#3 BTC_Charlie

December 27, 2021

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@Btc_charlie is a full-time crypto trader and spaghetti chart enjoyer. He is one half of the paragon group with tradermagus.

What attracted you to trading?

The infinite game, as Magus calls it. I’ve always been hyper competitive; but trading gives you a real game with no end and clear measures of success: following processes and ultimately, being consistently profitable. There’s nowhere to hide; it’s you vs. the market. You can review your own trades, share them with friends and review ideas together and if you’re doing it well, that number in your account goes up steadily over time. Also the infinite upside potential of it vs a steady income in most other professions.

How long have you been trading?

I got into crypto in 2017 but started trading mid-2018 after doing the classic -60% from portfolio ATHs after 100x+ return buying “rumours of logo changes” on Bittrex. I had little to no idea what I was doing and just got incredibly lucky.

I started trading once I got over the pain of such a large paper loss and poor execution on my part. It was a valuable lesson that I learned the hard way.

“I HAD LITTLE TO NO IDEA WHAT I WAS DOING AND JUST GOT INCREDIBLY LUCKY.”

— BTC_CHARLIE

How long did it take you to become profitable?

I was profitable scalping quite quickly (months not years) using a system taught to me by someone else. As a former accountant, I have no problem following processes/rules and managing risk made me feel a lot more comfortable.

With investing/swing trading it took longer. Swing trading largely because I was impatient, and investing largely because I picked terrible projects to start with and couldn’t differentiate good from bad early on. It was quite different from the omega-bull market I was used to!

Do you have a daily routine you'd be willing to share?

It’s changed a lot over time and changes with my focus. Right now for example, I plan a lot of swing trades on the 4H/1D first thing, set some alerts, review alerts that went off, review open positions etc. I then decide whether or not I want to scalp some alts (a combination of mood, time, volatility on the day, available setups etc.). I set days aside for reviewing low caps, researching NFTs or whatever the in-play trend is or what I think the next trend might be.

Compare that to three months ago, when I was pouring through mint calendars, setting reminders to mint certain projects and scouring Opensea and it’s very different. I try to play where it’s hot.

What's the worst thing about trading?

Bonus: I’ll give you three.

Firstly people outside of it think it’s easy. They see you making money from clicking buttons not realising the blood sweat and tears that have gone into it beforehand. The losses, the stupid mistakes, trying to master and control your own emotions… it’s quite a journey that we’re all still on every day.

Secondly, it’s addictive. I have a machine that prints money. That machine might break at any point. Do I focus all my attention on that machine? Am I missing the next six figure airdrop? “Some guy on Twitter just made another 1,000x - damn I need to step up my game.” Even the CT culture is like a soap opera of its own and if you miss a day and the latest meme you’re out of the loop.

Finally for me, learning to lose was a real struggle. I still don’t like it but I accept it.

“IT’S ADDICTIVE. I HAVE A MACHINE THAT PRINTS MONEY AND THAT MACHINE MIGHT BREAK AT ANY POINT.”

— BTC_CHARLIE

Would you share with us your most memorable trade?

Selling $100m+ of SHIB for gas fees is probably a low point. I balance that out psychologically with the notion that if it hit $100k I would have sold 50% of it.

Shorting MATIC on the 19th of May and then longing it back up a few days later is my favourite play of all time; simply because I managed to catch the meat of both of those moves. I felt like I had leveled up from the erratic pleb I was just over 3 years before, and I was proud <insert self fellatio meme>.

What’s the best trading advice you’ve been given?

There’s been too much to list to be honest. The best advice I have been (indirectly) given is for sure high beta alt plays from Hsaka. That alone took my trading to the next level and grew my portfolio exponentially.

TRADING:

What's the most important quality in a trader?

Depends on your trading style. I’d say:

  • Scalper: discipline
  • Swing trader: patience
  • Investor: conviction

All of the above need the other qualities; but if I had to pick one for each it would be those.

Why do you think you have success trading?

A combination of luck (full time since 2017), conviction (always pursued and believed in crypto) and constant review of processes/performance. I’m very methodical; even though you might not get that from my 99:1 shitpost to alpha ratio on Twitter.


What's something you've learned in the last 6 months that has made you a better trader?

Auction Market Theory and better execution from Magus. I feel like I need to pay him for my membership in our group since his trading style is so different to mine.

What's the mistake you find hardest to avoid when trading?

Turning scalps into swings on perps rather than spot.

If you could give someone starting trading tomorrow one piece of advice what would it be?

Not just planning your trades, but planning for profits, taxes, security, your time (health / friends / family) think about it all. Walking into this blindly means you rely on luck to find your way through.

FILL IN THE BLANKS

  • Most traders would be better off investing.
  • What separates the pros from the rest is dependant on your style - but discipline.
  • A good trader should never give up.
  • The biggest misconception about trading is that it is easy.

“FINDING LIKE-MINDED PEOPLE, SHARING IDEAS AND LEARNING FROM OTHERS, LIKE ANYTHING IN LIFE, IS THE BEST WAY TO GET AHEAD.”

— BTC_CHARLIE

FINAL THOUGHT:

I think finding like-minded people, sharing ideas and learning from others like anything in life is the best way to get ahead. You can’t be the master of all facets of trading. A strong social circle is great for both alpha and support.