SalsaTekila, an anonymous cryptocurrency trader known for transparently sharing cryptocurrency transactions on Twitter, shared the details of how he quickly raised his very small amount of BTC (0.19 BTC) to $ 100,000 (8 BTC).
“You Must Play Your Cards Correctly”
SalsaTekila, the guest of the Market Meditations podcast presented by cryptocurrency trader Koroush AK, gave some secrets about how the futures cryptocurrency transactions platform Bybit became one of the leading traders in the trading competition. Salsa Tequila:
The most important point is that these competitions are not exactly your typical trading journey. For a small account, you often have to take big risks. You must play your cards right. Start with the minimum amount they allow you to start with and try to build something that translates into a large percentage of return on investment (ROI)… If you start with 0.1 BTC and you get a nice streak, you can scale and increase the size of your earnings pretty quickly.
“Basically You Have to Take Huge Risks”
The cryptocurrency strategist also explains the role of the risk he takes in his journey to increase 0.19 BTC to 8 BTC in just three weeks:
You have to start taking big risks right from the start because the winners will have 4000% ROI as we’ve seen. Therefore, if you are trading with your typical 2% account risk per trade, you cannot enter the leaderboard. You don’t have such a chance… Basically you have to take huge risks.
“The Biggest Risk Is Not To Lose Money, It Is Wasting Time”
In SalsaTekila’s eyes, winning Bybit’s trade contest entailed more than monetary risk:
The big opportunity cost was mostly time. If I went bankrupt, I would have to spend a lot of time recovering my account balance. Maybe I would lose 0.1 BTC or if I reinvested I would lose 0.2 BTC. This is not a big number. In general, the large amount was not risked. For the most part, it was time to risk investing, and in the end, when I was very close to being first, I actually risk losing money here.
SalsaTekila also made it clear why it is trading cryptocurrencies so transparently. The trader stated that he did not do this to be famous, in these words:
I think what most traders need to succeed is to be honest with themselves, their decisions, and accountability. You have to take responsibility for your decisions and be honest with yourself.