‘Wolf of All Streets’ Trader Says Dogecoin Is A Good Entry Point Into Cryptocurrency And Has Advice For DOGE Investors – Markets And Prices Bitcoin News
Crypto trader Scott Melker, also known as the “wolf of the streets,” says Dogecoin is a great way for new investors to get into cryptocurrency. He shares his own experience of investing in the meme cryptocurrency and now has some advice for new Dogecoin investors.
“Wolf of All Streets” Scott Melker to Dogecoin investors
Crypto investor Scott Melker has shared his dogecoin investing experience, the insider reported on Friday. He also shared some advice he has for new Dogecoin investors.
Melker is a privately owned trader and investor with Texas West Capital. He is the moderator of “The Wolf of All Streets Podcast”, author of the newsletter “The Wolf Den” and advisor to a number of blockchain-based projects. He also had a 20 year music career. In June last year, Binance presented him with the Influencer of the Year Award for North America.
With a focus on crypto investments, 70% of Melker’s own portfolio is used for long-term investment strategies. He believes that holding cryptocurrency for the long term is the best way to make money.
Regarding Dogecoin, Melker said the meme cryptocurrency has long been a very effective strategy. He believes DOGE is a good entry point for investors into the crypto market as its price is currently under a dollar and is heavily touted by a growing number of celebrities and influential people like Tesla CEO Elon Musk, who calls himself Dogvater.
The price table for Dogecoin. Source: Markets.Bitcoin.com
Melker announced that at some point he owned tens of millions of Dogecoins, if not more, as the publication conveyed. “I did it again [recently] and I was trading against Bitcoin when it was all down a few months ago, ”he said. When he sold, the meme coin peaked on its normal cycle at just under a dime, he explained. Dogecoin is currently trading at around 40 cents. Melker said:
It just kept going and obviously went up 70 times from then on, or something absurd. But I don’t blame myself for making decisions based on information I don’t have. And if you do that as a trader, you will drive yourself crazy.
The Wolf of All Streets trader is well aware that Dogecoin has no fundamental value. “It’s absolutely a joke, it’s a nice joke, a popular joke in the community,” he said.
He went on to share his two top tips for anyone interested in investing in Dogecoin.
At first he said to do your homework and get good information. “There’s just endless information on crypto out there right now,” he noted. “It’s very easy to find and I think the mainstream is serving this information whether they want it or not.”
Second, he said it was important to learn from your mistakes and stressed that everyone does them. “If you can’t learn from your own mistakes, you shouldn’t trade at all,” said Melker, adding that one way to learn from mistakes is to keep a trading journal.
“If you write down your trading plan before you record it and say I made the trade here, you cannot lie to yourself that you decided to switch mid-trade,” noted Melker. Repeating that “if you keep a trading journal, you cannot hide this from yourself,” he concluded:
I think it’s really very important because you will never learn unless you pick it up.
What do you think of Melker’s advice on Dogecoin investing? Let us know in the comment section below.
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