon Official_KO: I heard of this Bingbon Trading competition via a trading group chat. I have established awareness of trading by hands-on trading experience in Bingbon. So, I didn’t get any pressure from the competition. Just traded as usual. I was lucky to win the rewards.

Host: Wow, glad to know that you trade a lot in Bingbon. 😄 What are your views on the growing popularity of cryptocurrency trading in South Korea over the years? Please tell us why is crypto so popular in South Korea?

Bingbon Official_KO: The approaches to generate profits for professionals in Korea are limited. Investment in real estate is way too expensive for young people. In the case of stock investment, it is extremely hard to get high returns, even before the Covid-19 pandemic, because of the unfluctuating market in a decade. Contrarily, I think that the cryptocurrency market is particularly popular because it has shown infinite potential in technology development and investment return.

Host: I see. 🤔 As an experienced trader, could you tell us why is technical analysis so significant when trading? Can you share with us a few technical analysis indicators that you find useful and how do you use them?

Bingbon Official_KO: Well, actually I rarely do technical analysis. When doing short-term trading, I mainly look at the 1-minute chart and the 15-minute chart. When trading long-term, I mainly look at the 1-day chart to judge whether it is an upward or downward trend.

Host: Well, it seems like you do both short and long-term trading. Where do you fit? Do you consider yourself a long-termist or a short-termist when it comes to cryptocurrency?

Bingbon Official_KO: Generally, futures trading is usually focused on short-term investments, while spot trading is focused on long-term investments. However, rather than trading at any time, it is better to long in the spot market when the timing is good for cryptocurrency investment, and trade in the futures market when the liquidity is relatively high.

Host: Good to know this. 🤓 In your opinion or from your experience, what do you think are the most common mistakes traders tend to make? What advice would you give in this regard?

Bingbon Official_KO: It is very common to get a loss when the trend changes in the futures market. Taking a stop loss when you were having a loss is hard for anyone to make such a decision. But it is better than losing everything when you take a position in the opposite direction. If you do stop loss in a timely manner, chances are always there in the future.

Host: Can’t agree more! Can you tell us how you will use the proceeds from the Bingbon Anniversary Trading Event? As we know, you have a lot of followers on social media. Would you encourage them to participate in any Bingbon trading competition in the future?

Bingbon Official_KO: We’d like to buy spot cryptocurrencies such as Bitcoin and Ethereum with rewards, and hold them for a long time. Bingbon’s trading competition has very high merit as it is very fair. In addition, the amount of rewards is higher compared to those on other futures exchanges. We will actively promote these competitions to Korean users.

Host: That’s super awesome to hear. 🙌 Bingbon is now 3️⃣ years old. Do you have any suggestions or expectations for it?

Bingbon Official_KO: As I went through this trading competition, there were no functions like pending order or leverage conversion, so I had to take the differentiation between the market price and the price I was supposed to open the position. If these features could be improved, I believe more Korean users will become passionate fans of Bingbon.

Host: Ahh, we definitely will take these suggestions down and make better improvements soon.💪

Thanks for all the answers @stock_gallery . Now Let’s open the chat up for a couple of questions from the community. Select 5 questions to answer as you like! 😁

Selected questions asked by the community and the corresponding answers

Q1: Hello sir @stock_gallery, what tips can you give to those who are just starting their trading career?

Bingbon Official_KO: Futures trading is very difficult. Therefore, rather than immediately entering into real investment, I would like to suggest that start off a simulation trading using Bingbon’s vst. It is better to learn a sense of a small amount rather than trading with a large amount from the beginning.

Q2: What could you recommend to us beginners that would like to start trading?

Bingbon Official_KO: Starting your first investment with simulation trading is a good option. When you first start trading futures, we recommend that you trade only with Bitcoin rather than Altcoins, because the volatility of Altcoins is unpredictable.

Q3: In the bad situation of the Covid-19 epidemic, every cryptocurrency project was heavily affected. Which initiative do you think might be a great solution?

Bingbon Official_KO: I still think that the cryptocurrency market generally is an uncertain market except for Bitcoin or Ethereum. Indeed, there are many good projects that are being created and developed. However, from the perspective of futures trading, it seems that holding new Altcoins is really risky. If you have a strong sense of analyzing new projects, there will be a lot of projects for you to choose from.

Q4: Covid-19 outbreak has a significant impact on the financial situation, do you think this is a barrier for new capital into the crypto market?

Bingbon Official_KO: Rather than the impact from Covid-19, I think the uncertainty of cryptocurrencies is the primary reason that less capital is flowing into this market. Like the stock market, in the cryptocurrency market, if there is any intrinsic value, I think that the inflow of new capital will be more active.

Q5: I am a new investor in the crypto world, what should I do?

Bingbon Official_KO: I believe that if you buy a little bit of Bitcoin or Ethereum when the price is low and hold it, a high return could be received in the future, just like Apple or Tesla.

Host: Thanks for all the comprehensive answers @stock_gallery ! Super appreciate your time here with the Bingbon community. Also, appreciate everyone’s time on the 4th Bingbon Talk today! 👏

Bingbon Talk Ep 4- AMA with 주식갤러리 ( Winner of Bingbon’s 3rd Anniversary Event)

Written by BingX

No responses yet