Traders, just like you.
Stories and reflections.
Massive thanks to CR for basically schooling me and I would go as far as saying changing the trajectory of my trading if not my life.
mohler - the platoon community member and marketspy trader
AN UPHILL BATTLE: Discord Community Member Story
So I have a little story to tell you all. I was really losing my way this year with trading despite having the edge that is MS. Spoiler alert - MarketSpy won't save you from being an idiot and trading emotionally.
Just a little background: I started trading BTC during summer of 2017 and it was easy to profit when BTC was going parabolic, even really bad trades turned good in a couple of days. But when Jan 2018 hit I had way too much money in crypto and hadn't even learnt the basics, like what a stoploss was & I was keeping no significant records. Needless to say I lost a lot of portfolio value & that was before I switched to Alts and later discovered the moneypit that is BitMex. In 2018 to paraphrase @Saix I lost more money that I could ever tell my wife (She does know a ball park figure, I don’t even know what the exact figure is). This was all compounded by the fact that I needed to start taking money out of crypto to pay for a house we were building so I couldn’t wait for the ever promised bull run.
Looking for an edge I discovered Quick Fingers Luc on youtube, an affable Canadian trader who just wanted everyone to be a profitable trader and I got to know some of you on his community Slack group. Finding a real trading strategy for the first time, I started to get profitable particularly on alts where there were regularly huge dumps you could scoop up base breaks. I have had plenty of profitable trades and have made plenty of money at various times but have not been consistent. What I did notice was when I was journaling my trades on a daily basis & having a defined plan and sticking to it I was profitable. That all pretty much went out the window when I started trading leverage on BitMex, it was so easy to crank up the leverage and get wiped out on crazy scam-wicks & it became a roller coaster of blowing up and refunding my account.
That was until someone on QFL’s Slack had discovered MarketSpy and since I was always on the hunt for a new idea/strategy/tool I came on over. Very quickly I could tell MS was something different and @CR’s calls were on the money so I was a very early adopter.
I think it’s part of so many of the traders journey’s from what I’ve read and listened to move from being a losing trader to a breakeven. My bad habits include flipping long/short on a whim & buying the top & being so over leveraged that I’m & selling the bottom as it’s way to close to liquidating my account (& on way too many occasions I’ve done that too cause I was too invested to accept a loss when a small SL would have saved me).
I had felt like I was improving and was doing good up until March but really F’d up the start of the Covid dip & then was not liquid enough to buy BTC at $4k again. I was playing risky and not journaling. So I took a break until I could emotionally recover & there was a huge amount of personal stuff on the line. It was a crazy time for all of us and I was forced to take stock of my whole life & not just trading.
As I’m at pains to admit I am addicted to trading and the buzz it gives me. Back in September, I set up a new bybit account (so I didn’t have to keep looking at my negative balance on my P&L) and funded it with only €50 but with fomoing market orders and stoplosses it quickly ate away at my account. I was adding €50 to keep trading every other week.
So a month ago my new account looked like this… ( 30 day prior to 19th November)
I was depressed about trading and all the money I was giving away and was about to take another break. Which about the time @CR resurfaced from an epic vision quest to bring us a new version of MS & a killer strategy.
So I thought I would give it another go and with goal of 1-5% account growth per day & remembered back to my profitable periods and knew I would need to journal & have a set of rules. Obviously that’s part of Market Enemy but I need to add more to fit my style.
My specific simple rule set is currently:
Max size = 10% of account (min 1k wiggle room to liq)
Long only unless CR says so
No Market buying & only ME SL moved to BE or profit where possible
Only buying on or below pyramid signals
Record Balance daily
10% Runners or 1x shorts only over night with in profit SL
With that in place I added funds so I had €100 worth of BTC (which today would be worth €124) to bybit and set off on an adventure that has gotten me to a place of being up 389.14% on BTC value in 30 days. As of this morning that would be worth €478
You can see the dip on the chart when I broke my rules and took a 20% loss when under water which I thought would be a great opportunity to short & had to stop that out to lose both ways (old habits die hard but new habits replace them eventually). It took me a week to recover from that drawdown but I knew I would.
I’m feeling more balanced and emotionally stable as my risk is well under control and now I’m excited to see BTC going down as it’s going to fill my orders. I’ve had to learn a new skill of breathing underwater, knowing from the promise of a POD & a pyramid that it’s going to turn around & I don’t need to market SL to save me.
What have I learned from this month… (& maybe you can too)
1. Have a set of rules and stick to them
2. Journal, even a simple daily check in is enough to keep me accountable & on track.
3. Market entries & exits have killed my account way more than I was factoring in as all exchanges hide
this from you as much as they can.
4. Take profit early and often. (also set a exit)
5. It’s amazing how much a 10% runner can make you
6. Price will come back, this is not the end
7. There is always another entry (the various types of ME are testament to this)
8. Be a market participant having even 10 contracts open means your in the market and you don't have to have to perfect entry you can add more later
If anyone is interested this is what my journal looks like:
Massive thanks to @CR ✪ for basically schooling me and I would go as far as saying changing the trajectory of my trading if not my life.
No thanks would be complete with out recognizing @Saix @Alexandar @Carena & the amazing @TranceGeniK for their contribution too.