Australia’s crypto queen: Meet momentum trader Eunice Wong
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While others with a 144,000-user following across Twitter and Instagram might be tempted to start a paid Telegram group, Wong gives away her considerable knowledge and ideas for free.
She’s clearly fascinated by not just the well-known cryptos but also the tiny “sewage gems” that can only be found on obscure platforms like PooCoin that sometimes offer 100x returns once rinsed and polished.
And – proving that it’s a really small world in crypto-land – this crypto-reporter was actually her flatmate for about six months back in 2016.
But at the time, neither of us were into finance or trading, and crypto wasn’t a subject on everyone’s lips.
After reconnecting recently on social media, Stockhead plans to collaborate more with Euni (as she’s known to friends) in future — but for now, we just had to know how she fell so deep down this rabbit hole.
An edited version of our Zoom chat follows.
Stockhead: So how did you … I don’t remember us having a single conversation with you about crypto when we lived together?
Wong: Look, look, you did the whole crypto thing with [an internet purchase we shared], remember?
Stockhead: Oh! … yeah, I certainly remember that — I had forgotten I had got it via crypto. But that was such a wild … yeah, it was crazy.
So you’re telling me, this is how you got into crypto?
Wong: That’s how I got interested — you planted the seed in my mind. When we were flatmates I was working in Uber HQ.
I met this guy – Danny at Uber and he was a genius, he was still at school and was already coding for Uber.
He showed me Bitcoin and I got interested but I never had any opportunities to dive in … I was going through some hardship and tried to sort out the basic necessities of life at that time.
Then eventually, I met Assad [her boyfriend Assad Tannous, the head trader at Asenna Wealth and a famous figure in Australian financial Twitter circles in his own right.]
From there, we were just travelling, and we didn’t do anything. I asked him to teach me how to trade as he’s a very experienced trader.
Stockhead: Yes, absolutely.
Wong: Then last year when lockdown happened, I watched the crash happen in March and became even more interested.
I felt ASX equities are too slow and too boring, so I started trading the US.
And that worked for me, because there’s so much liquidity going on. You don’t even have to think about liqudity.
But the hours killed me.
Then I met a new friend, his name is Crypto Bitlord, I don’t know if you even know him.
Stockhead: I certainly have heard of him, yes. [Crypto Bitlord is a notorious prankster type on Crypto Twitter, with over 150,000 followers]
Wong: He’s a very awesome guy, and we became friends. We were having a holiday in Bali… [and when the pandemic started], he caught up with us and lived with us for a bit. I told him I wanted to learn how to get into crypto and he showed me how to kick start.
I started with using the same pattern I learnt from trading equities and applied to crypto. It worked, just that crypto is much quicker.
Truth is – I didn’t know much about the fundamental side of crypto, I was just using technical analysis to trade to make money and have fun.
I started in January this year and got into the degenerate scene to check out what’s all that about, I became addicted to the super fast-paced movements.
Planning an escape and manifesting to be sailing in the Caribbean.
— Euniwong 🦄 (@Eunicedwong) October 8, 2021
I didn’t have many followers at the time and wasn’t looking for that. I was just posting my trades for fun and looking for new crypto friends, within few months my followers on Twitter grew to 20K within 8 months
Stockhead: Yeah … just from reading your Twitter, I’ve learned so much. I mean, getting into Helium mining. You’ve really gone down this rabbit hole …
Wong: Really? Everything just happened this year. I suppose I have that kind of personality to want to know and dive into EVERYTHING. If there’s something that interests, I just get into it.
It’s just fun, y’know?
Stockhead: Well, I’m just saying … I mean there’s a lot of people that might know Bitcoin and Ethereum, a few things — but you seem to really really know what’s going on.
So I’d be curious to learn … what’s your trading strategy. What’s the secret sauce?
Wong: There’s two things. It’s 20 per cent skill, 80 per cent psychology.
So the skill is very simple, everyone can learn that within a day, is literally very simple pattern recognition … it looks like a flag – a flag that is pointing up.
You just churn through the charts, every day, which is something you have to do – you have to be vigilant enough do the dirty work.
Once you put in enough time and work on looking at charts, you will start recognising the breakout pattern.
— Euniwong 🦄 (@Eunicedwong) October 14, 2021
Anyone can do it — Just set your alerts for breakouts, that’s your buy.
Because it is a high probability pattern, the chances of losing are slimmer than the others.
And the other part of is … when I say psychology, it is more from the conviction that you have within.
That initial feeling when you look at the chart, you know that’s it’s going to go!
— Euniwong 🦄 (@Eunicedwong) October 10, 2021
Wong: But that comes with a bit of experience; also ‘balls’ to just head in when you get that feeling and I am always confident with my trades.
Eventually it’s the same cycle — look for charts, set alerts, when it breaks out, BUY. When it goes up to 15-20% I take some profits and let the rest ride.
I got people who experienced similar scenarios tell me, “I was up 100k and then gave it all back, I didn’t know how to take profit.”
That’s because greed kicked in.
I say, “Buy the fear, sell the greed.” When people are afraid, you buy; when people are in euphoria, you sell. But I never buy the dip because when you buy the dip, you don’t know how far it will be dipping.
Stockhead: Oh, yeah. (Nods)
Wong: I let the dips keep dipping, then once it goes up a little, I buy it back. Though it is not the at the cheapest rate but it is better because that’s more assurance.
Stockhead: Sure, sure.
Wong: Finally, you sell the greed.
Do not buy or add more into my position when something is doing a huge rocking spike; I know is tempting and hard when the FOMO kicks in. (I have done it few times and got burnt myself.)
That’s when you sell because – you sell when you can, not when you want to.
Shill me some new gems 💎 pic.twitter.com/xnannXEuU3
— Euniwong 🦄 (@Eunicedwong) September 14, 2021
Stockhead: Nice! Cool, that makes sense. So is this a full-time occupation now?
Stockhead: Oh, that’s awesome, I’m happy for you.
Wong: The thing is, a lot of people I know feel that they have to be in crypto 100 per cent. In my opinion, diversification is important. So I still take IPOs when the crypto space is quiet.
I’m a momentum trader, I follow money flow.
I have friends who just hodl but I don’t like holding all the time, I only hodl a few quality coins as I don’t have diamond hands.
Because if you’re a hodler, you just go up and down, then get chopped up. When things go up, you think things could go even more … and when you’re in loss, you have to wait and make the losses back in the next cycle. That strategy doesn’t suit my personality.
Stockhead: Yeah… there’s a lot of theories of what to do. And you’ve obviously been very successful, so I mean that’s amazing.
Wong: Yeah… I think I’m okay. I believe anyone can easily do it if they want to.
Are you trading? I think you should.
Stockhead: I have some trades on … I’ve been trying to do very low leverage because I’ve gotten burned so many times.
Wong: I’ve never used leverage in my life. Everything’s spot, everything cash. I just don’t like the feeling of having to borrow money.
I just never borrow, I think it’s a personality thing.
The views, information, or opinions expressed in the interview in this article are solely those of the interviewee and do not represent the views of Stockhead.
Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article.
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