Trader Spotlight: @CryptoRekt.io
By David - September 20, 2020
Its time for another instalment of Trader Spotlight. The series where we interview some of our favourite A-grade traders from the community.
This week we are amazed to have discovered yet another hidden trading gem, with an active CMM verification page containing:
- 42 trades at the time of this interview
- Over a time period of 3 months
- 150% up on the account
- 100% win rate (so far)
Trading Experience: 3 years
CryptoRekt.io's verification page is available to view HERE
CMM: Tell us a bit about life/background before trading? And what got you into trading?
CR: When Bitcoin launched back in 2008 I was still in high school. Back then it was literally internet magic money with no market or any value at all In fact there were multiple faucets and forums where you could get free bitcoin(s). I even got some but I lost the keys, since they had no intrinsic value and I didn't really understand the whole concept.. I just wanted to party. Fast forward a couple years, the fall of mt.gox news shook the world & I decided to search for my private keys on my old hard drives to no avail. A year later, after finishing my college degree, Bitcoin got me interested again in late 2016. Since then I have dedicated insane amounts of hours reading everything about bitcoin, cryptocurrencies, types of blockchain, spot trading, derivatives, SC , UTXOs, nonces, forks, DeFi etc It's the best money we ever had. No central party, no way to be seized, permissionless & borderless. (almost instant transferable value over the net)
CMM: Is trading your primary source of income?
CMM: How long did it take you to become consistently profitable?
CR: Well that depends..I was lucky. At the 2017 ICO craze I was a rookie but despite not having a single idea about what I was doing I was waking up richer every day. My only concerns were my shitcoin was only up 20% while the rest of shitcoins were up 44%. I had a hell of a run but then I discovered Bitmex and margin trading. I blew up a dozen accounts and gave back most of my profits doing revenge trading. That was the tipping point which made me realize that this is not a rich quick scheme but one of the most competing and hardest industries ~ trading for a living. I have spent a significant amount of time in developing and nurturing my skills that's when i discovered an edge, back in the day Bitmex's funding rate was 0.36%/8hr so for quite some time I was hedged "farming" 1% daily but now market's participants and crypto markets in general are way more efficient and this edge disappeared & that's the main reason I can share it with you all. So to answer the question.. I was profitable from the beginning. What I was lacking was consistency.
CMM: With regards specifically to your trading style: talk to us about how you started, and how you got to where you're at today?
CR: Let's start by pointing out that this account was a personal challenge and nobody can maintain that kind of accuracy in the long term.. it's just nuts! I started like almost everyone else with the mentality that more indicators means better charting & more profits. Soon I realized that all lag behind price action and in a sense, they are the derivative of it. Before crypto I was gambling at anything I could lay my eyes on so I promised myself that I wont degen gamble again as a result risk management being my strong suit. The point was to survive long enough to catch up with the knowledge I was acquiring daily and create a system that's profitable consistently. 90% + of traders lose money and I was fully aware of that. No matter the trading style, all I see are apes throwing darts at random.. sure some are winners but at the end of the day we have no idea what we are doing. After 4 years I now consider myself a pro ape but nonetheless still an ape. Don't get me wrong..There are magnitudes of improvements to be made and I want to take this opportunity to thank all my CT anon friends who directly or indirectly shaped me into a better trader. Every market condition needs a different approach but nowadays my Technical analysis is just naked charts. I use a combination of horizontal support/resistance(demand/supply), orderflow (heatmaps) and I am trying to anticipate where liquidity is but most importantly who is in control (bull or bear) whales/big players. Overall a modern tape reading technique.
CMM: How long have you been using CMM and how has it affected your trading?
CR: Any trader that takes himself seriously MUST journal his trades.I can't stress enough how important that is. You can reference back to a later time and observe why it worked or didn't, Fractals are everywhere & if you have been trading for quite some time you surely had a moment where you thought "Wait I have seen this before but I don't really remember what happened. Oh Crap"“History Doesn't Repeat Itself, but It Often Rhymes” – Mark Twain.Frankly, CMM has a solid journal that I am using for a little over one month. It displays everything in an elegant way from how many trades you took each day and time to your most profitable/worst setups alongside a chart to study. Fees, funding and rebates are eye opening stats
CMM: Based on the experience you've gathered so far, what advice would you give to the version of yourself that first started trading?
CR: DCAing in perpetual markets is a recipe for disaster, leave it to the professionals.Cut your losing trades rapidly & let winners run by moving your SL below the last major(HTF) HL.Trading is a means to an end. Aim for financial freedom.PAID GROUPS ARE A SCAMKeep grinding consistently!
CryptoRektio's Final Thoughts:
"You know as much as we can achieve there are always new beginnings and new things to do.
The world is full of stories, and from time to time they permit themselves to be told.
There is two kinds of traders, those who are humble and those who get humbled
I haven't made it yet but I am getting there!
Keep grinding consistently!"
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