Spicy
@spicyofc
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• Ex-Prop Trader • 8 Years Crypto • Follow to learn how to trade, the simple way.
in the orderbook
Joined June 2018
I made 124% in 2023. For context: I trade breakouts on the 1min timeframe on high volatility altcoins. Here are the biggest mistakes I made that year: 🧵
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There are disadvantages of trading while being completely alone. Take advantage of twitter, discord and telegram. Reach out to other traders and learn from them. If there's an X% chance you get a new insight, then it's just a numbers game. Socializing is an underrated skill.
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Every good trader I know has experienced huge losses at some point in their career. If you took a big hit it doesn't make you a special snowflake. In trading this is universal price that everyone has to pay sooner or later.
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What MUST happen in order for a trade to move from Entry to Target?. • Group 1 have to OPEN a position after your entry.• Group 2 have to CLOSE their position after your entry. Explained ↓
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Dropping a big fat article on my biggest insight over the last 8 years of trading crypto. went pretty in-depth with this one. stay tuned for tomorrow
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In 2018 I took huge trading losses. I thought to myself "maybe this is too hard and I'll never get good.". But this was wrong thinking and I had to flip it. If enough mistakes are made and if enough of them are fixed then profitability will naturally occur. Explained ↓
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whenever I do a market scan (which I found helpful to do in the first 10min of a trading session) , I will always try to develop a bias for both the direction and the structure. recent price action + market conditions will determine where my bias falls on both of those continuums.
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2 Types of Trading Biases I use. • Directional.• Structural. Visualized ↓
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Patient Traders just know how to use their spare time more effectively than impatient traders. Here's some useful stuff that you can do while waiting for your next good trade. ↓
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Being "Up 10R on the month" while risking 1% per trade DOES NOT mean that you are up +10%. If distance from entry to SL is 0.1% and the trade was limit in/market out then approx 0.08% was paid in fees causing the trade to lose almost half of the units of R just to fees.
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Will often see Traders on here measuring their performance in Units of R rather than the raw % or raw USD value. But measuring performance in units of R is flawed and severely inaccurate. Explained ↓
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Higher Timeframe and Lower Timeframe directional bias can be used to determine the minimum quality for the next long/short trade to take. Just because there is a strong up-trend doesn't mean you can't take a short. You still can, but you'll need a good reason for it. Example ↓
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Better Sleep = Better Trading. The days of staying up until 4am with eyes glued to a candlestick chart are over. The long term benefits from improving health are more important than catching a few extra trades in the middle of the night. Explained ↓
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You don't need to be a good Trader in order to hit a huge win in Crypto. But you do need to be good in order to actually keep it after winning. An outrageous number of cases of people who make huge unrealized gains and round-trip it because "what if it goes up more".
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There are 2 types of bets I make with my Trades. Explained with some examples below ↓
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Less Distractions = More Focus = Better Trading. Underrated tip for this:.• delete all crypto apps + social media from my phone. Only access social/trading stuff during specific focused hours rather than randomly scattered throughout the day. Time-Blocking is OP.
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Trading Strategy Framework:. • If condition 1, 2 and 3 are all true, then enter the trade. • put stoploss at X location.• put target at Y location. The more clear the entry/exit conditions are = the easier it will be to collect data and improve the strategy over time.
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