Our editors got a chance to interview one of the up-and-coming bitcoin trader, Ben Densmore. Take a deep dive into our questions and his answers for better clarity.
Q. Where are you from?
A. Hey, I’m Ben Densmore. I was born in Tacoma WA, and I currently live in Irvine, CA
Q. Please share some more information about your background?
A. I grew up in WA state, and I’ve always loved lifting weights. I actually wanted to be a professional bodybuilder growing up. Also, I’ve been in sales for the past 7 years.
Q. What has your trading journey been like? How did you start?
A. I’ve been day trading stocks since the end of 2019. Didn’t do so hot, my first year I lost 37k. I was treating it more like a gamble, not studying charts or patterns. Then I started trading BTC in 2021, I did a lot better this time compared to when I got those losses trading stocks. I actually do TA (Technical Analysis) now instead of just YOLOing and hoping the price hits my target.
Q. What was your last job? Why did you leave it?
A. My last job was as a sales manager. I didn’t leave, I got fired on May 4th, 2022. After I got fired I was really down and felt pretty depressed. I felt I was nothing anymore, my whole identity was in sales. It led to a lot of binge eating, and a lot of self-doubts. “What am I good for? Will I ever achieve anything?”. After 9 days in the dumps, I decided that I was the one in charge of my emotions and only I’m responsible for my own happiness. I’m in control of my future, just me.
Q. How did you buy your first bitcoin?
A. I bought my first piece of BTC on Coinbase in early 2020 at like 8k and got 850$ worth. I didn’t get a full BTC until earlier this year. I took a bunch of cash advances on my credit card to add .24 BTC to have a full BTC. Really risky I know, but I had faith, and plus BTC was so low. At the time it was trading under 28.5k, so I knew I had to act quick. Getting my first full BTC was critical to my trading success because it put me in a do-or-die mentality. Knowing I had no option to fail.
Q. How is your trading going after you left your job?
A. It’s going great and is now my full-time source of income. It also gives me the same feeling of accomplishment I used to feel in sales. Having a successful trading day makes me feel that same excitement I had when I was closing a new deal.
Q. What is your ROI since you have started trading?
A. My ROI is almost over 500% at this time and I now hold 4.9 BTC.
Q. How are you able to trade so successfully?
A. Well, I go based on the levels. So if I see a resistance level and we reject, then I short it. And if we break the above support, then I long it. I also always set a stop loss, and always take profit. Never trade with emotions or try to make back your losses by putting it all in, because that will make you burn through your entire portfolio. The trading style I’ve seen the best success with is scalping. Scalping is where I attempt to make big profits on very small price movements. I use a lot of TA to help me. I use indicators on Trading View like the Ichi Moku on Steroids Indicator, which is based on the original Ichimoku formula. This indicator provides great long/short entries/exit signals. It also takes into account the EMA on price as well as the two leading lines to see where the previous highs and lows are. Those help me find out where the support and resistance levels are.
Q. How do you reinvest your profit?
A. I just HODL it, I haven’t sold any of my BTC. I could take loans out against my BTC on the Celsius App, so I don’t have to sell any of it in case I need liquidity.
Q. What platform do you trade on?
A. I use Phemex, use my referral code FJUXH3.
Q. Any advice for people new to BTC trading?
A. Learn to trade levels. I would have them learn how to trade futures first. Also have a profit target in your head before you start trading, and don’t deviate from the number you have in mind. Taking profits is key! All you can control is your risk in the market, that’s it. So make sure you set your stop losses and never trade with more than what you’re willing to lose. Trading will push you to your limits. Maybe not today, maybe not tomorrow, but that day will come. Whether you have a $1000 account or a $10,000,000 one.
What will make the difference, is how resilient you are. Your ability to endure temporary pain before reaching those all-new highs. You must overcome these hard times because You’ll be proud of yourself.
And the next time happens. you’ll have more confidence that you can do it again. You won’t panic sell.
Q. Any last words for our readers?
A. “He who is not courageous enough to take risks will accomplish nothing in life. ~ Muhammad Ali”
Don’t let a job define you. Don’t doubt yourself and don’t be afraid to take some risks. Just believe that whatever you want to achieve, you can. Because you can!
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