Young Edinburgh cryptocurrency traders encourage young entrepreneurs to follow suit

The pair, who both started off with an investment of around $2,000 each, have achieved profit totals of six figures respectively.

Joe Ewing, 18, from Blackhall was worried that studying economics at Harvard University would be floundered by the fees, but through a combination of helpful parents, generous financial aid and cryptocurrency earnings this is no longer a worry.

Similarly, his friend, Adam Harvie, 24, from Stockbridge, who is also an independent cryptocurrency trader, is now looking towards an MSc at Imperial College London.

Adam began his interest in disruptive technologies at the age of 13 through trading virtual currencies on computer games. But he said his initial curiosity to invest came from his older brothers and father.

He said: “My two eldest brothers and father are all deeply embedded within the financial sector. Fun dinner table conversations and debates regarding potential investment opportunities were a common occurrence.”

Joe began his interest more recently at the age of 17 when he developed a keen interest in cryptocurrencies.

According to the Federal Trade Commission in the US, cryptocurrency is digital money – meaning that there is no physical note or coin.

You can transfer cryptocurrency to someone through the internet without relying on a third party like a bank.

A lot of people use cryptocurrencies for quick payments to avoid high transaction fees.

For investors, the crypto market is extremely volatile and the value of various coins like ethereum and bitcoin can change drastically within an hour.

Cryptocurrencies are seen to be the future of finance as it decentralises the monetary system.

On becoming involved in crypto trading, Joe said: “I’ve been trading since I turned 18. I remember hearing about the bitcoin bubble in late 2017 and being sceptical about the whole thing. But as I look back now that scepticism was fuelled by ignorance. The more you read about Bitcoin and cryptocurrencies, the more you understand their legitimate use purposes, and how mass adoption is almost inevitable.

“I was very fortunate to originally buy into bitcoin when 1btc was worth less than $20,000. I started just holding my bitcoin with no intention of trading, but having seen the exponential returns of some people I communicated with on platforms such as Reddit and Discord, I decided that it was time for me to hop on the bandwagon to.”

Trading cryptocurrencies since 2017, Adam became more involved recently as the opportunity for similar returns of hundreds of thousands became apparent through friends – the pair want to bring people up to speed on the opportunities out.

He said: “The best advice I can give to a budding entrepreneur is to never give up and to continue learning while taking action as often as possible. Have a clear vision and objective, stay focused, and don’t be afraid to ask for help. As cliché as it sounds, I am only here because I had the initiative to be here – it isn’t luck. You can take that path too.

“We also feel it’s important to realise that it wasn’t all uphill. Trades have gone the wrong way and we could have ended up in tears. Risk management and technical analysis is key.

“For anyone looking to get involved, I suggest making a paper account first to practice. From there, take the time to understand the following in-depth:

Candlestick Patterns, Meaning of Candlesticks, Volume, Patterns/Charts, Fibonacci Retracements and Elliot Waves. That is the exact approach we took, and it has been a fruitful one.”

Joe and Adam have had success through forming a close knit community of independent traders that has allowed them to keep on top of any movements 24/7.

The duo have made most of their money through ‘Bull markets’

A bull market for the uninitiated is when prices are going up in a specific market space due to investor confidence. When prices are going in the opposite direction it is classed as a bear market.

Adam added: “I was slightly late to this Bull Run on crypto and started trading derivatives just after New Year. I started with an initial margin of $2000 and recently cleared six figures. Joe started in November with a similar amount of margin and is now deep into six figures.

“In its simplest form, what we do is bet on the future price of crypto currencies like BTC (bitcoin), LTC (Litecoin) and ETH (Ethereum). Will it go up, or will it go down? We ‘borrow’ an inflated position size from the exchange using something called leverage, which essentially can accelerate both potential gains and losses. Again, I think it’s very important to note that this is extremely risky in markets that are as volatile as crypto.

“It is important to note that both of us have been trading with leverage from the exchange which unless you are well versed in technical analysis, should be avoided.

Joe said: “I am optimistic about my potential earnings this year – there is a real possibility that we walk away from this bull market with seven figures. We are very keen to make as much as we can in the current bull cycle before a reversal takes place.”

On what to expect from an average working day, Adam said: “I wake up, boil the kettle, slide into my slippers and sit at my desk for a few hours in my jammies checking the markets.

“Depending on what the market sentiment is that day and whether there are relevant press releases. We run something called a STOP-LOSS in our Cross-margin positions, this allows us to escape from our screens and enables us to not have to watch the markets 24/7.

“Working hours are essentially up to you, we have found that markets are often more active between 2am and 4am U.K. time.”

If you haven’t already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription.