- The most high profile public crypto trading challenge of the past 12 months started with 5 BTC, valued at $35K, and closed with 45 BTC, valued at $1.5M after a span of eight months
- @RookieXBT: with frequent trading the actual gains were “exponential”
- The Twitter sensation who traded from his parents’ basement opens up about his strategy, and why he decided to pay people to use Bybit
- The latest version of the Bybit mobile app features new P&L summary graphics created by @RookieXBT himself
Always have skin in the game
In crypto we are familiar with the rags-to-riches tales where ultra early investors saw the value of a certain coin before everyone else, and bought it for pennies, but @RookieXBT wasn’t one of them. He got into crypto in 2017, having been inspired by a maths teacher who introduced stock trading simulations to the class a few years before that.
So how did he turn $35,000 worth of bitcoins into $1,500,000 in a matter of months in his public Bybit challenge?
By the time he fell into the rabbit hole of crypto at the age of 18, @RookieXBT had already cut his teeth in investing. He talked of his supportive family in Canada — his father gave him $10,000 to “play with stocks”, with which he “took ridiculous risks” and learned his lessons.
His risk appetite has changed dramatically from when he was a teenager googling “how to make PayPal money grow” to taking a long view on crypto: the conviction that crypto is the future.
“Having your skin in the game is like a super power.” To @RookieXBT, the real risk is being underexposed.
“Whatever you do, never lose it all.”
And you can take his word for it. He opted for a real trading challenge instead of a paper one: trading is “more emotional than anything”, and paper trading can never replace “the emotions of losing real money”.
He also chose to make his Bybit challenge completely transparent and verifiable using Coin Market Manager and show his followers the less glamorous side of trading as crypto became more mainstream, “It’s not always rainbow and riches here”.
Why he did the Bybit giveaway
In July 2020, @RookieXBT surprised his fans with a Bybit referrals giveaway: He was paying people to use his referral link for Bybit.
It’s one of his ways to “give back a little” to the Twitter community. Despite all the noise and hype, he was able to extract insights on the platform “with a bit of due diligence”.
At the end he gave away about 3 bitcoins. “The way I see it, it was an investment into people who supported me, and everybody wins.”
“There’s no real method to my madness.”
As is with other assets, wins and losses are a part of every trader’s story. But for @RookieXBT, short-term volatility is nothing but a distraction from the real potential of crypto.
“If you believe in something, just back it 100%. And crypto is that.”
He said his style of trading takes a lot of intuition, understanding the market sentiment and gut feelings to be able to catch momentum earlier than most. But to seize the power of compounding, one’d have to look past the fluctuations and manage their emotions.
He advised against “falling in love” with coins and letting temporary highs and lows get to your head.
“Emotionally, I am cool as a rock. If you are experiencing drawdowns, just imagine yourself in a year.”
“As crazy as it sounds, we are early.”
Almost a year later, @RookieXBT revealed on Twitter that he’s moved to sunny Dubai and materialized some of his crypto wealth into Pokémon cards and watches. Has he quit his day job, ie. crypto trading?
“I don’t see the point of taking money out of crypto at this moment — at least not in the next couple of years.”
You can download the latest version of the Bybit app to be treated with an all-new set of P&L summary graphics courtesy of @RookieXBT, and catch @RookieXBT’s interview on Luke Martin’s Profit Maximalist podcast here.