Baron's Crypto Trading Journal

Discussion in 'Journals' started by Baron, Oct 5, 2021.

  1. ktm


    Baron this is great! I love seeing stuff like this and ET getting back to it's roots - educating, inspiring and helping people engage with markets of all kinds. Thanks for doing this. I will not be here as I'm scared to death of crypto but I wish all you guys the best and hope you all make a fortune with all of it.
    #11     Oct 5, 2021
  2. Baron

    Baron ET Founder

    Hey, maybe being scared of crypto is a great reason to actually be here. Hopefully after a while, your fear will come down a few notches and you'll start to see some opportunities. Remember, Charles Darwin said that it's not the strongest creature that survives, but it's the one that's the most adaptable that wins out in the end. Adapting yourself to the new world of cryptos may be a better choice than avoiding it altogether.
    #12     Oct 5, 2021
    Grantx, ktm and johnarb like this.
  3. NoahA


    I thoroughly enjoyed the post, so thank-you very much!

    Out of further curiosity, do you think you could repeat the trading accomplishments part if you had to start all over again in 2021 given that so much computational power goes into trading the markets now? I know that many traders say the Level II trading is a completely different game now (and maybe impossible to rely on), but the mechanics of risk and reward are the same of course. So perhaps for a person who developed the right mental framework and set of rules, trading profitably should be just as easy now as 20 years ago. (I think though that if we exclude the short lives of meme stock traders, less people can earn a living now from trading than 20 years ago because the markets have eliminated lots of edges people used to use)

    Anyway, it will be interesting to see what sorts of tactics you use for trading crypto. On the one hand, I see how crypto is just another instrument, so trading it could be thought of as no different than futures or stocks. But I also think that the general consensus is that crypto can only go up, so its like trading tech stocks in 1999. You of course are operating from the point of view of crypto being in its infancy, but if you are trading it, then this will clearly require something different than just buy and hold. Looking forward to your journey!
    #13     Oct 5, 2021
    Baron likes this.
  4. Baron

    Baron ET Founder

    If it doesn't go my way, I'll look ridiculous with this whole thing. But I think that math will be on my side with this one, so I'm pretty confident that my efforts will be successful over time.

    The most sophisticated device we have in existence is our own minds. The fact that computers are involved in the markets is irrelevant to me. Computers are really good at analyzing the logical aspects of life, but are miserable at navigating through the illogical aspects of life. Ask a computer what the sum of two ridiculously high numbers is, and it will tell you in an instant. Ask that same computer to explain why your wife can have different reactions to the same situation depending on her mood, and you'll get nothing but smoke coming out of it.

    What I'm saying is that markets do have a large logical component to them, there's no doubt. But there's also the "feeling" component of them because don't forget that the "markets" are primarily a group of real-life, passionate people that have strong emotions and feelings. And it's the emotions and feelings of the market participants involved that have a huge impact on where the overall market is heading. So the strict number-based, computational aspect of trading is only one dimension, and the fact that computers do well at that does not prohibit me from participating in any way, and I think there are just as many opportunities as there have ever been. But with that said, you definitely want to avoid oversampling. meaning that you don't want to trade on too short of a timeframe, as that will definitely take you straight into the competitive arena against computers, which isn't the smartest thing to be doing.
    Last edited: Oct 6, 2021
    #14     Oct 5, 2021
    .sigma, BKR88, Bastion_01 and 4 others like this.
  5. Now people don't really mine cryptos (Esp for retail people who can't compete). They stake cryptos as now the newer cryptos are mostly proof-of-stake.
    So in a way you actually earn dividends from locking up your crypto for a period. It is like mining but without the equipment etc.
    #15     Oct 5, 2021
    johnarb likes this.
  6. #16     Oct 5, 2021
  7. johnarb


    Apologies to Baron, don't want to hijack, so I'll limit my post to only this one

    I know you feel like you've missed out on Crypto but, riches are still being made, certainly over the last 12 months. You can look up how many multipliers you could have made on invested capital on Solana, Avalanche, Doge, Shiba Inu, FTT, FTM, ADA, and so on and so on

    Cryptos is very high risk, but also very high reward

    I'll share 2 alphas I came across, but you'll have to do your work. One, I've verified myself, the other, I have not but can only visualize it

    First one, was Jebus tweet saying open a bitmex account, deposit 1 btc, put a 10x leverage long trade, logout and come back after 2 months. Either you lost $50K or you made $15M, I guess the idea is since Oct is the start, no more touching $45K, your liquidation point

    Second one is go to YouTube and search EllioTradesCrypto, watch his videos for the past several months where he talks about 20x,30x,100x on NFT's. He also gives you the disclaimer that NFT's are the highest risk of all crypto trades

    The latter, I've verified myself, bought Bears Deluxe NFT's at 0.08 Eth 9 days ago, currently trading at 4 Eth each. That's a 5000% in 9 days. In $ terms, that's $250 per NFT to $13,800 in 9 days

    My risk capital on the trade is only 4 figures and currently worth well over 6 figures. I have not sold a single Bears Deluxe NFT. Degen trade all the way

    Good luck to you, I know you want to hit it big on crypto and wish you would as any others who are believers of bitcoin and cryptos

    [Edit: For anyone confused on the $ math, Eth was lower price in $ 9 days ago]
    Last edited: Oct 6, 2021
    #17     Oct 6, 2021
  8. I believe if you have researched a coin well and you get into an low entry price the best thing you can do is to HODL. This is because cryptos usually will not do much 90% of the time, but when it flies it really flies 10x-few hundredx. Thus, if you were to sell to early or try to trade the range you will never know when is the real pump and will miss out the largest move.
    #18     Oct 6, 2021
  9. KCalhoun


    I do occasionally daytrade and/or follow bitcoin stocks like MARA BTBT RIOT COIN
    #19     Oct 6, 2021
    VicBee likes this.
  10. This is a great initiative Baron.
    The trading industry lacks transparency and honesty, Thank you for taking this step

    Super excited and Looking forward for more updates on this :)
    #20     Oct 6, 2021
    johnarb and Baron like this.