‘Plan the trade, trade the plan…’ After a month of being taught the ins and outs of crypto-trading, these words are firmly imprinted into my brain.
Just four weeks ago I knew nothing – and I mean nothing – about how the cryptocurrency finance market. But with Bitcoin becoming a buzzword, I often wondered if I was missing a trick. So when Metro.co.uk offered to pair me up with crypto guru Patrick Reid in a bid to see if a complete novice could learn the ropes, I jumped at the chance.
Before our first Zoom meeting, I recalled the feeling of sitting at the back of Mrs Barry’s class again at Hazelwick School in Crawley and not knowing my times tables. Would I really be able to do this?
However, as I began to chat to Patrick, it was clear he knew his stuff. A highly successful trader, he’s also co-founder of The Adamis Principle, a niche FX [foreign exchange] consultancy full of financial market whizzes.
He promised to walk me through everything gently, and it’s just as well. Among the higher grades I got, scraping a ‘C’ at GCSE Maths has to be one of my greatest achievements – so bracing myself for the Bitcoin market was somewhat intimidating – no scrap that, terrifying.
What even was a bit coin? A shiny platinum penny they sent you in the post after you’d bought some stock?
Turns out that a Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments.
Patrick suggested that I invest a small amount initially – roughly between £50 and £500 – but to start thriftly and increase in my own time as my ‘talent’ for the market grew.
Using the money app Revolut – which allows you to invest and was pretty easy to follow, thank god – Patrick showed me a chart that looks like a dodgy heartbeat. This was it; this was the market – and I was going to try and get my head round it. He started off slowly with some explanations – which surprisingly, I managed to follow.
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