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Fail better: Scott Melker on defying the odds with crypto trading

magazine-Scott-Melker.jpg

Scott Melker, better known as The Wolf of All Streets, is a trader and crypto advocate who is far more approachable than his online handle might suggest. A former DJ, Melker operates a small crypto advocacy empire spanning YouTube videos, podcasts and a popular newsletter.

Scott Melker is open about his initial intentions in the crypto industry. I simply came to trade and make money, he admits, getting involved after hearing friends go on about the gold-paved streets of the blockchain world where 100x weekly returns were common. Being familiar with the more conservative movements of the stock markets since childhood, Melker was lucky to learn proper trading before entering the unregulated crypto casino.

XRP was like a penny or something then, he recalls. Crypto was also popular in the DJ community, something Melker attributes to the communitys risk-taking nature. He attributes his success to lucky timing in early 2016, soon cashing out his initial investment to play with his winnings.

There was this sort of groundswell in the DJ community. They understand technology, and they’re kind of wild and speculative. That’s how I first discovered it.

The crypto beats stopped soon enough. The 2018 bear market meant that If you wanted to stick around, you really had to justify it to yourself, and you probably went way further down the rabbit hole to understand the importance of the movement, Melker explains. He began to truly appreciate Bitcoins fundamentals and understand the purpose of individual altcoins.

Scott MelkerMelker has long been a favored commentator with Cointelegraph.

Trading

Though Melker has invested in hundreds of tokens over the years, he believes that Bitcoin is the most important asset ever created and that everyone should strive to have some exposure to it. Ether rises nearly to Bitcoins level of importance and may well have more upside, he says, while altcoins are akin to individual speculative technology investments.

Soon after changing his Twitter tune from music to crypto in 2017, Melker connected with Christopher Inks of TexasWest Capital, who became a mentor to him. Melker became something of an analyst for Inks fund, sharing charts and trading ideas. He clarifies that he did not trade anyone elses money, and lacks licenses to do so.

The Wolf emphasizes that trading is not easy, whether in stocks or crypto. To trade full time for decades, you are like a unicorn, he explains, adding that the crypto markets are especially brutal because they operate 24/7, without pause, meaning that traders dont have an opportunity to recharge while markets are closed. Of course, you dont need to trade all the time Melker himself uses leverage to trade Bitcoin only two or three times per year.

A curious aspect of trading is that as ones portfolio grows, so do the sizes of bets one should make to remain profitable doing otherwise would be akin to taking out $10,000 in casino chips only to spend all evening making $1 bets.

When your portfolio reaches a certain size, you have to be willing to ratchet up the size of your trades as a percentage and those numbers can start to become uncomfortably big.

Scott MelkerMelker as a DJ in 1998.

Learning to fail

Melker is quick to point out that the odds are stacked against day traders. 95% of traders fail they go bust quickly, Melker states, explaining that those aspiring to be serious traders need to be prepared to lose their invested assets several times over. Most dont have the time or capital for that, he says. In 2012, Melker invested his entire portfolio into ARYx Therapeutics, which went to zero. Despite such setbacks, Melker counts himself lucky for learning the hard lessons before crypto. He finds that most who first discover trading via cryptocurrency tend to lose everything to leverage.

You have to be able to learn on the job and go broke multiple times and still stick with it.

Though Investors almost always do better than traders, Melker strongly recommends those determined to trade study up on risk management. Long-term profitability, he explains, is not about selling tops and buying bottoms but rather the way that you protect your capital and allow yourself to hit home runs. He uses the example that a trader can be right less than half the time and remain wildly profitable if they know when to cut their losses. Even one win out of 10 can be a recipe for success.

It’s a math game of taking small losses and big wins.

Another piece of advice is to never risk more than 1% of ones portfolio on a single trade. However, this is far from foolproof. For example, 30% of a portfolio could be spread over 30 altcoin positions, all of which suffer when Bitcoin takes an unexpected dive. Ego is the enemy, and emotional attachment to positions is to be avoided something that may be even harder when it comes to NFTs.

To stay profitable long term is largely a result of your risk management strategy, Melker claims.

End of the bull run part 2Melker was featured in Magazines extremely popular and prophetic How to prepare for the end of the bull runseries.

DJ Bitcoin

Melker, 45, grew up in Gainesville, Florida, where his parents hammered home the importance of financial literacy and investing and saving. He began to experiment with the stock market at 13 when he bought stocks in Disney with his fathers help. He headed for the University of Pennsylvania in 1995, where he majored in anthropology. The school was very business-focused, Melker explains, with consulting and investment banking firms recruiting a large number of graduating students. The late 90s, of course, coincided with the dot-com boom, and It was impossible to avoid excitement around financial markets at school like that, Melker recounts. He adds that there was an up only sentiment that is familiar in crypto circles.

Apparently I once had a goatee. This was 2007. Steve Aoki took this photo. At the time, he was transitioning from being open format DJ Kid Millionaire to his present EDM identity. The first song he played that night was Sexyback. #TBT pic.twitter.com/9bN4n5bHbq

— The Wolf Of All Streets (@scottmelker) October 10, 2019

Having taken piano lessons from a young age, Melker was consumed by music and began working as a DJ alongside completing his studies. This began with house parties, which soon led to him playing gigs at downtown nightclubs. In those days, DJing involved far more skill and investment than today, when someone can simply hook up a laptop to a sound system. This was the full vinyl era. I had to have four friends travel with me anywhere I went to carry all the equipment, he recounts. Hot girls thought it was cooler than the piano, he says with a laugh.

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Despite having the option to follow his peers into investment banking after graduation, Melker decided on the entrepreneurial route, founding nightlife startup Philly2Nite in 1999, which marketed events happening in the Philadelphia area. In 2001, he founded 101 Magazine, which he describes as a lifestyle rag a magazine for everything that was happening in Philadelphia, along with the sort of snarky content the likes of which I now post about crypto. The magazine was a success and eventually merged into the larger Frank Magazine, which saw Melker move to New York as the firms global brand ambassador in 2003.

He worked for various other companies, including as a music director and business developer and a short stint in marketing at Vice Magazine. Melker moved to Miami in 2012, where he worked as a realtor, only to return to Gainesville in 2017 to be closer to his parents after having children of his own.

Throughout his career, Melker continued to perform and produce music under names such as The Melker Project, Funkontrol and MBS. Over the years, this resulted in him gaining a significant 40,000 followers on Twitter.

One day, I stopped talking about music and began posting charts and talking about magic internet money.

As he continued endlessly posting about crypto, he saw his Twitter following drop by half. But soon, new engagement began to appear. When you want to go from one thing to another, people tend to dismiss it, Melker states. He explains that in his early days of crypto, he faced mean-spirited comments like Shut up, DJ when he brought up crypto.

Thats when Melker came up with his Wolf of All Streets moniker as a message to people that you can be more than one thing. The name stuck, and he takes care to point out that it was merely a play on words, that the real Wolf of Wall Street was a criminal and not someone he wants to emulate.

$BTC Dominance

Here is some Grade A China White Hopium.

Every time RSI (which is a meme on dominance, really) has been this overbought on Bitcoin Dominance, we have a massive altcoin run.

Not saying it will happen, just showing you what has happened in the same situation. pic.twitter.com/pog7VclA0K

— The Wolf Of All Streets (@scottmelker) May 28, 2022

I become hyper-focused on that thing, and everything else disappears, Melker explains regarding his sudden turn from music to crypto. Like previous Journeys interviewee Carl The Moon Runefelt, Melker has attention-deficit/hyperactivity disorder, commonly known as ADHD. Theres a lot of ADHD in crypto, he says, explaining that he considers it a superpower because it allows him to place total focus on his passion.

I followed all the big accounts. I was trying to learn, I was commenting under their tweets, trying to engage with them. This engagement could soon be seen in his follower count, and Melker grew more confident in sharing his ideas. Considering Twitter very shorthand, he started writing a newsletter, which soon came to resemble a full-time job. He was charging $15 per month and offering a limited free version, but he later made everything free because I dont want to monetize my audience in any way, shape or form.

By all appearances, Melker is driven more by passion than money. This did not, however, prevent controversy from blowing up last year amid a market downturn when he was criticized for deleting so-called shill tweets relating to low-market-cap coins whose price could theoretically have been influenced by a highly visible account like his. My account has grown to a size where I cannot tweet about certain things, he commented following the controversy. He says the blow-up resulted in threats against his family.

I used to hang out with a lot of celebrities in my DJ days. pic.twitter.com/92ylU3d3Lz

— The Wolf Of All Streets (@scottmelker) February 25, 2022

The newsletters success prompted Jason Yanowitz, co-founder of Blockworks, to approach Melker and suggest he start a podcast. I literally asked, Whats a podcast? as I had never listened to one, Melker recalls with a laugh. Today, he considers podcasting the best job in the world, partly because he feels he can get almost anyone onto The Wolf Of All Streets Podcast.

With multiple sponsors, the show has become a business but not one devoid of purpose. The overarching goal, Melker says, is to create content for the next wave of crypto investors, like grandma or the average person on the street. He sees himself as a crypto advocate, easily able to list the ways Bitcoin and crypto proliferation will benefit society. Considering the breadth of his YouTube channel, Twitter account, newsletter, website and podcast which are full of thoughtful, measured commentary its clear that new followers will have no shortage of support.

I wake up every morning at 4:30, excited to write the newsletter. I can’t sleep because of the thoughts that I want to get down on paper.

Source

  • 14.09.20 19:48 Вячеслав Левков

    Крипта скам=)

  • 14.09.20 19:53 Тоха

    Понеслась

  • 14.09.20 19:57 Носов А.А

    Рига смотрит

  • 14.09.20 20:04 Прокоп

    Донаты принемаете?

  • 14.09.20 20:06 Носов А.А

    спасибо

  • 14.09.20 20:12 Юрий Ник

    Тюмень рулит😁

  • 14.09.20 20:18 Даниил

    миллионерам привет

  • 14.09.20 20:24 Никита

    18$. Задонатю вам баблишка)

  • 14.09.20 20:25 Вячеслав Левков

    Поможем парням лайками, я уже свой поставил

  • 14.09.20 20:26 Павел Скоровойтов

    Слава эфиру

  • 14.09.20 20:35 Носов А.А

    Привет, пацаны. Слышно, видно хорошо

  • 14.09.20 20:36 Тоха

    Шалом

  • 14.09.20 20:44 Лена

    Биток и эфир держу до лучших времён)

  • 14.09.20 20:47 Нина

    ​ку-ку)

  • 14.09.20 20:53 Попков С.А.

    Все good. Ростем потихоньку и падаем, как всегда

  • 14.09.20 20:58 Санек

    Всем РЕСПЕКТ

  • 14.09.20 21:01 Славка Орехов

    Спасибо за ваш труд

  • 14.09.20 21:10 Ваня А,

    Привет, пацаны. Слышно, видно хорошо

  • 14.09.20 21:13 Нина

    ​ДОБРОГО

  • 14.09.20 21:20 Никита

    Привет парни!

  • 14.09.20 21:25 Егор Шетюк

    Hello

  • 14.09.20 21:27 Вячеслав Левков

    ​ку-ку)

  • 14.09.20 21:33 Попков С.А.

    Тамбов с вами братва

  • 14.09.20 21:37 Серега Бумер

    Слава эфиру

  • 14.09.20 21:42 Ваня А,

    Подарите книгу)))

  • 14.09.20 21:50 Павел Скоровойтов

    Поможем парням лайками, я уже свой поставил

  • 14.09.20 21:54 Захар Трофимов

    Привет парни!

  • 14.09.20 21:56 Санек

    Отложил биток на пенсию

  • 14.09.20 22:03 Носов А.А

    Привет, пацаны. Слышно, видно хорошо

  • 14.09.20 22:03 Попков С.А.

    14$. Надо изучать Defi , интересно

  • 14.09.20 22:09 Николай

    Поможем парням лайками, я уже свой поставил

  • 14.09.20 22:14 Вадим Никулин

    Я из РБ слежу за вами давно💰

  • 14.09.20 22:17 Николай

    Поможем парням лайками, я уже свой поставил

  • 14.09.20 22:24 Лена

    ​Я снова с вами)))

  • 14.09.20 22:28 Носов А.А

    Отложил биток на пенсию

  • 14.09.20 22:31 Серега Бумер

    Тюмень рулит😁

  • 14.09.20 22:40 Светлана П

    Сморгонь 👍

  • 14.09.20 22:43 Вадим Никулин

    Отложил биток на пенсию

  • 14.09.20 22:46 Николаев

    Круто

  • 14.09.20 22:53 Ваня А,

    Люблю ваши трансляции, вы крутые!

  • 14.09.20 22:58 Вячеслав Левков

    Биток вперед!!!

  • 14.09.20 23:05 Носов А.А

    ​Привет всем с Украины!

  • 14.09.20 23:06 Носов А.А

    12$. ​здарова бандиты

  • 14.09.20 23:09 Константин В.В

    Отложил биток на пенсию

  • 14.09.20 23:14 Прокоп

    Екатеринбург на связи

  • 14.09.20 23:18 Николаев

    Круто

  • 14.09.20 23:25 Тоха

    ​здарова бандиты

  • 14.09.20 23:27 Попков С.А.

    Отличные эфиры у вас

  • 14.09.20 23:33 Лена

    Поможем парням лайками, я уже свой поставил

  • 14.09.20 23:39 Николаев

    Доброе утречко

  • 14.09.20 23:45 Лена

    Как успехи?

  • 14.09.20 23:49 Павел Скоровойтов

    ​ку-ку)

  • 14.09.20 23:51 Ваня А,

    Привет, пацаны. Слышно, видно хорошо

  • 14.09.20 23:57 Попков С.А.

    Хомяки тут

  • 15.09.20 00:01 Лысый Боб

    Привет, пацаны. Слышно, видно хорошо

  • 15.09.20 00:07 Санек

    Слава эфиру

  • 15.09.20 00:12 Щука А

    Екатеринбург на связи

  • 15.09.20 00:14 Нина

    23$. Лайк

  • 15.09.20 00:16 Юрий Ник

    Вперед криптаны

  • 15.09.20 00:25 Лена

    Биток и эфир держу до лучших времён)

  • 15.09.20 00:26 Попков С.А.

    Как успехи?

  • 15.09.20 00:33 Попко Колян

    Я из РБ слежу за вами давно💰

  • 15.09.20 00:40 Даниил

    миллионерам привет

  • 15.09.20 00:50 Константин В.В

    11$. Круто

  • 17.09.20 15:31 Trident

    купил билет на семинар который изначально планировался в субботу.... в пятницу не смогу послушать, гле посмотреть запись?

  • 24.09.20 12:08 Серго1985

    Как бабло зарабатывается??

  • 15.10.20 09:16 Vyacheslav

    отлично зарабатывается !)

  • 15.10.20 09:16 Vyacheslav

    у вас как?

  • 09.02.21 10:40 ave2510

    всем привет! кто то заходил в ю8д...?

  • 10.02.21 12:52 [email protected]

    почему я на юнисвоп не вижу токен NTFI

  • 16.02.21 18:27 Jessikagylu

    Всем привет. А какой интернет вы используете для майнинга? Прочла интересную статью https://hashalot.io/blog/vyjdet-li-majning-za-limit-trafika-kakaya-skorost-interneta-nuzhna-dlya-majninga/ и задумалась над этим. Какие характеристики сети у вашего провайдера?

  • 24.04.21 07:21 [email protected]

    991532991

  • 24.04.21 07:24 [email protected]

    998991532991

  • 24.04.21 07:25 [email protected]

    [email protected]

  • 12.05.21 09:24 Calibr

    Как купить доступ в закрытый чат?

  • 18.06.21 11:05 007ja

    Как войти на выбинар бесплатный в 11:00

  • 13.07.21 19:13 ChicoChalk

    Try changehero: https://changehero.io/

  • 15.07.21 21:57 Alonzo

    ребята нужна помощь не могу завести ton на кошелек ton cristal!

  • 18.07.21 00:04 Alonzo

    ребят мне нужна помощь я не могу зайти в фермы !вроде делаю все как вы обьясняли но что то делаю не так нужна помощь

  • 26.08.21 04:09 Noverlick

    А значит надо оптимизировать алгоритм. Мы в Новерлик это сделали!

  • 08.10.21 12:36 artem2121ro

    Как принять участие?

  • 18.11.21 16:42 wakawaka

    test text

  • 14.12.21 21:40 James Delic

    Try Coinsbee. Ptatform which allows to buy gift cards for cryptocurrency www.coinsbee.com

  • 31.12.21 14:39 diled

    https://www.dropbox.com/s/ihw63ktauklo6cn/-----------.jpg?dl=0 https://www.dropbox.com/s/oep4h2mb56lucnm/----------.jpg?dl=0

  • 06.01.22 16:24 CharlesHogan

    You can try it here,<a href="https://www.miners-bitcoin.com/">Asic Miner</a>

  • 08.02.22 10:22 Xela7780

    Что там с Dogedi?

  • 18.02.22 09:17 KiSSka

    Bitpapa Супер! Очень нравится данная платформа. Удобный интерфейс и качество сделок! Совершено уже более 60 сделок и это только начало. Возможность заработка высока. Тех поддержка отвечает быстро и по делу. Для новичков все ясно и просто. Есть телеграмм канал где можно выиграть бесплатные биткоины, в общем регистрируйтесь-не пожалеете!!!

  • 18.02.22 18:02 SuperPapa

    Bitpapa лучший на мой взгляд Р2Р сервис. Почти каждый день покупаю или продаю битки. Стабильно работает площадка. Предлагают для удобства сайт, приложение на ios и Android и Телеграм-бот. Отличный дизайн, простота и доступность. За полгода 400 сделок. Обслуживание по высшему разряду. Ну и конечно, приятные бонусы и постоянные розыгрыши. В общем, я свой выбор сделал.

  • 19.02.22 01:19 BTC_DADDY

    Офигенная площадка - то что нужно современному трейдеру ! В два клика купил-продал биток и поднял на этом чутка денежки :) Быстрая верификация и адекватный персонал службы поддержки тоже не могут не радовать Всем советую!

  • 19.02.22 15:34 Sexy_Girl

    Крутотень а не площадка, есть сайт классный с красивым интерфейсом, ботяра есть, им не пользуюсь, но кому как) тех поддержка на ура! но большие комиссии на вывод эфира и тезера. вообщем советую

  • 19.02.22 16:45 megoflood

    Как я счастлива что моему взору попался битпапа и теперь я могу не ждать по полчаса ответа от бота обменника,а за три минуты купить себе биткоин по выбранному мною курсу. Просто шикарный сервис с клевым приложением и ботом в телеграмме . Минимум комиссий, а зачастую вообще их отсутствие.

  • 19.02.22 23:40 Amerikanec105

    Крутой сервис,с хорошими акциями для своих клиентов и нормальным таким андроид приложением. Никаких багов в нем не обнаружила. Минусов на самой площадке не заметила вовсе,сплошные плюсы и позитивный настрой после пользования сервисом😸 будем пользоваться и впредь. Всем советую!

  • 20.02.22 01:34 sestra_meda

    Круто! отлично! Четкая программа для криптовалюты, есть только три крипты, это эфириум тезер и биток, большик комиссии на биткоин. Чат крутой. Пользуюсь более полугода, за все время все четко. Советую всем

  • 20.02.22 03:02 flour

    В кошеле очень удобно просматривать эквивалент крипты в рублях, и сортировать доходы/расходы по типам операций. В этом месяце на маркете было жарко, поэтому у меня больше входящих переводов

  • 20.02.22 08:09 Nikolay91179

    Могу оставить свое мнение. Битпапа хороший обменник p2p. Удобное приложение. Телеграм бот помогает сделать большинство операций по покупке продаже криптовалюты биткоин ефириум тезер. Реферальная программа для получения дополнительной прибыли. В чате очень дружная команда. Я сделалиуде более 120 операций по покупке продаже. Советую ,)

  • 20.02.22 09:02 Крестный Отец

    БитПапа классный обменник , на которой покупаю и продаю уже год. Радует интерфейс на русском языке и уровень безопаности, так как биржа имеет лицензии от регуляторов. Можно пополнять счет прямо с банковской карты, что тоже есть не везде.

  • 18.03.22 13:41 cross chain

    The future is cross-chain and you can do that now a token bridge. A cross-chain bridge let's you launch your token on multiple blockchains and allow users send your tokens between chains. Launch your token on any EVM blockchain with our cross-chain bridge.

  • 18.03.22 13:41 cross chain

    The future is cross-chain and you can do that now a token bridge. A cross-chain bridge let's you launch your token on multiple blockchains and allow users send your tokens between chains. Launch your token on any EVM blockchain with our cross-chain bridge.<a href="https://www.blockchainx.tech/bridge-smart-contract-development">Build a cross chain bridge</a>

  • 01.07.22 15:11 Fillin

    ok

  • 18:49 Fillin

    Какое уже и у нас в стране практикуется, можно учиться даже в кредит. Биткоинов у меня нет, как и денег в наличии на образование, но я очень хочу стать художником по спецэффектам, нашёл для себя подходящие курсы в школе XYZ https://www.school-xyz.com/vfx-professions . Тут обучают этой профессии на высоком уровне преподавания предмета.

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