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Importance of Money Management and Bitcoin Targets

Rather than another soulless interview talking nothing but technical analysis and wealth, as we approached Lisa N. Edwards, we stumbled across her website to learn more.

Lisa is an author, screenwriter, producer, presenter, blogger, host, and self-proclaimed “butterfly chaser.” The multi-talented Edwards is also a trader.

The more deeply we investigated and learned about Lisa, the more enamored with her we became. Her passion pours into everything she does, and her unwavering commitment to those passions brings her success in everything she touches.

Case in point, Lisa in just a short time after getting started, quickly rose the ranks of the Covesting copy trading platform. Between her near instant success on the platform, her years of experience in crypto and traditional markets, and overall reputation across the trading community, we knew we had found the perfect candidate to interview. Please meet our guest, Covesting strategy manager and crypto trader, Lisa N. Edwards.

Lisa – thank you sincerely for joining us today. And thank you for taking the time to become a strategy manager via the Covesting Module on PrimeXBT. 

Let’s go back to the start. What came first – your interest in cryptocurrencies, or trading?

Trading came first. I got started in traditional markets and moved into forex and penny stocks. I received my first Bitcoin in 2009-2010, and started trading it around 2012-2013 when it really started moving.

It is incredible that you were able to get Bitcoin so early on. How did you obtain your first Bitcoin, especially so early? And did you back then realize its full potential?

My brother gave me my first Bitcoins, and I had no idea of the potential at that stage. Electronic money was something he talked about when I worked for him at his company called DeMorgan Internet Security, in the late 90s. They were worth nothing, so I literally just stored them away.

In addition to Bitcoin, do you hold any other cryptocurrencies or assets?

I always hold BTC, BSV, and ETH in a wallet for easy access. I have a heap of ICO tokens from projects I worked on in 2016 to early 2019, and DeFi is resuscitating them – which has been a nice surprise looking at my Metamask and Trezor from time to time. 

But as a trader it is not ideal to HODL, as money is in buying and selling.

That is important advice. At what age, and why did you get started in trading?

I was about 15 or 16 years old, and working at KFC. A regular customer came in, and I told him how I had placed highly (within the top 95%) in the Australian Math Competition. He handed me his business card, and to my Mum’s horror, I called him. He was from AMP – an investment company – and he introduced me to trading.

From fried chicken to investing and trading… what does your Mum think of your trading career now?

She is very supportive and is always asking me what she should invest in, and asking me when she should sell and buy back. I think she is more excited about my impending movie career though for my scripts, as they are getting closer and closer to being made.

What does a typical trading session look like for you?

I have 42 tabs open currently on TradingView, and 27 trades open. On a typical day, I wake up, check levels, adjust stops, add new entries, and check what reached targets. If targets are met, I enter new trades I have waiting. I analyze BTC patterns for possible variations as this can really affect the entire cryptocurrency market. I watch GOLD/SILVER/DXY/S&P/DJI for momentum, as larger correction points have a strong correlation with the cryptocurrency market.

I have a few large clients, so I contact them to check in on their charts and we adjust their trades. I basically hold their hand, as the volatility in the cryptocurrency market can take you very quickly from feeling like a hero, to having zero.

That’s the truth – and the volatility has been back in a big way lately. Do you have any tricks to handle sudden cryptocurrency market volatility? And how do you prepare for the unpredictable?

Have a case of Red Bull handy! Just joking. But in a liquidity zone, crypto is highly volatile and even for a seasoned trader it is challenging. Stop hunts, and pattern extensions can make you go a little crazy. The best advice here is emotional control and not let the noise of the market and those around you, seep into you and drive your emotions.

Money management will always be your greatest tool though. You never want to overstretch and lose more money than you can afford to.

We know that you have many talents outside of trading. However, is trading your full-time source of income?

No, I am also an Author (Novels), Screenwriter (Film/TV scripts), Actress, and Movie Producer. Prior to that I owned a modeling and acting agency in Melbourne, Australia. Trading has always been a huge part of my life. I am a big believer that – the only way to make money is to make your own. That is what trading allows me to do. If I am in the process of writing, I am not being paid until scripts or books sell, so trading provides support to do the things I love to do.

Would you recommend trading to others as a way to make their own career paths and free up more time for new ventures? How has this impacted your own life?

Yes, definitely. It has allowed me to have the most amazing life so far, with the ability to travel and work from anywhere in the world (pre-covid) and have longer term trades running while I am traveling both for conferences and holidays. Once you have a set of rules for your strategy, you can leave longer term trades in place and manage them daily, by moving stop losses and adjusting sell targets.

Have you ever considered tying your passion for cryptocurrency or trading into writing or production? Perhaps a blockbuster film script on a trader making a career for themselves with Covesting, starring Lisa N. Edwards as herself?

So great you asked this! I have written a cryptocurrency film script called COINRUNNERS, about traders in the cryptocurrency space which spans 2017 to early 2019. It’s based on true events and a lot of well known people are represented, with names changed. I wish Covesting was around at that time. Maybe I will be able to weave it in somehow… I am the writer after all.

We are flattered! Let us know when to come in for auditions. 

What made you decide to register for PrimeXBT and create a strategy with Covesting?

There is a group of investors from COVESTING that started a campaign on Twitter to get me to join, they had been asking me for nearly 6 months to do it. So, I finally said if they got me 500 LIKES on Twitter I would join. They did it, so I kept my word.

It must be great to be so renowned in the trading community. How important have peer to peer networks like Twitter or Covesting become?

Both are extremely important to build relationships and trust to create a network of like minded people. I think during these covid times if I didn’t have constant contact with people on Twitter I would have gone completely insane by now. It has been so amazing to have both these networks of people just to get me through the day. And I feel like I am achieving something by helping them learn and trade, and more importantly, make additional money while many are out of work.

The emergence of phony crypto traders and photoshopped screenshots of ROI has plagued Twitter recently. Should followers take the advice of paid group leaders or other traders on Twitter and other platforms?

Followers should always do their own research before investing into anything. They should know the risks involved and know there are never any guarantees. They should also know even the most experienced traders will go through periods where they will have a series of losses, but also understand that losses are part of trading and you don’t need to win every trade to be a profitable trader. It’s a marathon not a sprint.

Well said! What, in your opinion, goes into a successful trading strategy?

Having strict money management. The understanding that not every trade is a winner, and with money management, you will always win over time. Managing the STOP as the trade progresses is a must to preserve capital also.

How did you learn to manage risk? Did you ever forget to place a stop and learn the hard way?

In the early days, stop losses were not a thing. They were not actually available on trading exchanges. Some cryptocurrency exchanges still don’t have them which I think is insanely crazy and would never trade on an exchange like that. So in those times often you learned the hard way, but it was unavoidable. So you come to the understanding that profit is profit. PrimeXBT allows you to do everything when you set the trade up, which is the best case scenario.

No stop losses? That must have been terrifying! What was your worst trading experience? And what was your best trade ever?

My worst trading experience was a trade in NEO in 2018 where the market crashed very hard and there was not enough liquidity in the market to fill Stop-Limit orders and it jumped my stop loss and continued going down. When I woke up, it was so low, I thought it would not go any lower. It really looked like it should bounce, but I was wrong, and it just kept dropping as Bitcoin did at the same time.

Emotionally, Litecoin was my best trade ever! I was yelling at my computer, as it moved from I think $5 to over $350 in around a week. It was super quick whatever the time frame was, and I just remember how excited I was – more so than my Bitcoin and Bitcoin Cash and XRP trades I had. There was so much hype around what was happening on Twitter.

Financially, ELROND (ERD) this year has been my best trade. It is a DeFi project that some guys on Twitter kept asking me to check, and I bought tokens and they moved 3400% which is completely insane. And that is not even a leverage trade. Ethereum so far this year, I have made almost 2500% in a 10x margin trade also. Covesting is quickly catching up too, with 1200% so far on my COV Tokens.

You clearly can pick winning assets. Are there any tools, indicators, or methods that provide you with the best results?

I use a whole range of tools. Elliott Wave forecast combined with Fibonacci relationship ratio are my secret sauce so to speak. I also use MAs, EMAs, Visible Range, Volume Profile, Support and Resistance, RSI, MACD, and quite a few more – but they paint an overall picture.

Almost as many indicators and tools as your talents! If you could only use one tool moving forward forever, what would it be?

Easy! Elliott Wave. When used properly it is the most accurate tool to use, as it determines pattern and wave length.

Speaking of easy… What do you believe the Covesting platform offers the trading community?

Covesting will allow the community exposure to crypto through experienced traders. Giving them the chance to share profits they otherwise may not have made by themselves. We have seen this successfully achieved on other trading platforms. Covesting is superior offering the trading community greater exposure via PrimeXBT to a range of 30 market spreads.

What advice can you share with new traders just starting their trading careers?

Money management will always be your strongest tool! Without it, you have nothing.

What reasons would you give to others as to why they should sign up for PrimeXBT and the Covesting platform?

Covesting allows HODLers the ability to grow their funds with little risk with the right strategy manager. The PrimeXBT exchange is a world class exchange – it is a trader’s dream: clean, easy to use, and fast and responsive.

That’s high praise! Do you happen to have a prediction for Bitcoin price in one year, five years, and ten years out?

I always get excited about this question, as I see the cryptocurrency industry in its infancy right now. In comparison to traditional markets, they are trillions of dollars, while crypto is as of writing this 355 BILLION only. At the BTC all time high, it was 761 BILLION, so the exciting thing about this statistic is currently BTC is more than half of the value of ATH at $11,781 at time of writing. So with that in mind we still have 30 BILLION to move in the market before even being half way. This means if we continue at this rate, $30,000 USD is possible within a year. Five and ten years out is always a harder prediction as BTC needs to sustain growth within the ecosystem to keep up with new projects. Basically, continued innovation is needed to sustain the long term health and functionality of the coin. But in saying that, for me $50,000 USD is a very strong potential target here longer term.

Compared to some of the Bitcoin price predictions we’ve seen, those sound very reasonable. Well, Lisa, thank you so much for your time, and for your continued support on Covesting. We wish you continued success in your trading career and everything else you are passionate about.


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