What is your background and what were you doing before entering Crypto?
Hi guys and gals, I’m Bagsy and this is my story.
I was born and raised in Montreal, Canada. I’ll have to keep my current location to myself (you know, OPSEC and all), but it’s a nice place and I’ve come to call it home.
I picked up French and studied Software Engineering at university, although admittedly I didn’t make it too far into my degree; I was too occupied with chasing girls and I lacked the focus and motivation at the time to complete it.
Despite my lack of formal education, I’m proud to say that I’ve done somewhat well for myself. I’m fortunate to have a strong support system and the people I choose to have around me are positive.
Can you talk us through the first time you heard of Bitcoin or Cryptocurrency and what was it that initially drew you to this space?
To make it clear to my readers, I’ve been trading full-time since August 2017, which means I’ve been at it for roughly a year and a half. I’m still an amateur, and I won’t sell myself to you as more than I actually am. However, in this time I’ve been fully consumed by trading and I’m making good progress.
The first time I heard about Bitcoin was when I was browsing the dark web back in 2013-14. I noticed it was used to barter with and I quickly took an interest. Like many in the space I’ve always considered myself somewhat of a Maverick and to me Bitcoin is the currency of a Maverick (yes, I’m aware BTC isn’t a currency, but bear with me).
When I was a youngling I used to love trading on a game called Runescape. It literally consumed me. When I realized that crypto was an unregulated market that is open 24/7 it just screamed at me.
It just felt right at the time that I learn as much as I could on the subject.
In the early stages of your trading career did you have any mentors or role models you learnt from or looked up to?
My father is the first individual that comes to mind. He’s the definition of a workhorse and an honest one at that. Apart from him, I’ve always looked up to the likes of Arnold Schwarzenegger and Greg Plitt; to me those two are the definition of perseverance and hard work which are two qualities that are attractive to me.
I can’t say that I have any trading mentors as of yet, although the position is open if anyone’s looking to teach. I’m hungry and I offer a ski mask and complimentary biscuits in exchange for guidance.
As a beginner it’s not uncommon to suffer significant losses and chase trades early in your career. Can you offer up some advice as to how you learnt from your mistakes to improve your future strategy?
Firstly, I would take the time to write down each and every trade I make in a journal (it can be a book, excel sheet, whatever floats your boat.) If you’re wondering what to jot down in that journal, I recently wrote an article on the subject entitled ‘Want To Become A More Profitable Trader? Good. Start Writing It Down!’; I’d recommend you check it out.
Secondly, I would recommend patience. There is always another trade. There is always another opportunity. Move slow and trade with a very small % of your portfolio to start with. Risk management styles vary, some recommend 1% maximum risk per trade, I’d honestly start with 0.1% risk per trade until the point where you’re winning over months and finding a system that works for you.
Perhaps the biggest challenge of trading is found in the psychology of being able to control your own thoughts and emotions. Can you offer some advice as to how you’ve learnt to overcome this as you’ve progressed as a trader?
Well for one, I would build a trading system with strict rules.I believe that once you build a trading system that works for you, emotions aren’t as big of a deal, because you’re not basing your trades off anything except what the chart and your rules are telling you.
Worst case, you get stopped out and you reassess.
You’ve had some incredible success with Bagsy’s Block, your Discord server, recently hitting over 1k followers. What was the idea behind starting this and what can users expect to see from joining?
Thank you, we just cracked 1.6K as I’m writing this!
At the core I’ve always wanted to build a community. I’ve come to realize that there’s little point in having knowledge if you aren’t going to share it with anyone else. I’ve made and lost so much money that it would be selfish of me not to share any of the experience that comes with it.
What people can expect is a positive community of traders and cryptocurrency enthusiasts whose goal is to empower each other and quite simply win at the long game. I wanted to build a place where a newbie can ask a question without getting chewed out or called an imbecile. I would have really liked to have that when I first started out.
As much as I love Twitter, as a whole it’s a toxic environment that isn’t conducive to learning, which is another reason I built this place. I share my trades through Twitter, but Discord allows for a more personal touch.
Can you give your views on the current market conditions and what you think we can expect from 2019?
To be quite frank, I have no idea. My best guess is that we’ll be seeing a lot of sideways action, and potentially another leg down. So make sure to lock in profits, always hold some BTC, and never overexpose yourself to too many altcoins. I know they’re shiny and all, but like anything, they are cyclical in nature.
Aside from Bagsy’s Block are you working on anything else exciting to bring to the space?
For the moment I’m focused on improving my craft, improving as an educator, and reaching as many people as possible. I’m also going to be exposing myself to more podcasts/live-streams and potentially make an appearance at a conference or two this year.
I’d like to thank Bagsy for his time
Bagsy is on a mission to becoming a leading figure in the Cryptocurrency space; with a passion for teaching and building a positive community around him
Join his free Discord, filled with educational material, a thriving community, and a cool place to hang out and talk crypto https://discordapp.com/invite/TR9gCwK
Stalk him on Twitter: https://Twitter.com/ImBagsy
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