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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Coming up with Trading Ideas An unfiltered rant: ↓ ------------------------ Step 1. Assume that the majority of ideas to test will NOT have alpha in them. Step 2. Go in with the mindset of "I just want to collect some data on some stuff" rather than "I need to find some
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Big Support/Resistance Levels The more limit orders that are stacked on a level, the more violent the potential reaction from price can be as price starts to move away from the level after touching it. Big players are still entering (and also exiting) as price is moving away
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AI is just a tool. Trading is a game of "People with Tools" v.s. "People with Tools" As tools change over time, the game changes over time too. A common fear is "AI is going to make trading impossible!" but this fear is irrational. As more traders adapt and start integrating
Free Alpha using AI (only applies to serious Traders) 5 Practical Steps and an untfiltered Rant ↓ ------------------------- Step 1. Open Youtube and search for these 3 full audiobooks (they should be free on Youtube: • Essentialism • Atomic Habits • The One Thing • You
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Trading on a Phone Here's my take on this: I don't think you should ever trade on your phone or waste time with any crypto/charting apps. When in a work environment, I'll be in front of a computer and fully focused on work related stuff. When in a non-work environment, I'll
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Meditation Even a small 10 minute sit before starting a work task makes the work so much easier to push through and so much more enjoyable. Don't get me wrong, being on the "grindset arc" is cool and all but being able to extract joy out of a task and turn it into play is an
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These are the Top 3 Variables that I use to determine the quality of a trade ↓
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Open Interest Sometimes it is consistently increasing or decreasing by a large multiple This is often because a Big Player is opening or closing a large position by splitting their order in lots of little chunks. This can be an opportunity to front-run their market orders.
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Alt Season What does it actually mean? How I define it: - a window of time where you have an increased margin of error trading longs on altcoin perps. Most Traders think the only way to take advantage of an environment like this is to go for wider targets. It is a valid
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$TRADOOR What an incredible run. It would be a shame if the big $5 level actually held as resistance.
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Widening a scalp and turning it into a swing trade has mainly ended up terribly for me. Whenever I won the trade, this only kept reinforcing bad behaviour. Bad Behaviour being: - abandoning my trading system - breaking my trading rules - letting a random, irrational and
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$BTC This might be controversial But this is the only asset in my long-term portfolio I don't care about holding any other alts long-term. I simply do not care for it. I also don't care about missing out on some wild new tech coin which ends up doing 100x. My niche is NOT in
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How I trade Breakouts on the 1 minute timeframe In simple talk, whenever price approaches any level I can either bet on price breaking the level or bouncing from the level. So the job is a lot about saying "no" to a trade and only saying "yes" when the trade has more than 1
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Trade Execution Taking less bad trades has the same result as taking more good trades. Except by taking less bad trades, you don't just get back your P&L but you also get back your time. 🌶️
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Your Trading Strategy means nothing if you can't follow your own Trading Rules.
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(4/4) Betting on Regimes, rather than Price Direction https://t.co/9yEKWDUCti
1) Big Trading Lesson for me: It took me a while to realize that my strategy wasn't actually betting on the price going up or down. Instead my strategy was betting on: "Are we in a momentum environment or are we in a mean-reverting environment."
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(3/4) The unexpected emotional side of Algo Trading https://t.co/S84YX0Jr7R
1) Time to trigger some Algo traders If you went into algo trading just because "I'm emotionally volatile so if I trade with a bot I'll print like crazy", you're going to have a bad time. Systematic trading only removes the emotional aspect from trade execution.
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(2/4) Non-Price based indicators https://t.co/bQmNsLDbdu
1) I've been trading for 7 years. The best indicators which helped me aren't price-based ones but actually non-price based ones. Examples: Volume Open Interest Spreads If I'm already looking at price I don't need to throw on another thing which is correlated to it (like a MA).
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For Traders who don't have a short attention span Here is a list of Threads you can study this Sunday: 🧵 (1/4)
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