Should You Trade Or HODL Cryptocurrency? (Featuring 808Dave & Fun Uncle)

Hey, what's up, everyone? Welcome back to the Hustle and Flowchart podcast. Today we're actually handing this podcast over to some friends of ours and they're going to have a little discussion around whether or not you should buy and hold crypto or kind of trade crypto a little more frequently. Let's dive in.

This is an intro, intro, intro, intro.

Hustle and Flowchart with your boy, my boy, Matt Wolf.

Joe Fear. Hey, yo.

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Yeah. So go improve your website's SEO performance for free at ahrefs.com awt all right, so like I mentioned, this one is a little different than normal. So as I record this, we are rounding out the end of 2021. The year is almost over. This is the second to last episode of the year. In our final episode, Joe and I are we're going to reflect on 2021 and talk about some of our plans for 2022. We've got some big, big, big stuff in the works for 2022, and we're excited to share that with you.

Like I mentioned in the last episode, Joe and I are actually not going to be recording new episodes. We're going to give ourselves a nice one month break to lay the foundation for this new thing we're building. I'll give you a little hint on what we're building. It's going to be forking. Awesome. That's as much of a hint as I'll give, but it's going to be forking. Cool. So, yeah, we're building something really cool with some, some of our buddies and there's about six of us that are teaming up and we're going to build this foundation for this really, really cool business. Hustle and Flowchart is going to be a piece of we are gonna continue to put out podcast episodes. We're not gonna slow down on putting out some amazing content for you, but we are gonna kind of take a break in the month of January of putting out new content. And during the month of January, we're gonna rerun some of our more favorite episodes over the last few years. So we're gonna do some flashbacks and play some stuff that you might have missed or if you're newer to the podcast, you may not have heard that we even did these episodes. So some really, really cool episodes that we're gonna re share with you over the coming.

Foundations for what we're building in January. Now, this episode today is a discussion between two of our friends and actually two of our future business partners. They go by 808 Dave and fun uncle. You might know them from some other videos on Ladd City. And in this episode, they had a really cool discussion on whether or not you should be buying and holding crypto or buying and selling crypto. And Joe and I will share more of our opinions in future episodes on this topic. But this was a good, nice little fundamental discussion on it, so you guys can tune in and hear their opinions because these guys are our business partners and we kind of approach things very similarly. Let's go ahead and before I blabble on too much, let's go ahead and just pass this one over to Fun uncle and 808 Dave as they discuss buying and holding or selling a little quicker. Let's jump over.

All right, guys, are you ready to learn the difference between trading and hodling and why it may be a better strategy strategy to choose one over the other. Welcome in. I'm David. I'm here with cryptotutorials.org today. I got a good friend of mine, goes by the name of Fun Uncle. He is a friend from Lad City and he's an OG crypto trader. This guy's been doing it since, you know, 2016, mining, Bitcoin mining, ethereum trading. Knows lots of great information and great tricks. And I'm Gonna bring him on and have a talk with him about why he chooses to trade as opposed to hold, you know, and the time frames and kind of what that really means to him. All right, Aloha guys.

Welcome.

I'm David, here with crypto tutorials. We got one of my fellow Lad City lads here. If you don't know Lad City, it's the city of NFTs. And I've got fun uncle here with me. He's an OG crypto trader. Going to share some advice with us. So you were talking a little bit about your strategy as not as much a hodler as a trader and kind of give me a little rundown of how you ended up deciding that that was the way you were going to make crypto or make money in crypt and kind of what that means to you.

And that's mostly due to the war scars I have from 2017. I know what, how quickly this can fall, honestly. Well, and that's why all of us old timers.

I guess, as you can call me, hasn't been around for long enough.

Four years of crypto counts.

Yeah, kind of. Kind of that. I'm a senior citizen in the crypto world. Yeah, in dog years, right. Or whatever. Crypto years are 10 years each. See, this is the daily cost averaging strategy that we always stress. The senior citizens always stress this because there's no way for you to lose it all if you daily cost average at the same time. You can make up for those losses or catch up for missed gains. You know, let's say instead of fomoing right. When you see it starting to go parabolic, realize that like this is a patience game. There will be a better buying opportunity next week or next month. All right.

So I'd love to find out a little more about crypto trading. It's something that, you know, personally I haven't had a whole lot of success or done very well with you kind of, you know, give me a little bit of a background on sort of how you decided and focused on trading and learned trading and you know, how this became a skill that you, you can successfully do. Because whenever I try to trade to.

Compare it to the stock market, stock markets are, you know, you can, you can be pretty sure that the money you put in the stock market this year there, it'll be more next year. Right? But I can't tell you with any degree of certainty that Bitcoin will be higher than it currently is this time next year or lower than it currently is this time next year. Like let's Fast forward to September 2022. It could be lower than it currently is right now. And that's just, it's still young, it's still very volatile, and there's still a lot of very vicious people in the market that will win from dumping the price. And so that's just taught me to stay light on my feet, make sure to lock in my gains. Bitcoin is not a purchase that you can turn your back on, you know. And I mean, sure, if you do in five or ten year scales, yeah, it will be higher than it is. Except, yeah, five years from this September, it will be higher. But two years from this September, I can't necessarily say that to you. And so that's why I stay light on my feet. And I keep more of a trading than a hodling mentality overall. An analogy I use all the time with cryptocurrencies is there was an app called MySpace, right? And that was all the rage. And all of us kids are jumping on MySpace. And then Facebook came along and nuked MySpace. Everyone scorched earth on MySpace. We all jumped over to Facebook. And so you look at the two of them and you're like, okay, is Bitcoin MySpace and is Ethereum Facebook? And now I'm taking it one step further. That was how I used to think. Now the new mentality is that. And I'm going to date myself even further with this statement. Before MySpace, there was an app called Zanga and that was all the rage. No one knew about Zanga because MySpace really eclipsed it when it showed up. But Zynga was the first kind of social media web 2.0 app that you could make a profile on. And then MySpace came out, corrected all the flaws with Zanga, nuked it and then, and then, and then Facebook corrected all the flaws with MySpace and nuked that. And so I'm now I'm this one step further, I'm like, is bitcoin zanga, Ethereum is MySpace. And Facebook isn't even invented yet? Because we're so young in the market, we have institutions still trying to crush out cryptocurrencies as a whole. Banks, institutions, governments are trying to crush it out. And as soon as they can view cryptocurrency with the same kind eyes as they would a Facebook or a MySpace, then we'll finally allow for that, that coin to exist. And whenever I see stuff like Hedera Hashgraph or Polygon Solana, these other coins that learned from the design have perfected on it, are better, stronger, faster, and more and more decentralized. Can you say that less centralized I think is the right way to say it.

Yeah.

You get what I'm saying? So that's why I stay light on my feet. Because the real winner has not been picked yet. The biggest, bloodiest battle is yet to come. There will be an 80% drop at some point.

Some of the tokens are going to fall to the side. Everybody can't survive.

It doesn't.

You know, I agree it's Google and Yahoo and you know you're not going to have 10 best. The best one is going to be the one that everybody ends up adopting and accepting is the future. It makes sense. So I know you and I have both talked about this long term bull rally that we see going on right now. But what do you think when you see the dips and the drops and the things that have been going on this year, what does that make you think about?

That it's breathing. It needs to exhale in order to take another deep breath in and go to new all time highs which the momentum we have undeniable the way that the institutions are buying right now. And then even if we don't get any new people buying bitcoin, like if we are unable to penetrate any new buyers, there's still the pre existing buyers who are daily cost averaging with every new paycheck. Right. So we will just continually get the steady stream. Everyone gets Christmas bonuses at the end of the year between Thanksgiving and Christmas. People are blowing those Christmas bonuses on, on bitcoin and Ethereum and whatever they get their hands on. So that's why I always say just like diamond.

So, so then as you talk about Hedera and particularly I know you like this one a lot. How do you vet a project when you want to, you want to trade in and out of and you want to because you know, I mean obviously everything's going up and down but you want to pick things that are probably going up more than they are down. But how do you, how do you go about vetting projects?

In short, I think it's, you know, where there's smoke, there's fire and that goes both ways. I just generally will Triangulation is another way too where sure this guy's saying it but no one else is saying it. Right. So that's a bad choice. But if I hear two or three different people saying the same thing who are agnostic of each other, you know, who like this guy doesn't necessarily know about what this guy's thinking or doing but they're all kind of saying generally the same thing. Like I'm hearing about Hedera Hashgraph where there are people who are huge crypto enthusiasts. And then there's another guy I listen to. His name is the Crypto Weatherman, where he is a stock trader, He's a full time economist and he is like just this year getting introduced to cryptocurrencies. He's like, I'm a successful stock trader. I'm not going to start my hand at trading cryptocurrencies for the first time this year. And it's cool to watch him enter it. But at the same time, whenever he says something, I'm like, wow, how do you know about Hedera Hashgraph and you're not that big in cryptocurrencies? It's because he's a really smart guy who did the research. And so I'm kind of standing on the shoulders of giants a little bit where I'm doing my own research, but at the same time being humbled in that I know there are smarter people than me, that I should be weighing my opinions with the weight of their opinions. And there were a lot of times where I was bullish. People were telling me I should be bearish and I should have been more like open to what they were saying. You know, If I have 10 people saying it's bearish and five people saying it's bullish, well, it's bearish. You know, just remove rule of statistics.

If you have, if you have a.

Good sample of intelligent people you can pull from, that's a, that's a great way to.

And I'm quite literally, I want to show people this, that I am now, I think I'm just an old pen and paper guy, but I'm literally putting tallies down. And this has been easier than me for an Excel spreadsheet because I always have this with me. And so whenever I see an Instagram post or a TikTok or YouTube video or even a conversation with you notice how you set a coin earlier down and then I will now go on to see if anyone else mentions that. But that's how it goes.

Yeah. So you look at a lot of other people's opinions on that. That's a smart way to do it. Well, what kind of time frames do you normally trade in and out of? Then when you're purchasing, you know what, what length do you look for generally for a place to hold, make some money and get out of a coin?

All over the map, dude, I literally just Sold some hedera hashgraph at 52 cents. And that was last night. And. And I was just like, cool, I can put, I put some Hedera Hashgraph on the side and look at some other coins that are down right now. Because I look at Hedera Hashgraph is kind of doing a local top at the moment. And so I'm like, okay, that's his local top. It needs to settle a little bit. And that's going to take a couple weeks. But then within a day, while I was at work today, it dropped 17%. And now I'm just like, maybe I could, I could make an extra thousand dollars just stepping back into that position, right? And then I've got, you know, for example, my. Some of my Ethereum. I'm like, oh, yeah, no, that's going to be. That's going to stay where it is in staking until the end of this bull. Oh, there you go. So there's a spectrum of these things. I think it boils down to track record more of this, what other people are telling me kind of thing. Like, for example, I did a Doge trade that was like within the day. You know, I don't trust that.

I can see that that's. It's a coin that I don't trust either. I'm like, I don't want to turn.

My back on it.

So that's where that all comes from. And I think the real mindset you got to have when you're trading is you're not trying to time the market, you're just trying to make money. Whenever you're focused on just trying to make money, you will time the market, you know, because the market is going to dump at some point. And you want to be a guy who's got who. Who is, who has taken profits, has got cash on hand to buy dips, you know, and is also light on your feet when it comes to a coin that's got not enough legitimacy to it yet. If I hadn't have gone into the office today, which is so rare after I had to actually physically go into the office today, I was going to do a Shiba trade today. And because I had heard so many people talk about how volatile is going to be because it just launched on Coinbase.

I think it just went live at 9am today on Coinbase. And I'd heard so many people on Tick Tock and so many people on Instagram saying, this is it, a tsunami of money is coming into Sheba. And I was like, even if it's not true. There was enough people on social media shilling it that at least a little money was going to show up.

Yeah, it's gonna at least take a bump somewhere.

Right, right. And it actually jumped way higher than I thought. It's up like 20 on the day. And if I had the availability and if I wasn't in the office and meetings all day, I would have done quick, 5, maybe 10% trade if I was really lucky. But that's the whole goal is so a coin that does a 20% rally. You need to be focused on getting a 5% gain out of that. Like, don't time the market, don't be worried about buying the bottom. Right. Don't buy until you see the momentum taking place and then get out, you know, before the pants fall off on that.

Yeah, it makes a lot of sense for somebody who's learning trading because obviously you're talking, you know, I see when you talk about technical indicators, when it's a double bottom and whether it was a false one and when it was a, you know, where did you sort of learn these and how does, how does one go about, you know, what's the best ways to learn these sort of tendencies? Because when you're, when you're getting in and out of short term things, that's what it's all, you know, I mean, I don't know, I got a little bit lucky, I guess, but that's what I was able to read. I thought out of the last big multiple crashes. I kept seeing it, you know, the 29, 28 seemed to be that floor. So I kept watching to buy down there. Thankfully it didn't go any lower. But, you know, how do you, how do you learn to read these technical, you know, indicators?

YouTube, I think, is the biggest help over the years. I want to say that like a fair amount of it's my own experience too, but that goes back to like, there's the whole triangulation too where I see enough people seeing, saying like Fibonacci retracements. That's what you need to look into. You know, where I saw enough people say look into Fibonacci, I think is the way to pronounce it. Yeah, I got to look into Fibonacci and figure out what that's all about. And, and so it was through YouTube, like what jargon is being used the most across the most YouTubers. That's the word or the terminology I should be looking into. And, and thankfully, so, because then I discovered something like the Wyckoff I was.

Just about to say that's the one that I heard this last dip. Everybody was talking Wyckoff, Wyckoff. And that was the same thing. It was like, what is this?

Right? And that's what I use. And I based solely my purchases on that because I was with you whenever I saw it. Dumping. And you know, I had done the freaking margin trade too. That liquidated me and dumping even further. And I was just like, oh, this is it. Bull runs over. You know, like. And most of that was me being so beat up after getting liquidated that I was just like, fucking is all over. Well, it's all lost, all that Wyckoff accumulation. I was just like, like, ah, that does match up really nicely. And so that was a change my mind. And I'm. And I made a big buy and now I'm not as bummed out.

I definitely thought the bottom was going to stay longer than it did this last one. I was so I was very surprised with how quickly everything rebounded from it. I. I thought we were going to be sitting through the summer at kind of some flat lull times, but I kind of, I actually kind of think the NFT side of things helped drive the rebound of it. It never stopped flaming. And so I think it really pulled a lot of the other stuff out quickly. All right, guys, well, I hope you enjoyed that chance to learn from a wonderful OG crypto trader, someone with a lot of knowledge to share with us.

Awesome. So I hope you enjoyed that discussion between Fun uncle and 808dave. 808dave posts videos and tutorials over on crypto tutorials, YouTube channel and fun Uncle School has a show every Sunday over on the Lad city network on YouTube. And again, both of these guys we're going to be partnering with in the new year and working on some cool projects together. So you'll probably be hearing a lot more from those guys in the future. So hopefully you enjoyed that discussion. I do want to remind you that nothing in this episode is financial advice. You should always do your own research. They're just talking about some of the things that they've experienced in this world, but none of it should be considered financial advice whatsoever. And always make decisions with money that you can afford to lose in this space because we still are in the wild, wild west. And we've got one more episode this year. We've got some really exciting things to unveil in that episode. And then again in January, we're going to do some really, really cool replay flashback episodes and share some of mine and Joe's favorite episodes from over the last few years of doing Hustle and Flowchart before rolling into all new shows with awesome interviews, awesome guests, awesome topics starting in February of 2022. And hopefully you enjoyed that and you'll hear from us in the next one. See you later.

Hey, hey, hey. Thank you for listening to that episode. This is Joe Fear. I'm sure you probably already knew that, and Matt is not here right now, but I'm pretty sure he enjoyed the episode just as much as you and I did because, you know, he went into the production of kind of making that thing right along with me. So thank you very much and I want to give a quick shout out to our buddies over at Easy Webinar. These guys have been supporting us for a while, a long time, and Casey Zieman is just a super good guy all around. He's actually been on the show before. He's the founder of EZ Webinars. So if you look up Casey Zieman on any podcast platform you're listening to, go check him out. Go check out his backstory, what he's all about. You can learn a lot about webinars as well. And right now, Easy Webinar, these guys are actually hooking you up with a great trial. It's a completely free trial to test out their software, Soup to nuts. Check it all out and see if it's a good fit for you. If you go to easywebinar.com hustle, that's H U S T L E. If you didn't know how to spell hustle, there you go. So if you go to easywebinar.com hustle you can go grab a free trial. And Easy Webinar literally lives up to its name. It's super simple. I mean, super easy. And it does all the stuff that you're looking for in any kind of thing. With webinars, I mean, they literally cover every single type of webinar you possibly can do. So from live to automated to scheduled at specific times, and all these crazy features in between, can't even list them all out. I'll be here way too long. They give you a ton of advanced analytics. What's working, what's not. During your webinar, based off all these actions, you'll see who attended, how long they stayed, if they clicked the offer or if they didn't. Basically, you're gonna make more money and you're gonna work less with this thing and you're gonna create better relationships with the folks that are listening Cause it's a good experience. You wanna give that good experience along with some great content, of course. And a killer offer if that's what you got for them. So go try it out yourself. Go check out easywebinar.com hustle. That's easywebinar.com hustole. Alrighty. Righty. So that is the end of this episode. Thank you so much, so much for listening to this episode, enjoying it. Hopefully you did. I'm pretty sure you did if you lasted this long. And go check out Easy Webinar when you get the chance. And we will talk to you next time. Bye bye.

Jesus.