Bingbon Talk Ep 3 — Interview with Nebraskan Gooner (Senior Advisor of Bingbon)
Host: Welcome @Nebraskangooner 😄
First of all, we’re so glad to have you join us as the Senior Advisor of Bingbon. 👏
Nebraskan Gooner: Thanks, glad to join!
Host: For those that don’t know you, could we get a brief introduction about yourself and how you got started in crypto? 😆
Nebraskan Gooner: Nebraskan Gooner is a trader, analyst, and founder of Elevate Trading — an educational platform. He was voted best Crypto Twitter Account at NEXT BLOCK ASIA 2.0 conference. His market predictions and analysis have been featured in CoinTelegraph, Independent, BeinCrypto, and others. He’s an advisor and partner for many notable companies in the Cryptocurrency space such as Utrust, NWCcrypto, Trezor, TheMemeunity, and Bingbon.
I got started in Crypto way back in 2014 but it wasn’t until 2017 that I really got involved and have been heavily involved ever since.
Host: wow
Great introduction! 🤓 So for today’s topic, what type of trading strategies are best for traders, especially for those who are now kickstarting their trading journey?
Nebraskan Gooner: I don’t think it matters whether someone is a beginner or advanced trader. Strategies should be based on what works best for you. Your personality and lifestyle will dictate your trading style more than anything. If you have kids or family or work multiple jobs you will have to adapt your style to that. So you should not be trying to trade the same way as someone who is a full-time trader or someone who has no kids/family and has 100% time to devote to the market 24/7. That’s first and foremost. We all also have different personality traits. If you’re more likely to be a gambler you should trade less with leverage. If you’re a very conservative person you may do extremely well-managing leverage trading. Leveraged trading is all about discipline.
Host: Wow, lifestyle included. Good to know this. 😁
Well, I’m sure that as a trader, it’s not easy and sometimes you incur losses. What would you say are some of the big risks involved in trading that new traders should be aware of?
Nebraskan Gooner: Understanding risk management and having created a plan prior to entering a trade. Many people think about the profits they can make on a trade and disregard the potential for a loss. This can cause large losses. Not only that it can cause people to hold onto positions too long as the loss keeps growing.
Host: Cannot agree more. Risk management is super important especially for a newbie like me. I’m personally curious to learn about the few things that every trader at every level should know about. Can you tell us what are some of those basics?
Nebraskan Gooner:
1. Risk management
2. How to use the exchange you want to trade on before you start trading normal size positions
3. Understanding the difference between leverage trading and spot trading
4. Understanding what leverage is, how it works, what stop losses are, what take profits are, trailing stop losses, liquidation levels
5. difference between cross margin and isolated margin
This is all basic stuff but more advanced things too because really you should start by understanding the markets.
1. How price action works
2. How to read charts (mainly supports and resistances)
3. Indicators and time frames that work for you
4. Then you can start building a simple trading strategy
Host: This is a comprehensive summary. Hope everyone take note of that. 😁 Further question: What are some of the most difficult aspects of trading and why?
Nebraskan Gooner:
Overtrading
Trading during poor market conditions
Not being patient and forcing entries
Letting your emotions guide your decisions
Host: I see～ As you just mentioned after learning those basics, traders can start building a simple trading strategy. What is the simple way to build a trading strategy then? 🤔
Nebraskan Gooner:
1. Find a recurring pattern that you can trade over and over with 50% or more success rate.
2. Ensure this provides a good risk to reward ratio (Meaning your risk is at least half of your reward) Example. $100 risk, $200 reward.
3. Stick with disciplined entries based on your rules and risk management guidelines
Host: As you say, traders need to stick with disciplined entries based on their rules and risk management guidelines. However, some would want to know how frequently one should change their trading strategy. Any thoughts on that?
Nebraskan Gooner:
I would only change my strategy when it stops working.
Strategies may only work for a certain amount of time and then market conditions change or the market evolves.
If you are reluctant to change your strategy after it stops working then you can run into complications. You must always be willing to adapt and know that it’s not something wrong with you, it’s just the market and it’s normal for it to change.
Also if trading different assets, what worked on one, might not work on the other.
Host: So now we understand more about building a trading strategy. For you as a top trader, what kind of timeframes are you trading in? Are you opening and closing trades within minutes, or more longer-term positions?
Nebraskan Gooner: That depends on market conditions as well. Lately, the volume and volatility have been on the low end so I’ve been staying away from low time frame charts.
I prefer 6 hour and daily charts for trading altcoins.
Mostly just depends on the asset. But if I take a trade based on a 5-minute chart I won’t plan on holding it very long compared to if I took a trade on a 6-hour chart.
Host: So it seems like you prefer intraday trading lately. 😎 For beginners, intraday trading may be a little risky. What are some simple strategies to help beginners with intraday trading?
Nebraskan Gooner: Don’t zoom too far into low time frames. Stay on your preferred time frame and stick to your rules.
Host: Cool. The final question from me. 😁 Would you mind sharing your thoughts about the current market structure? Is it bearish or bullish? Is the uptrend over yet?
Nebraskan Gooner: Overall, I think it’s mega bullish. I would be very surprised if we didn’t see a new ATH this year.
Host: Right, like it has been surprising us from the beginning of this year. 😆
Thank you for all these comprehensive answers. Gooner. 🙆♀️ Let’s open the chat up for live questions from the community. Select questions to answer as you like!
Selected questions asked by the community and the corresponding answers
Q1: How much time does it take to become a profitable trader?
Nebraskan Gooner: It’s different for everyone. Some may find instant profitability depending on market conditions, but if they stick around long enough they may find it tough to sustain.
Q2: What could you recommend to us beginners that would like to start trading?
Nebraskan Gooner: You can use fake funds to paper trade, some exchanges have this feature.
I’d recommend learning as much as you can before jumping in and really giving it a go
Q3: What are your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Nebraskan Gooner:
Continue building more educational material for everyone who follows me
Go on a vacation (thanks COVID)
I just want to continue to help crypto become mainstream and keep helping my followers understand risk management to protect their capital and have a nice stack of cash at the end of the bull market
Q4: Many starters are faced with the problem of deciding which coin to invest in. What would be your advice to a beginner on Crypto investment?
Nebraskan Gooner:
Find low-risk choices with large market caps.
Don’t go for the small $10 million market cap projects on uniswap.
Projects with strong fundamentals that are growing and have a well-established team/product are the ones that will be around the longest and continue to return the most value for investors.
Q5: Hi sir Nebraskan! Do you think it is best to do higher leverages in shorter time frames and lower leverages in higher time frames? And what can you advise traders with regards to chart readings?
Nebraskan Gooner: I will always recommend low leverage. But on high time frames stop losses have to be kept wide so reducing position size and leverage is important in these situations.
Q6: Thanks for the feedback Gooner. I have another question. My SL gets often hit due to some LTF crash but then the market covers itself and the trend goes up. If you trade ( spot ) when do you place a Stop Loss? directly or after the market with up a little?
Nebraskan Gooner:
Yes, this is tough. I’ve learned to reduce my position size a little bit and have a wider stop loss. A smaller position with wider stop loss can mean the same risk.
Sometimes I’ll do half a position size with a very wide stop loss or a manual stop loss and then when the stop hunt happens I can enter the second half of my position with a stop loss below that.
Q7: Based on your experience sir Gooner, how do you control your emotions when you trade? Is there a technique on how you handle your emotions when trading, especially when in a scenario of having losing trades?
Nebraskan Gooner: It’s hard. Lots of practice and discipline. and you must be free of stress and other things in real life. Otherwise, you’ll be emotional in the charts
If I have a lot of losing trades in a row I just take a break. Actually on a decent losing streak with stock trades. I think I’ve gotten stopped out 4 or 5 times in a row... So I’m going to take a week or two off from trading stocks
Host:
Thanks for sharing all this info. @Nebraskangooner! Pretty appreciate your time here with the Bingbon community. Thanks, Everyone! The above is all for today’s AMA. 👏
Nebraskan Gooner:
Thanks for having me! Thank you for all the questions, everyone.
