Kennedy Summers was crowned Playboy’s Playmate of the Year a few years ago, but what people may not think is behind all that beauty, is a ton of brain which has become addicted to the world of crypto.
These days, in between studying to become a doctor and modeling, Kennedy trades and has used her social media platforms (which have millions of fans/followers around the world) to help others out with various crypto & trading tips.
We sat down with Kennedy to hear some of her tips and why crypto has become a true love in her life away from the modeling scene…
What were your original motivations for getting into the modeling world?
I got into modeling when my mother enrolled me in etiquette classes in middle school. The woman teaching me also happened to own a modeling agency, and it all just kind of took off from there. I’d never even considered it!
You are also now a day trader… how did you find your passion for trading?
Weirdly enough, I was hired by an online trading school to give a presentation to a bunch of traders in Times Square, and they offered me a choice: they would tell me what kinds of things to say, or they would let me take their classes for free and teach myself before the conference. I decided that knowing how to read stock charts is a really important skill, and I’m also really opposed to doing anything halfway, so I went for the classes. I could just imagine standing on stage and giving my speech, and then being asked a question about something I’d never heard of, before staring blankly back into the crowd like a deer in headlights! It wasn’t going to work for me. Luckily, my grandparents actually taught my brother and me how to invest in stocks when we were little kids, so I was a little bit familiar with charts. Learning how to day trade was a whole new animal, though–and a whole lot more fun!
How long have you been trading?
I started in 2015, so three years now.
When did you first become aware of cryptocurrency?
I got my first Bitcoin in 2015, and I’d had a couple of buddies in college who were into it.
What are your views on cryptocurrency, whether it be positive or negative?
My views on cryptocurrency are positive; I think as we shift more and more into a digital world, we’ll realize, as a whole, that currency shouldn’t be an exception to our newfound convenience. Each currency offers unique features that paper currency cannot, such as privacy, security, and instantaneous international transactions. The premise of paper currency is already dated–we’re already using plastic these days, and I don’t know anyone besides my washing machine who is remotely interested in heavy, metal coins. I foresee us evolving beyond plastic in the near future, too. I don’t see how something that’s still so losable and steal-able could be considered a long-term alternative to primitive cash, which shares those exact problems. I also suspect that we’ll be seeing more countries create their own cryptocurrencies.
Which future trends in the crypto-world do you feel will happen?
I think that we’re early in crypto, still, especially when it comes to alts. Bitcoin, although it has already skyrocketed, has set an incredible precedent for the right alts. It’s fought the battle of acceptance and breaking into the mainstream for them, and hopefully, we’ll only be seeing advancement in the crypto world from this point. I don’t, however, think we’re going to be on a steady train uphill; I think we’re going to see a lot more volatility as things build up towards the year’s end. I’m expecting most of my coins to stay on the lower side this summer, which is fine for the ones I’m HODLing. I do have a couple I like to pop in and out of as swing trades and day trades, though, and I’d like to see a lot of volatility in those ones.
What is your process of researching certain stocks or currencies you want to invest and/or buy into?
I keep up with crypto news on one of my favorite platforms and a couple of crypto news sites. Then, I’ll hop over to the review the appropriate candlestick charts (they’re the easiest way to understand a current or potential asset, in my opinion), before checking out the tapes. A lot of people ignore the tapes (the bids/asks and order executions), but I think that’s where a lot of them get tripped up. You need to know whether those big orders you see on the depth chart are going through, or if the market makers are just posting them in an attempt to shake out some weaker hands and obtain more coins at a lower price. Sometimes, volatility is real, and sometimes, it’s a result of the market makers. It’s important to make sure you can tell the difference. I also like to go through Reddit forums and Tweets to see what the general sentiment towards something is: are people buying or selling? are there a lot of rumors out right now? has the CEO done X, Y, and Z lately, to ensure a timely release of the main net? have they been hacked? It’s basically that old adage: “buy on rumors, sell on news.”
What is the best advice you have ever been given?
That’s easy–to practice with real money. You can “paper trade” all you want, but until you’ve got actual, legal tender invested in something, you’re not going to appreciate what that kick in the gut feels like as you watch one of your coins fall over a dollar in one day. You’re also not going to know how you’re going to react to it. Are you someone with a temper? Can you handle a bit of stress, or all you all capped-out on drama lately? You won’t know unless you’re forced to take it seriously, which is a mistake that I made when I was first learning. I’m not suggesting that you should practice with an entire Bitcoin, but I’m suggesting that you put a hundred bucks or so into a trading platform to actually learn how the system works. You have to learn how to handle volatility and govern your emotions before you toss 30% of your savings into this market, or else you’re going to lose everything. You have to be motivated to research the coins and treat them like any other investment, which is hard to do when you’re playing pretend. Crypto is a dangerous game, even for those of us who know and love it. And, it’s a real investment that takes time, knowledge, and research–it’s not a Vegas slot machine.
Would you say you are addicted to the crypto market these days?
I love crypto. I’ve made a lot of money in a short time off of crypto but so did a lot of other people. I definitely enjoyed the rush we had in December-January, but the subsequent tumble was a good reality check for everyone, myself included. I do my best to keep my emotions out of the game because I’ve read about so many people who have lost so much by making hurried decisions. I try not to let the highs and lows influence logical trading, even though I sincerely love the volatility. As a safety net, I keep some of my money in a trust, because I don’t ever want to be up a creek without a paddle. Obviously, I don’t foresee this happening, or I wouldn’t be investing, but I’m thankful for the extra security and stable dividends. I’ve learned to never put all of my eggs in one high-risk, volatile basket.
Cryptocurrencies or stocks…which is more intriguing to you?
I’m more interested in crypto, which also has a bit to do with convenience. I live in Los Angeles, so waking up for premarket on a daily basis is really hard. Plus, the stock market is only open from 9-5, which means 6 AM – 2 PM in LA. The hours aren’t ideal here, because you still need to do research before the 6 AM open, and, potentially, even before the premarket opens, if you like to trade then (which I do).
The thing is, when you’re day trading, the only hours that are really volatile enough for big profits are 8:00-9:40, and then ~3:30-4:50. There’s not much going on during the day, except in special circumstances like big announcements, mergers, or a scandal. If you miss those windows, particularly the morning one, you’re not likely to have a successful day.
Crypto, on the other hand, trades 24/7, from my living room, anytime I want. If I’m reading about crypto and I’m like, “Oh, I should drop X,” I can just do it. There’s no waiting. The only thing I truly like better about trading stocks is Tradestation–and I’m not even being paid to say this. I just sincerely wish that they would come out with a crypto platform because nothing I’ve used for crypto trading even comes close. Their interface is so customizable, and you can make it really cater to YOU, which is something that we haven’t seen yet on our usual crypto platforms. If anyone from Tradestation sees this, we need serious help over here!
Bitcoin.. what are your views on this hot topic currency?
I believe that Bitcoin is here to stay, and the price will continue to rise. I wouldn’t day trade it, for sure–it’s a HODL. I think things are tricky right now for a lot of alts, but Bitcoin has become the gold standard of crypto: even people who don’t know what cryptocurrency is have heard of Bitcoin! I think that, even as alts continue to surface that are faster, better, and more fill-in-the-blank than Bitcoin, we’re still going to have Bitcoin. I see Bitcoin’s long-term future as the “gold” of cryptocurrency–likely being used as a gauge for the value of alts, rather than as our go-to coin for actual transactions. I don’t see this being an immediate shift, especially because Bitcoin continues to fork and evolve, but I think its longterm future is different than what we’re using it for, now. I don’t think we’ll see the end of Bitcoin as long as cryptocurrency still exists–Bitcoin created this world, and everyone else is just living in it. Of course, they’ll be the standard.
Have you ever been offered a form of cryptocurrency for any work jobs?
I have! I’ve been offered coins as part of ICO marketing deals, but I haven’t found a company that I’m ready to endorse publicly, yet. I don’t want to give endorsements of coins if I’m not willing to invest in them myself, even though they offer to pay well. We’re all in crypto to make money, and I’d rather people respect me in the finance world than watch me make my money by losing theirs.
Do you use Bitcoin or other forms to pay for items in your everyday life, such as travel or investments?
I used some profits from ICX and XRP to pay for two trips to Europe this year! So far, my crypto profits have taken me to Sweden, Denmark, Iceland, France, Monaco, Italy, Greece, and Switzerland! I keep most of my crypto on my Ledger Nano S, locked in a safe, so I’ll usually just reach for plastic in my daily life. I did notice that websites like Craigslist have started accepting crypto as payment, which is pretty cool. I think it says a lot to see crypto being listed as a payment option because it shows mainstream adoption–which we need to keep crypto alive. I’m really curious to see what’s going to happen with Ripple and Apple, because that’s really going to move crypto into the hands of people who would have otherwise never touched it.
Anything else you wish to add on the subject?
I’d tell anyone who’s just starting out to do their own research. Do not, under any circumstances, blindly follow the advice of someone who said something online, somewhere. Being on the internet does not make anything factual. Check and recheck your sources, and utilize your resources. There are so many great apps and YouTube videos out there–don’t be afraid to use them!
Big thank you to Kennedy Summers for taking time to talk to us. Let us know what you think of her interview in the comments below!
Erin Patten is the acting Co-CEO of DāO Detroit, a large haircare company based out of Detroit, Michigan, and CMO at Potencity, a recruiting platform for high potential diverse professionals. As a seasoned entrepreneur globally, Erin … Read