'I would sleep by my computer'

For JinDao Tai, the journey to becoming a "million-dollar trader" was not just about honing his technical skills, but also mastering the mental aspects of the trade. As he navigated the volatile cryptocurrency markets, Tai quickly realized that managing one's emotions was just as crucial as understanding the fundamentals.

In the early days of his trading career, Tai found himself consumed by the markets, often working through the night and sleeping beside his computer. "I would sleep beside my computer. I wake up every two hours, check the charts, enter a trade, or close a trade and then fall asleep at the chair, or roll onto the bed and sleep and get up again in two hours," he recalled.

This relentless pursuit of profits took a toll on Tai's well-being, and he knew he had to make a change. "I could be doing this, and I could be sitting here in this office, and it's very morbid, but I could just pass away, and no one would know. So it was time to change something," he said.

Tai's ability to navigate the emotional rollercoaster of trading has been a key factor in his success. By prioritizing his mental health and maintaining a healthy work-life balance, he has been able to consistently generate profits, even in the volatile cryptocurrency markets.

His foray into the world of trading began in 2008, during the height of the global financial crisis. "The markets were so volatile, so it was the best time to kind of get my hands wet and dirty," he said.

As Tai's expertise grew, he realized that he could potentially turn his passion into a full-time career. He made the bold move of relocating to his native Singapore, where he could keep his costs low and focus solely on trading. However, the solitary nature of the work soon became a challenge. "It's really lonely trading in a room by yourself," he said.

This realization led—Tai to explore a new avenue—teaching others how to trade. He launched a three-month program, imparting his knowledge to a new generation of aspiring traders. The successful students were then invited to trade on Tai's behalf, allowing him to leverage their skills while providing them with valuable experience.

It was around 2014-2015 that Tai's attention turned to the burgeoning cryptocurrency market. Initially, he was hesitant to dive in, struggling to understand the fundamental drivers behind the price movements. "I can't figure out the fundamentals. I don't know why is it going up?" he recalled. However, the sheer volatility of the crypto markets eventually proved too tempting to resist.

Tai's early forays into cryptocurrency trading were a rollercoaster ride of both significant wins and losses. "I went full on into crypto, you know, serious, good amount of money. Took a bit too much risk again, and then kind of figured it out," he said. Over time, his strategy evolved from short-term, almost scalping trades to a more balanced approach, with a mix of short-term and long-term positions, particularly in Bitcoin.

One of the key lessons Tai has learned is the importance of managing emotions in trading. "Emotions is absolutely something that's going to happen through the whole trading journey. Just that it's something that you have to manage," he advised. He emphasizes the need to have a clear plan and stick to it, avoiding the temptation to second-guess oneself after a trade is closed.

Looking ahead, Tai remains cautiously optimistic about the future of Bitcoin and the broader cryptocurrency market. He predicts that Bitcoin could potentially reach $1.5 million in the long term, but he expects some volatility in the near future, particularly around the transition of power in the United States.

For those looking to enter the cryptocurrency trading space, Tai's advice is clear: start with Bitcoin and understand its price movements before venturing into other cryptocurrencies.

 

Listen to the whole interview on The Crypto Radio's live player or in the Thought Leaders podcast.