The expert advice that could transform your crypto fortunes
Vince Stanzione has been trading currencies since the eighties, and his 2013 book, The Millionaire Dropout, featured as a New York Times bestseller. He has also been involved in numerous educational programmes teaching budding traders the secrets to success.
To say he’s market-savvy would be an understatement, and this knowledge is something he is now applying to the world’s most talked about market… cryptocurrencies.
I caught up with him to gather his thoughts on the market everyone wants to know about…
Vince, you’ve been an active trader for over 30 years now and you’ve traded almost all the markets there is to trade, so what has made you interested in crypto and why is it so exciting for you?
That’s correct, I’ve been trading for 32 years now, starting way back in 1985.
To be honest, the reason I’m interested in cryptos is quite simple; they caught my eye because the patterns and moves that I was witnessing the crypto markets make were similar to other markets. So really, I saw this as an opportunity to trade them with my usual trading system.
I know you’ve said in the past that you lost 50% of your crypto trading bank when you first started. How did you cope with that and what advice would you give for others who may be in a similar position after the recent downturn?
I took a relatively small amount of money in comparison to my personal wealth, and kept this separate – I did not use my life savings as you should only use money that you can afford to lose. Cryptos can be very volatile as I’m sure you know, so you need to be able to take the big swings.
Unlike most, I also make money from falling prices. However, when I first started trading cryptos I was only trading them to go up. Some of my losses also came from technical issues and exchange problems, which I have since learnt to avoid.
You say it then clicked and you turned it around. Was it a particular form of analysis, a general change of approach or even a different psychological outlook that helped you?
Yes, I can remember it quite specifically. I started ignoring news, reading less and becoming very price driven; I know it may sound odd to ignore the news but I felt like it really helped to turn my trading around.
You recently held a live seminar with the likes of John McAfee, Tom Lee and Dominic Frisby – which your new programme is based on. How was it and what was the general mood from the attendees?
It was a great day and we had a really impressive turnout, people seemed engaged when listening to some of the world’s top experts talk about the promise of cryptos, and that created a real excitement around the place.
[Editor’s note] If you missed that seminar, don’t worry. Vince has put everything down into the Cryptocurrency Trader Programme. In it, both he and industry experts reveal secrets such as how to spot the next big cryptos and what to do if Bitcoin crashes, preparing you for every possible money-making opportunity. Click here to find out how to join.
There are strong arguments for the “crypto is a bubble” perspective, with some claiming it to be a re-run of the dot.com era. Do you genuinely believe that cryptos are here to stay and that blockchain technology really is as revolutionary as some claim it to be?
I am old enough to remember the dot.com frenzy, and I actually made money from it both long and short. However, many people lost out as we know, with only the strongest companies with a genuine worth surviving.
Of the 1500 coins listed, I would say 90% of them won’t be around in two years’ time, maybe even less. We have already seen bitconnect go broke (one I warned my students against) and there are plenty more shady coins out there.
We must remember however, that there are also some very good ones in the market with genuine use cases, and my focus is on those. Cryptos are not going to disappear, but they will mature and the strongest ones will survive.
Some experts are forecasting Bitcoin to go to $100,000 or higher. In fact, John McAfee, who you worked with on this, even says it could reach $1million. What do you think?
The truth is, no one knows what will happen. Personally, I prefer to follow trends and my own systems, letting the price tell me what to do next. I am happy to profit from both up and down moves.
Do you think we will see plenty of volatility up until then?
Yes, absolutely. There is still plenty of volatility left in the market as media attention, regulation and government decisions can swing the market in either direction within an instant. We need to see volatility as an opportunity however, as the weak hands sell out when the going gets tough and the strong hands buy.
Do you do any investing in Initial Coin Offerings or is it just established coins?
I prefer established coins – I have looked at a lot of ICOs, especially in the early days, but my profits have been great from trading the top 20 coins, so I don’t see any real need to jump on an ICO unless I believe one to have exceptional potential.
With all the incidences of hacking, fake news and scams plaguing the crypto space, it has become a minefield for new investors, and you can understand why some people are scared of investing. What advice do you have for those who want to invest but are too afraid to commit?
This is undoubtedly a big problem, and I am an extremely security conscious person myself. Touch wood, I have never been hacked or lost any coins, and I hope it to stay that way!
In fact, I will show you the way I trade, store my balances and protect myself. I use a very low-tech way to store my coins…
Vince is now giving you the opportunity to join him on his Cryptocurrency Trader Programme, in which he will present expert analysis and masterclass sessions so you can be in the best position possible to profit from cryptos.
However, he is closing the access gates to his special programme at midnight on the 28th February, so urgency is recommended to ensure you don’t miss out. Vince is even throwing in a 60-day money back guarantee so you can’t lose! Click here to find out how to join.