49 Lisa N Edwards
Nov 21, 2022
Lisa is an Elliot Wave trader, with 25+ years’ of experience in traditional stocks and commodities before moving exclusively into CryptoCurrency. She is the co-founder of GettingStartedinCrypto.com and TheMoonMag.com.
What attracted you to trading?
I started trading when 16 as a way to make additional money from my KFC wage.
How long have you been trading and what markets have you traded over your career?
I have been trading since age 16, so for a long time. I have traded all markets depending on when I needed money or not, and trading crypto exclusively since 2012-2013 when it became tradeable with more exchanges opening.
How long did it take you to become profitable? Were there any major milestones where things just started to click?
I had a mentor, so he helped me understand how markets worked, losses are part of trading, so it is more about your mental state and the psychology of the market.
losses are part of trading, so it is more about your mental state and the psychology of the market.
What does a typical day look like for you?
That depends on where I am in the world. When at home in Melbourne I get up, meditate, have coffee, take my dogs for a walk, have breakfast, work, and chart, check Twitter, YouTube etc. Then I’ll go out for lunch or a walk, some work then dinner work and maybe Netflix, rinse repeat. When away, the charts come with me, and I will be doing meetings or touristy things and working in between. But usually quite flexible, as long as there is internet, I can be anywhere.
Who did you look up to when you first started trading?
Peter Brandt, I love his way of money management and often use his theories in my own work. The method works to keep losses small and let the winners run while protecting profits by moving your stop loss.
Tell us about your most memorable trade.
Elrond, 1600% it just kept going! I had $1000 in the initial trade and it was absolutely epic, prior to that anything in the 2017 bull run was just like printing money. I also found a chart for DOGE the other day and it was over 5000%, 2020-2021 was good to me.
I also found a chart for DOGE the other day and it was over 5000%. 2020-2021 was good to me.
What’s the best trading advice you’ve been given?
Always have a stop loss.
What drives you to keep trading?
Now it is more about helping others learn and become profitable. Giving back.
Would you say you’ve ‘made it’? If not, what does ‘making it’ look like to you?
For me it is not about ‘making it’ - I have goals and dreams and these change and evolve and new ones come in, so it is forever changing.
What's the most important quality in a trader and why?
Mindset. Mental focus, a clear mind, and no emotions so you can treat trading like a business. Forget the dreams associated with the outcome, we all have those. Mindset for me is treating all trades as simple transactions. Buy here, add a stop loss, sell there. Rinse repeat. If they hit the stop loss, assess why they failed, and learn from each trade.
How would you describe the way you trade?
I’m the tortoise in the Tortoise and Hare - slow and steady wins over time!
Crypto seems like a volatile market for a tortoise?
Slow and steady wins the race, if we want to throw another animal in, then I would add, don’t be a greedy pig… pigs get slaughtered. They are usually over margined without any protection on their trade.
Slow and steady wins the race
Has the way you trade changed over time?
My risk management has definitely changed and evolved as I have learned new techniques. I think I am one of the more risk-averse traders in the space, as I predominantly trade spot.
Why do you think you have success trading?
I manage my emotions and if a trade is not successful, I analyse why and what happened. I review immediately every trade, as it adds to the total sentiment and can sometimes show turns in the market.
What's the worst thing about trading and why?
When people think every trade should be successful, the greed factor kicks in.
What's something you've learned in the last 6 months that has made you a better trader?
I would say to step away from the screen and take a break, I understand bear markets can be quite traumatic but this one is gruelling for many. So take a break and look after yourself.
What's the mistake you find hardest to avoid when trading? Any tips to avoid it?
I am quite fluid in my trading style and I don’t believe there are mistakes, as every trade should be thoroughly researched. You should understand the reason you are entering and always have a plan (stop loss) if the trade doesn’t go as you expected.
I don’t believe there are mistakes, as every trade should be thoroughly researched
If you could give someone starting trading tomorrow one piece of advice what would it be and why?
The moment you take a screenshot of your gains, it’s time to take profit!
Fill in the blanks
Most traders would be better off developing their own style.
What separates the pros from the rest is - Pros know losses are part of trading and work to minimise them, not avoid them.
A good trader should never get emotional about money. Wins or Losses.
The biggest misconception about trading is every trade is a winner.
Any other comments you'd like to share:
Follow ThousandtoMillions.com strategy and over time you will see your money/crypto growing and learn patience along the way