The recent “Hold My Coffee” live episode featuring Dharm Soni, a seasoned crypto trader, delved into the intricate world of futures trading. Packed with valuable insights and practical advice, the discussion offered a roadmap for both experienced and novice traders navigating the volatile crypto landscape.
Let’s quickly take a look at the recap from the session!
Dharm’s Crypto Journey:
Introduced to Bitcoin in 2019, Dharm’s initial scepticism towards the “bubble” soon transformed into an appreciation for the underlying blockchain technology. This highlights the importance of understanding the core principles beyond mere price fluctuations.
Dharm’s background in traditional trading equips him with valuable risk management strategies, a crucial element often overlooked in the fast-paced crypto world. This emphasises the synergy between established trading principles and adapting them to the crypto ecosystem.
Navigating Market Volatility:
Acknowledging the current market volatility as akin to a typical 10-15 year cycle in traditional markets, Dharm encourages a long-term perspective rather than impulsive reactions.
Community Engagement: The live Q&A segment revealed a diverse audience, highlighting the growing interest in crypto and the need for accessible education.
Understanding Futures Contracts:
Perpetual Crypto-INR Futures: Dharm breaks down the complexities of perpetual futures, emphasising their open-ended nature and suitability for long-term positions. He also explains Crypto-INR futures, which offer INR settlement and potential tax benefits, appealing to traders seeking to avoid USDT fluctuations.
Trading Beyond Hype:
Dharm reiterates the importance of researching and understanding any product before investing. This critical advice combats the “get-rich-quick” mentality prevalent in some corners of the crypto space and promotes responsible trading practices. Risk Management is Paramount: Leveraging his experience, Dharm emphasises the need for responsible risk management through techniques like stop-loss orders and position sizing. This reminder serves as a safeguard against impulsive decisions driven by emotions.
INR Futures: A Gateway for Newcomers:
Dharm views INR futures as a positive step towards bringing new traders into the crypto space due to their INR settlement and potential tax benefits. This broader adoption could contribute to the overall growth and maturity of the crypto ecosystem.The dynamic nature of the crypto market necessitates continuous learning and adaptation. By staying informed and open to new strategies, traders can equip themselves to navigate the ever-evolving landscape.
Watch the full Episode here.
And, you’re all caught-up! Stay tuned for our next episode.