How To Pick the Right Cryptocurrency Investment As Trading Breaks Into the Mainstream, According to Unicorn Venture Capital’s Eunice Wong

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How To Pick the Right Cryptocurrency Investment As Trading Breaks Into the Mainstream, According to Unicorn Venture Capital’s Eunice Wong

By Crypto Global News

For those comfortable with its volatility, cryptocurrency is an exciting new frontier with a myriad of opportunities. We are living in a phase of transition, which could be viewed as akin to the early days of email — an exciting new technology that scared some and excited others.

Some took to electronic mail like ducks to water, excited by its possibilities. Others, on the other hand, weren’t so enthusiastic. Eventually, though, whether any individual liked it or not, society as a collective, made the transition from a largely paper mail-based system to an electronic one. Of course, many of us still receive letters every day — mostly from banks, energy companies, and the like — but when’s the last time you posted one?

Some believe traditional forms of currency are like paper mail, with crypto like Bitcoin representing the exciting new wave of the future. Slowly, yet steadily, the barriers to using crypto as your main form of currency are falling. Trading crypto has never been easier thanks to crypto trading apps such as Zipmex, which allows users to trade digital currencies instantly. More stores are beginning to accept cryptocurrency as a form of payment, and more people are becoming comfortable with its validity.

Eunice Wong, director of Unicorn Venture Capital, is a pioneer in the sense that she is one of the many players banking on this crypto-led revolution. She’s also something of a finance influencer, or ‘finfluencer’ — with a healthy 119,000 followers on Instagram and 20,000 on Twitter, where she posts about cryptocurrency multiple times daily. We caught up with her to discuss trading, strategy, and all things crypto.

Hi Eunice, please tell us a little bit about who you are and what you do.

I am a momentum trader, I trade simple high probability patterns in the direction of the long term trend. I simply follow the money flow. Essentially, let the big boys place their bets and I react.

90% of the time, I wait for the range to contract on falling volume, once I think there’s minimal downside risk, I buy the first price/volume breakouts out of the base and run a stop-loss below support.

How does cryptocurrency fit into your life?

Cryptocurrency is still in the early stages of adaptation. As it stands now, there are not as many mainstream retailers that accept cryptocurrency as a form of payment. But now, it can be seen in the adaptation of cryptocurrency through payment portals such as PayPal, Visa and Square. We are on a verge of seeing a generational shift into the mainstream acceptance of cryptocurrency.

How did you get started with it?

I was taught to momentum trade equity markets by following the money flow. I was attracted to the volatility in the crypto space when I realised the same strategy I implemented in equity also worked in the crypto space. So I went ahead and opened a crypto account and started trading.

Has crypto changed how you approach money?

No. In my view, crypto is another form of money.

Do you use crypto for purchases or purely investment?

At this stage, it is purely investment due to the limited availability of being able to purchase products using crypto.

How do you pick a good investment?

I mainly trade the majority of the coins due to the volatility and quick returns in the space. When it comes to longer-term investments, tokens in blockchain and utility space are my picks as they offer intrinsic value and function that are solving problems in the ecosystem.

A lot of crypto beginners can find the tax liabilities of investment quite tricky; did you have the same experience?

I can’t answer that just yet as I started trading crypto in January this year. My advice to people about taxation is to pay for a good accountant who knows what they’re doing.

Do you have any tips for people looking to get into crypto?

Pick a reputable exchange to get started with, learn from people with a prolonged and strong track record in trading and investing. Start off small until you have a more in-depth understanding of the space.

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