The air at Token2049, the world’s premier crypto event, crackled with ambition, but few discussions cut through the market noise with the same pragmatic force as the panel hosted on the BloFin stage. Titled “Traders’ Review: What good trades have you made this year?”, the session promised a look at profit but delivered a profound lesson on preservation.
Moderated by Oihyun, a respected voice as our Asian Editor-in-Chief, the panel featured two crypto heavyweights: Fenni, the CSO of Coincall Exchange and Partner at Big Candle Capital, known for her deep understanding of market structure and security, and Dylan, BloFin’s dynamic BD, bringing a crucial perspective on high-velocity regional trading.
What began as a typical “bragging rights” session quickly morphed into a masterclass in professional trading discipline, with the central, immutable axiom emerging: In the current volatile crypto landscape, sustainable success is defined not by the size of your gains, but by the rigor of your risk management.
The Best Trades: A Necessary Pivot to Philosophy
The opening segment addressed the panel’s core theme, setting the stage for the strategic pivot. When pressed on their most successful trades of the year, the answers reflected a diverse set of risk appetites and market views.
Fenni leaned on a fundamental, strategic play. “My best trade this year was undoubtedly buying Ethereum (ETH) at the $1,500 level,” she shared. This choice highlighted a conviction in established, blue-chip crypto assets and a focus on strategic entry points over impulsive, high-leverage movements. It was a classic example of capital deployment based on valuation, not hype.
Dylan offered a more retail-centric, albeit profitable, perspective, acknowledging the frenzy that characterized much of the mid-year market. “If we’re talking pure, percentage-based gains, then engaging with some of the meme coins, specifically Pepe, delivered outsized returns,” he said.
This response, while frank, served as a crucial lead-in to the philosophical debate that followed. These trades, whether strategic or speculative, were the exceptions, not the rule, and the panelists were quick to remind the audience that chasing meme alpha is a fast track to ruin without proper controls.
The immediate follow-up to the trade review was the critical question: How do you turn a single, successful trade into a sustainable career, or even a successful investment portfolio? The answer was unanimous and delivered with gravitas.
The Axiom: “It’s Always About Risk Management, Not Your Trading Views.”
This statement, forcefully presented by Oihyun, became the thesis of the entire discussion. It served as a stark warning to the audience, many of whom are consistently chasing the next 100x narrative or over-leveraging on perpetual futures.
Fenni elaborated on the psychological trap of the market: “Traders become so focused on their view of the price they think Bitcoin will hit, or the altcoin they are convinced will pump, that they blind themselves to the possibility of being wrong. Your trading view is merely an educated guess. What you can control, what you must control, is the size of the loss when that guess is wrong.”
This distinction between conviction and risk control is paramount. The average crypto trader, fueled by social media narratives, often conflates the two. When a trade goes against them, the emotional attachment to their ‘view’ prevents them from cutting losses, leading to the devastating, capital-destroying event of liquidation.
Dylan, speaking from experience in managing derivatives flow, underscored the practical side of this discipline. His advice was deceptively simple but widely ignored: “You absolutely must set a hard stop-loss. And just as importantly, you must take profit.” This twin-pillar strategy counters the two main vices of the retail trader, fear (not taking profit) and greed (not cutting losses). By prioritizing a predetermined exit strategy, traders move from being reactive spectators to disciplined participants.
The Derivatives Revolution: Lowering the Knowledge Barrier
The discussion then naturally moved to the tools required for professional risk management, shining a spotlight on the rapidly evolving derivatives market. Both panelists agreed that traditional perpetual futures, while efficient for leverage, pose an existential threat to the undisciplined retail trader precisely because of the ever-present risk of liquidation.
Fenni introduced the concept of options as a necessary evolution for democratizing sophisticated risk management. She argued that the market needs instruments that allow traders to express their directional view without the inherent, catastrophic danger of immediate margin calls and liquidation.
“The greatest advantage of products like event options is that they completely eliminate the risk of liquidation,” Fenni explained. “For the retail trader, this is a game-changer. It shifts the focus from managing margin and constant monitoring to simply having a correct directional view. Your maximum loss is defined and paid upfront as the premium.”
Historically, the options market has been inaccessible to the average crypto trader, shrouded by a “knowledge barrier” involving complex Greeks, volatility curves, and expiration management. The panel argued that this barrier is precisely why new, simplified option structures are critical for the industry’s maturation. They allow a trader to buy insurance or a call on a specific outcome, effectively isolating market risk without risking their entire portfolio in a sudden, leveraged swing.
Strategic Outlook: Using Options as Insurance for 2025
Looking ahead, the conversation shifted from past trades to future strategy, again utilizing the power of defined-risk instruments.
Fenni offered a tactical outlook based on the current global macro uncertainty and the cyclical nature of the crypto market. He advised the audience to adopt an insurance mentality for the immediate future.
Fenni noted that given current macro uncertainty, traders could consider adopting an insurance mindset, such as using put options for downside protection. This isn’t a bearish call, but a prudent strategy to manage potential macro shocks while limiting losses to the option premium. If the market continues sideways or slightly up, the maximum loss is only the small premium paid.
She also pointed to 2025 as a year when call options could become more relevant, given anticipated catalysts such as the Bitcoin halving and spot ETF developments, illustrating how options can adapt to different market cycles.
This two-pronged approach, insurance now, controlled speculative exposure, later demonstrated the power of options as sophisticated, non-linear trading and hedging tools.
Dylan maintained a more cautious stance on exact predictions, reinforcing the overall message of discipline. He suggested that whether a trader is buying a put for insurance or a call for speculation, the most important element is understanding the limited-risk nature of the instrument. “If you are trading leverage, you are fighting two battles: the market and your exchange’s liquidation engine. With a defined-risk product, you are only fighting the market,” he noted.
