- Dogecoin is a good way for new investors to get into crypto.
- Melker revealed that at one point he owned tens of millions of dogecoins.
- Melker gave two tips for DOGE investors.
Scott Melker is a crypto trader also known as the “Wolf of All Streets”, explains Dogecoin (DOGE) is a good way for new investors to get into crypto.
‘Wolf of All Streets’ Shares his Experience to New DOGE Investors
Melker believes that long-term crypto holding is the best way to make money. However, 70% of Melker’s own portfolio is kept as a long-term investment strategies.
Moreover, Melker mentioned that the meme crypto DOGE has been a very effective strategy for a long time. However, he believes DOGE is a good entry for new crypto investors since its price is less than a dollar. According to CoinGecko, the DOGE price is at $0.32, at the time of writing.
Melker revealed that at one point he owned more than tens of millions of dogecoins. The Wolf of All Streets trader is aware that DOGE does not have any fundamental value. “It’s absolutely a joke, it’s a beautiful joke, a beloved joke in the community,” Melter said.
Melker’s Two Tips for DOGE Investors
Melter gave two top tips for new interested Dogecoin investors. Firstly, he asked traders to do their homework and get information. However, he said there is a lot of information on crypto in the market right now.
Secondly, he explained it is important to learn from the mistakes, emphasizing that everyone makes them. Melker exclaimed, one way to learn from mistakes is by maintaining a trading journal.
“If you write down your trade plan before you take it and say I took the trade here, there is no way to lie to yourself about the fact that you decided to change mid-trade…you can’t hide that from yourself if you keep a trading journal.”
Melter felt these are really essential because they will never learn unless they record them. All-in-all Melker is a trader and investor both privately and at Texas West Capital. Moreover, he is the host of “The Wolf of All Streets Podcast,” the author of “The Wolf Den” newsletter, and an advisor to a number of blockchain-related projects. In addition, he also had a 20-year music career. In June last year, Binance awarded Melter the Influencer of the Year Award for North America.