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Insilico Terminal Podcast Episode 1 - Pierre Crypto
47 Plays1 month ago
In this episode with Pierre Crypto we cover getting started in crypto, lessons from FTX, building trading strategies and systems, and the mindset needed to stay consistent. We also discuss lifestyle changes, the evolution of Crypto Twitter, execution in trading, and wrap up with thoughts on Hyperliquid, airdrops, and the future of CEX/DEX.
0:00 Getting started in crypto and trading, gaming history and transferable skills, taking accountability
15:30 Learnings and being humbled, FTX
21:40 Development of trading strategy, mental aspects, system building, trend trading
35:50 Doing something else? Lifestyle changes, what helped not to give up
44:35 State of CT, decline and changes, improving and participating
55:18 Execution impact on trading and evolution through the years
1:09:12 Hyperliquid airdrop, future of CEX/DEX, current crypto applications
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Transcript
Introduction to Pierre Crypto
00:00:13
Speaker
Well, hello everyone. Thank you, Saku, for the the invitation. So yeah, for those who don't know me, I'm ah Pierre Crypto on Citi. I'm a trend momentum trader. I would describe myself that way.
00:00:27
Speaker
A former shitcoin trader turned mostly Bitcoin trader by force, I would say, over the last few years. ah Yeah, living in France and 30 years old since ah since this year.
00:00:43
Speaker
I see. So what what made you turn into a Bitcoin trader from a shitcoin trader?
00:00:49
Speaker
I would say... I guess if you are a trend slash momentum trader and you're not very active on chain, it's pretty much what the market made you do in any cases over the last couple of years, at least three years, ah considering that most of the trending and momentum behavior happens to the upside, of which I should say mostly on on Bitcoin, at least from the things that I've been watching.
00:01:13
Speaker
um And basically ever since I started to trade full time in 2021, July 2021, ah july twenty twenty one Ever since I realized that the more I traded Bitcoin, the more comfortable I was with it and the more I was good at it.
00:01:30
Speaker
And ah it it basically fit with the way the market has moved after that. it's I always go back to shitcoins, especially when we start having some sort of isolated trends and the perfect combination of trending and moment and narrative like we've had recently with hype. Obviously, I guess everyone has this one in mind, but A little bit also with the ETH ecosystem that we've had for the last couple of months.
00:01:54
Speaker
But yeah, i would say it's mostly just getting more comfortable with it, a better read of it through the years, and and mostly also because of the main action happening over there. I see. Yeah, that makes sense.
Transition from Gaming to Crypto Trading
00:02:06
Speaker
How did you get started in crypto in in the first place? Like you mentioned that you started trading full time in 2021. How long have you been in crypto? Yeah, so I've been in crypto since 2017, which I would, ah I guess is a classic for a lot of people.
00:02:24
Speaker
But yeah, basically I came from Eastport, Counter-Strike initially. And I was aware of crypto and Bitcoin particularly before that for through eSports, but also through my studies, but I never had the money or the interest for it up until 2017, 2016, early And it's my older basically got me into it, like many things in life. Counter-Strike also, actually.
00:02:58
Speaker
And yeah, I was very rapidly hooked. And obviously, I guess, like many people from that era, um And, ah but I would not say that I've, I would say I've been more seriously trading since 2020 and there was a before and after COVID.
00:03:17
Speaker
So yeah, in 2017, basically I sold all my skins on CS to to buy some Bitcoin, Litecoin, XRP, all of those things back in the days, ah which I then proceeded to lose almost fully in 2018, obviously.
00:03:32
Speaker
ah But yeah, after that, this is the moment I started to take trading more seriously, understood that I was definitely far from being a genius. And that if that was something I wanted to do more seriously, would likely require to have my full dedication and attention. Mm-hmm.
00:03:48
Speaker
And i I then graduated from my engineering school. I worked for a couple of years and COVID arrived. and And yeah, it was a big change for me. ah Basically after the end of the first curfews in France, ah I decided to yeah to go full time and and give it a try basically.
00:04:09
Speaker
And yeah, never left ever since. So I would say I'm in crypto since 2017, but actually trading more seriously since 2020.
00:04:18
Speaker
2019, 2020 being the two years that really made change for me.
Impact of Gaming Skills on Trading Approach
00:04:22
Speaker
It's interesting that you talk about CSGO or like CS ah skins because I feel like lately they've also been up quite a lot. Yeah, yeah, yeah. Do you regret the decision to sell them back then? would no to i we No, will never regret selling my skins for for Bitcoin back in the day.
00:04:40
Speaker
The returns have been much greater for me, at least. ah But also because... I mean, yeah, crypto has changed my life in general. Crypto, CT, Bitcoin itself.
00:04:52
Speaker
i would I don't know what my life would be today if that was not for this decision taken back in the days. And so no, absolutely no regrets. I still love Steelplay, Kunz strike on a regular basis, but I would not i would not ah come back.
00:05:08
Speaker
I would not change that decision or anything ever, to be honest. Do you feel like there is like since you've been playing Counter-Strike, I guess you've also been playing competitively. Do you feel like any skills yeah from that transferred over to to crypto and trading?
00:05:24
Speaker
Yeah, 100%. I think, and it's something that I've discussed through the years many times, is that a lot of people, at least from the people surrounding me in crypto, I don't know about the new classes of CTO or new members of the community, but at least from the people that used to be the CIRCO in 2017,
00:05:44
Speaker
A lot of the people I know and work with today and see today as example of traders that I would like to become, most most often down not they have a strong history with competitive gaming.
00:05:57
Speaker
um A lot of them, it's a mix very often of crypto and of eSports and poker very often. And the the amount of people I know who have pivoted in their early adult years from gaming to basically from Starcraft or CS or or leave a League of Legends or whatever to crypto is not a coincidence.
00:06:22
Speaker
And I would say that there is something that i very often say is that I'm a very competitive person. And I've always moved from one place where I could feel that there was a lot of things to do to get to a good level. Basically, I was always looking for the next place where the gap skill between being good and being very good was a big step two to pass.
00:06:46
Speaker
ah from football when I was younger to Counter-Strike and then crypto. And when I discovered trading in general, i always say that it's the most competitive game I've ever played.
00:06:56
Speaker
and it's And it's a never-ending learning progress ah curve, basically. And it's i never I am never satisfied in the amount of things I could do or could achieve to get better.
00:07:10
Speaker
And... and and Yeah, i used to play Counter Strike five hours per day when I was younger. And ever since I started trading, it's probably that, but in a month and and trading took over completely, basically.
00:07:24
Speaker
I can definitely relate to that. Like I didn't come from Counter Strike, but League of Legends, but I also feel similar about like crypto being this like most competitive game possible so that you can compete with other people. And because money is involved, it's even even more competitive.
00:07:41
Speaker
I'm curious because I've i've only played Counter-Strike a little bit and come from like a League of Legends background. Like, is there anything in particular where you could say like something that you learned during playing Counter-Strike that helped you later in being a trader?
00:07:58
Speaker
i would say...
00:08:01
Speaker
maybe I would say more the grinding part of things. i I am probably the most representative mid-curve art trial trader around compared to some of the geniuses that surround us and talented trader, as I call them, when we think about people like Loma, Main, those kind of people.
00:08:21
Speaker
um So I would say truly the the never counting the art grind, like the amount of time spent
Learning from Trading Mistakes
00:08:28
Speaker
just to get to the next level without counting the hours and and just purely grinding. like And I guess you can see that maybe not from Counter-Strike itself, but the amount of people who come from the WoW era or all of those games with an entire economy inside of the the game, an entire trading economy.
00:08:49
Speaker
All of those people have become very good traders for those who made the leap at some point. In CS for me, it's more and in terms of hard grinding,
00:09:00
Speaker
super hard grinding and just never counting the hours, only just to feel like, okay, I can i can feel that there is next level. It's probably six insignificant compared to the time spent, but it's worth it basically. So for me, it's more being a try other and yeah, being being used to spend ah ah quite some time in front of the screen, basically.
00:09:28
Speaker
Mostly that, mostly that. So that's definitely something you would say is required to become a good or even great trader. I would not say it's required, but again, ah lot of people I know around me who are considered to be very good traders have a strong history with gaming. like i'm i'm i'm ah I'm thinking, for example, as Krina, ah so LSD in my coffee on Twitter. He has a strong history of gaming.
00:09:57
Speaker
Broudoir playing, so Starcraft Broudoir playing and poker. And you can definitely see it and feel it in his style today and how disciplined is and how most of his, if not all his moves are calculated risks. But like I know that that's something everyone should do when trading, but you can literally see the way he thinks in terms of EV and in terms of risk he wants to take. and think Trying to think not about the chart he sees, but how you would expect people to react to to a market situation, to a context.
00:10:30
Speaker
And if not necessary, I don't think it's a coincidence that so many people we know today who are good traders have a history of either strong sports competition or e-sports or poker or those kinds of things.
00:10:46
Speaker
Yeah, I agree. I've also like for me, when I think back to playing League of Legends, one thing that it really taught me because it's a team game is if you want to like rise in ELO and grind through the ranks, then you always have to take accountability and blame yourself.
00:11:02
Speaker
Because in a team game, you really like it it might offer itself that you like blame your teammates because it's always other people in the game with you, but you're the only constant factor. And even though trading is not a team game and you are only for yourself, there it's even more important to like blame yourself and to take the accountability and be like, I actually made this mistake and not the market maker took my money or something like that.
00:11:24
Speaker
Yeah, 100%. And it's funny you say that because it's it is something that we see so often and that we've seen recently, for example, with the entire James Wynne, I don't know, we should say his name, but this entire saga of his position being supposedly entered. and I'm not saying that no one was entering his positions, but the entire way of not taking ah accountability for burning 100 millions.
00:11:50
Speaker
you can When someone makes a mistake trading or take a loss or whatever, The way they react to the way they lost or they were wrong can tell you and a lot about whether it was a costly mistake or if it's something to learn it from or if they are just going to we repeat the same thing next time they had the opportunity.
00:12:08
Speaker
And ah accountability and responsibility, basically understanding that that's your fucking own mistake, mate. Like you you did this to yourself. And to me, at least,
00:12:20
Speaker
post 2018 that was like ah accepting that I was not special that I was likely just shit and that you would need quite the dedication to get to a decent level and try to make that as a living was in my opinion the most important reality is realization back in the day and uh Again, unless you are very talented slash gifted trader, someone that has a sense for the market quite naturally, and even those people tend to betray others by nature, you if you can't accept that if you lost money, it's likely just because of you and you yourself.
00:12:57
Speaker
ah You're going to have, you're you you're going to take a few more slaps in the face eventually. Yeah, for sure. I feel like that is something that, as you said, we see time and time again. If someone is coming onto the timeline with like a lot of money or they got lucky somehow or whatever, and then it just happens the same way again and again.
00:13:14
Speaker
It's quite funny to see if you've been around for a while. Yeah, well, it's something that I share every first week, every month that I've been doing since 2019 or 2020, I think. It's the the classic Dunning-Kruger effect. i don't know if you see what it is. Yeah, yeah.
00:13:34
Speaker
I guess it's it's appliable to applicable to a lot of things, obviously, but it it it is even more true to me when it comes to the markets because eventually, if you think like you have figured it out fully, there is a storm of shitshow coming mean your way sooner or later, eventually.
00:13:56
Speaker
Eventually. and we And we've seen that with different profiles through the years on Citi, to be honest. We've seen that with, to me, one of the most, the greatest example of ego taking over a position that could have become a multigenerational position, and I guess we're all thinking about the same thing, is the do one and the three AC situation. like you you Back in the day, you could feel just by the way you were posting. So obviously you can just say say that it was bull posting edge and shit posting.
00:14:26
Speaker
You can say that, and maybe it was, but it it was sweating waiting ego and over ego and eventually the market came in and took basically the market gives the market takes yeah for sure the market always humbles you Yeah, yeah, yeah, 100%.
00:14:45
Speaker
If you don't have something, that's also something I say often is that I always say that I'm filled with PTSD and that through the year, it likely held me back from some quite crazy gains, but also likely avoided me to get to get wrecked.
00:15:00
Speaker
But if you spent more than a few years in crypto, more than five years in crypto, and you don't have a cursed list of coins, you don't want to trade some PTSD about some things,
00:15:13
Speaker
I don't know, i'm calling LARP. Like you if you spend enough time on the market, you have to have some PTSD or you are very, you're a sociopath and you don't have any any emotions, which is which can be a good trait for for a trader. But yeah, yeah, yeah.
00:15:30
Speaker
Do you have any examples of what has humbled you personally the most in the past?
00:15:37
Speaker
Anything that comes to mind?
00:15:40
Speaker
I would say the entire year of 2018 was a big, big humbling and bling event for me. that I can think of two things. The the first thing is the entire year of 2018, because obviously the harsh realization of you're not a genius, you just bought into the last legs of a extra extra bull market and where everything was just basically sending.
00:16:09
Speaker
And that your mere understanding of the fundamentalists of the market and your two lines on your chart are not going to help you make up for that loss. So, which I guess is a classic for many people who started trading. Usually the the post the plus one year post bull market tends to be a very brutal one.
00:16:29
Speaker
um it It was mostly a realizlaation realization that, okay, you you were lucky buying, but you never knew when to sell. if you don't want to be in that position again, you're going to have to find a system that you can rely on and trust enough so that you can turn your brain off whenever it tells you to do something.
00:16:49
Speaker
So, and it and it took quite some time post-realization to actually getting there. And I'm actually still fighting that urge and I'm still fighting to to respect the system whenever it tells me to do things that I don't want to do, which is most most often done not selling, obviously, as a bulltar that hurts.
00:17:08
Speaker
And the second big humbling thing to me was the entire FTX situation, mostly because it was a realization of how naive I was and how naive I've been because i was 100% convinced until the last couple of weeks before CZ went public about the hole in the Alameda assets and exposure, basically. And up until this point, I was just,
00:17:35
Speaker
I couldn't imagine this to be true. And I was extremely blind to it. I was lucky enough at the time to already have a strong withdrawal approach and procedure when it comes to exchanges and keep a limited amount of on exchanges, mostly because of previous previous situations with Bitmax and those kind of things in the past.
00:18:01
Speaker
um
00:18:04
Speaker
But still, like outside of the the monetary impact, which lucky enough for me was not too big relative to to the rest of the the folio, it was mostly just a realization, okay, you've been extremely naive and ah you're not going to survive long enough in a financial market if you stay that naive.
00:18:26
Speaker
And You're literally and my main thought at the point was you've been bull out of Bitcoin for the last seven. I mean, that was in 2021 for the last few years.
00:18:37
Speaker
And yet you failed to do the classical don't trust verify, even if we had no means to verify. But I was just blindly trusting an entity and blindly trusting a guy.
00:18:49
Speaker
and So, yeah, that was very humbling to me. Like another way, just like you are naive and you're not that smart and you're going to have to be, you're going have to trust less from here.
Developing a Trading System
00:19:03
Speaker
Yeah. And, uh, but I don't think I'm alone in that situation, but But yeah, when when you come out of a bull market where you once again did great, you kind of have that feeling of, okay, I am smart enough to to navigate that.
00:19:18
Speaker
And I'm not going to be the one that's fooled and idiot enough to click ah click on the link or get hacked and those kinds of things. ah Yes, actually you can be. And it's extremely likely that you are you are just delusional.
00:19:34
Speaker
Yeah, and you're definitely not alone on the FTX situation, at least. I feel like most of the people that I talk to or that I know have been impacted by that in one form or another. I remember I never had a lot of money on there.
00:19:46
Speaker
um But, you know, there was always some like a little bit shady stuff going on and you were like, yeah, i don't know what's up with it. But I don't think like anyone really expected it to be as bad as it came out to be at the end.
00:20:02
Speaker
Yeah, and that's the thing is that looking back, looking back, like when I say naive, it's not just naive. It's like refusing to see what was happening also because looking back, there were there were quite the signs.
00:20:18
Speaker
Not that there was fraud at this scale, but again, you can think about some of the Once again, the ego coming up in in so in so SBF tweets, yeah the shady deals done, the the some of the listing with some farming that could be done. I'm i'm thinking, of i don't remember exactly.
00:20:38
Speaker
There was a coin. I think it was DB protocol or something. I can't remember the name exactly, but it was such an obvious, such an obvious like fraud and crime. And again, it's it's pointless to look back in insight. it's It's obvious like very often in trading and like very often in and financial markets, it's always easier in insights.
00:20:57
Speaker
But yeah, for me, yeah, that was okay, man. Once again, you've been fooled. This time you go away quite nicely. You are you you are not back to, you you don't have to climb back to the two zero.
00:21:12
Speaker
But if it better be a lesson. like Do not trust people. Do not trust particularly in not exchanges. They are not too like they are not your friends. So yeah, it's been a but yeah it always obviously much easier to say in Insight.
00:21:30
Speaker
but Yeah, I can assure you that I don't trust anyone in crypto ever since basically. Yeah, it can be pretty difficult. I definitely agree with that.
00:21:42
Speaker
um I want to go back to your trading a bit more because you said that it took you quite some time as well to find your strategy and that you're still like building and struggling with it now. I'm wondering, have you ever, since you're like a trend momentum trader right now, um have you ever tried other stuff? How long did it take you to like find what you were comfortable with?
00:22:02
Speaker
Yeah. Again, I think pretty classical, but particularly in the first couple of years and first few months, I tried everything that I was seeing on CT.
00:22:15
Speaker
And it goes from Phibs to Elliot Waves to everything. And what in 2018, 2019, one of the realization I had, as I said earlier, is that One of the biggest issues for me was to sell. And mostly because I was always finding a reason not to.
00:22:40
Speaker
I was always finding an excuse not to sell. Whether it was when I should have been invalidated and I was always telling myself, yeah, but what if that's just a deviation? What if ah that's just a deep, which I believe you get wired that way post strong bull markets. Mm-hmm.
00:22:58
Speaker
um and whether it was to to sell to targets. I was always telling myself, well, yes, but what if it pulls a repo? what What if it pulls whatever? And ah to me, one of the only thing I could do to fight that was to have something the most simple possible so that when I have a place where I'm supposed to cut, whether it's to the upside or to the downside, I should not have any way to argue out of it.
00:23:25
Speaker
And it's been on one of my main goals through the years is to have a the most simplest approach in in my maha in my in my my books, at least, which is just a simple combination of horizontal level plus a couple of ah moving averages just to smoothen the charts and the trends.
00:23:44
Speaker
If and the goal is to never be able to justify not respecting the plan. And most of them are not sure there will be some times where indeed I should not have cut and indeed it kept pushing and indeed it it was a deviation. But most of them are not. That's not the case.
00:24:02
Speaker
And most of them are not sticking to the plan. Do me better than wrong, basically. ah So I tried a few things, but eventually I came back to the the very basics of trying to play just with a couple of horizontal lines and and just trying to have a sense of the context, trying trying to have a sense of the overall all market sentiment, the overall narratives ongoing and trying to focus on trying not to disperse myself too much and trying to be good at least at a couple of things and do the great, basically.
00:24:37
Speaker
So it's like the messer of all versus like, ah what what is it called? Like jack Jack of all trades versus mess of of none. Or like being yeah so yeah in one thing is like better than being good at nothing or good at many things. Yeah, exactly.
00:24:54
Speaker
and And yeah, very much so. Very much. It's exactly that. And that's so ah something that I always say is I try to respect my system as well as possible.
00:25:06
Speaker
And if I am doing a setup and I feel like I don't have the confidence in my but exit strategy, most often and done that I end up fucking things up because my brain is too is too weak.
00:25:19
Speaker
It's too weak to respect things. So I try to go for things where I know that if my exit strategy is met, I should have no way to argue with with myself. And i should it should make it should be obvious to me to respect it.
00:25:33
Speaker
That makes sense. That definitely makes sense. you said but you But it's definitely easier said than done. And that's why I say that I'm still working on it because I still find myself fighting invalidations, fighting targets today. And and I don't know if it's something that I will cure at some point forever.
00:25:51
Speaker
I don't think so. I think, unfortunately, that's one of the parts where I'm not one of those very talented traders. But through the years, the more I respect the plan, the more i respect the system, the more i the more I have the data that back the fact that it does me better than it does me wrong.
00:26:10
Speaker
And the more I just respect it. and And the less I'm impacted also by whenever it's a fake out. I used to be very bummed out seeing that something I sold keeps pushing or something where I got stopped out, um bounced back basically.
00:26:26
Speaker
But the more I trade, the more the years go by, the less I care. and And the more I'm like, well, okay, you know what? Fuck it. That just next time, next time. And maybe it's experience. Maybe it's just being less emotionally attached to positions.
00:26:42
Speaker
Uh, but yeah. Probably as long as you're a discretional trader, you will never really stop feeling like a little bit of doubt or a little bit of fault or anything like that. For sure. For sure. And I would also add to this part that one of the reasons I was so focused on shitcoins more than I am today, but maybe I'm telling you that and for the next 12 months, we have some very nice trend and momentum to trade in shitcoins and I'm going to be focusing more on shitcoins, but One of the reasons also I was more focused on shitcoins was that as I've always find it much easier to exit the position in shitcoin than on Bitcoin, mostly because I never felt like that was something I was meant to hold for some time. While on Bitcoin, every time I end up not having a trade in my system and therefore not having having any reasons to be positioned, I always feel naked in some way.
00:27:37
Speaker
ah So
00:27:40
Speaker
infinitely easier in my opinion to re respect the system on shit coins than on Bitcoin, but it's been, it's, it's been less true for the years. It's been less true for the years.
00:27:50
Speaker
In, in what way would you say that?
00:27:54
Speaker
I don't know. Maybe because I got more comfortable with maybe I may, I would say I just got more comfortable with selling in general and just realizing that realizing that, uh,
00:28:08
Speaker
It's perfectly fine. like are we There will be another trade. a if If I listened to the system the last few times, i would be very happy that I'd done so. So in order not to be salty about it like I used to be, just respect the system and just follow it.
00:28:25
Speaker
ah But yeah. Or maybe because ahm i'm I'm less of a bull tart than I was. Maybe, I don't know. but But yeah, maybe a combination of of plenty of things, probably.
00:28:39
Speaker
I feel like if you've seen the market go up and down a couple of times like throughout the years, yeah you as you say, you realize that selling is is actually the better idea, at least sometimes.
00:28:49
Speaker
Sometimes you have to sell.
00:28:53
Speaker
yeah yeah I regret it more often not selling than to sell. it's it's what i maybe Maybe I'm coping, but that's why I tell myself when I'm second thinking or when I'm adopting take profit or a stop loss, I always tell myself,
00:29:09
Speaker
I rarely saw myself, I rarely told myself that I was mad about selling, but I was very often um mad at myself for not pay paying myself.
00:29:22
Speaker
ah So, Yeah, that's but that's basically that. It's basically, do you still want to be mad at yourself because you didn't respect the plan you had initially when you know from your journal that most of them are not, you should do so?
00:29:39
Speaker
Then, yeah, it's it's the you it's the classical ah Dwight Schrute, Zofis quote, like, ah Every time I'm about to do something, I ask myself if that's the stupid thing, if that's the stupid thing, I don't do it. And I try to apply that the more as the time goes, basically. Yeah, that's a good rule, definitely.
00:29:59
Speaker
Much easier said than done. Again, 100%. one hundred percent But at least if you're aware of it, you have something to work on, basically. Has all this ah approach also helped you since you said that you mostly trade or focus on Bitcoin nowadays, I imagine that you might feel or might have felt in the past like a lot of FOMO when you miss out on other stuff through that. Has that also helped you with dealing with that?
00:30:27
Speaker
Yeah, yeah, very much. ah It that used to be one of the main that used to be a very a big struggle, obviously, but I've been fortunate enough to rarely see myself not in Bitcoin when Bitcoin makes big moves.
00:30:44
Speaker
So I've never felt that much. I felt FOMO from seeing it pushing still while being less exposed, but never fully naked.
00:30:55
Speaker
um But yeah, I think that's the 101 of anyone trading crypto and Bitcoin in general is that at some point you're going to feel that way. ah And the way you react to it is that you bend the knees and succumb to the FOMO or not is what's going to define you.
00:31:17
Speaker
Less. Again, again less. it's been to it's It's been a big reason also why I've ended up trying to focus on riding trends. ah One of the realizations outside of not being good at selling in 2018 was also the fact that I was not Kobe and the odds for me to pick a call a bottom on Bitcoin was or a Picotop was likely to be close to non-existent, or at least at least not easily reproductible, like it's not easily something I could do through cycles.
00:31:52
Speaker
You can get lucky here a couple of times and you can get lucky enough so that you can call the top and the bottom ah sometimes, but that's not going to be enough to define the trading strategy that you're going to be able to replicate.
00:32:04
Speaker
and one of the that's one of the reasons I ended up forming some sort of rules about with more of a when approach than a where approach where I'm not going to care much where I'm buying or selling obviously but if my system at least tells me that there is a trend forming or trend to write then the when is more important to me and it has helped a lot with the FOMO approach because You ride more, you sell higher.
00:32:38
Speaker
Eventually you give some back because if you're riding the trend, the odds for you to give back whenever it starts to to break is is big. You're likely not to sell or buy the bottom or sell the top.
00:32:50
Speaker
But it's going to help. If you're someone that struggled with FOMO, that's going to help smoothing things up a little bit because you're going to keep some exposure to things as they as they go up.
00:33:04
Speaker
While we're talking about all of this stuff, I'm kind of thinking that if you're like if you're new to trading, you're looking for a system, you're looking how how should you do things, what what should you follow.
00:33:15
Speaker
But I feel like the system isn't even that important. It's almost more important to like convince yourself why you should even follow it in the first place. Yeah. Yeah, very much. Very much.
00:33:28
Speaker
Again, as I was saying earlier, if you're like me and statistically you are, if you are a mid-curve R trial trader like me, which is the majority of people on the market, in the markets,
00:33:42
Speaker
the Your goal in building your system should be to find something that fits your lifestyle. Obviously, not everyone is meant to be a turbo chat or a time frame scalper like we can see in CT. Not everyone's going to have the balls to hold Bitcoin for a decade.
00:34:01
Speaker
ah you're going to have to find something that fits your lifestyle and you're going have to find something where you leave little room for for argu arguing with the system. I'm not saying that.
00:34:14
Speaker
I think it's important sometimes to know when you should deviate from the system, whether it's to decide to go hard or to go or to be more cautious than your system should tell you, whether it's from external news, whether it's from whatever things that can impact the market. So you're going to have to leave some room for gut feeling, obviously. And by my experience, at least is that the more you trade, the more room you can leave and, and, and for gut feeling, but at least in the first few years, the formative years, you should find a system where you' you're comfortable, almost blindly respecting it.
00:34:51
Speaker
And the the odds that it it does better than your monkey brain are pretty big. And eventually you can adapt things to be more fluid and and to leave more room to your gut feeling and things like this, obviously. But in the first place, finding what needs on what you need to work and all you can find a way to make it something systemic is obviously crucial.
Finding Community Support in Crypto Twitter
00:35:19
Speaker
And as I said, for me, it was mostly fighting emotions, fighting FOMO, fighting basically not not willing not being willing not willing to learn to to sell, just that, like always finding ah an excuse not to do so.
00:35:36
Speaker
only only only to see the upnl retrace only to see the initial stop loss you had being a good stop loss and you end up taking a much bigger hit than needed and you're gonna need five more trades to even just catch up with that basically do you do you see yourself trading forever or is there a point where you would stop is there something else that you would do in your life if you wouldn't do this
00:36:04
Speaker
Until I have kids, i I feel comfortable telling you that I will probably trade my entire life. ah I mean, I love it too much to stop, I think. um But maybe there is a point where you need to learn to stop doing it to where you're going to have to. It it should not be your main source of income, your main source of revenue. It should not be anymore something you rely on too much.
00:36:33
Speaker
I'm thinking about some people, for example, like Donald on Citi, where we've seen him through the years transition from a pretty active trader to now taking... He ah yeah has always been more of a swing trader than a lower time firm trader, but he used to be more much more active in the market. And as he formed the family and as things have evolved, we can see him now take two trades per year, at least publicly.
00:36:56
Speaker
Maybe it takes more than that, but... I don't think I will ever stop trading, but the the odds that as life evolves and i I have a family on my own, I trade less, ah I think are pretty big.
00:37:09
Speaker
um But as of today, i cannot find any justification besides maybe me losing it all eventually until then as long as I do fairly well, I don't see a reason for me to stop.
00:37:24
Speaker
Maybe at some point, just like it happened when I went from CS to trading, maybe at some point I will find something that will take away the spotlight from trading in my life. ah But as of today, it's not the case.
00:37:39
Speaker
I really like the the the the lifestyle that I've managed to build around this activity and how much like how much it freeds already some time for me to do other things and focus on other things. Um, and yeah, I just like it too much. Like I always feel like there is every time I feel like, like a little bit bored or that's something that I'm less interested in.
00:38:07
Speaker
I take a few, I take a couple of weeks off and when I'm back, I'm just, I'm just hooked as I was among people. So, I would be lying if I was saying that I would be trading forever, but I would be lying if I was saying that I that i don't see myself trade for much longer still.
00:38:26
Speaker
But I guess we'll see. We'll see where we are eventually. But I love it too much. I love it too much. Since ah we talked about your struggles already, has there ever been ever been a moment where you were like close to giving up or have thought of giving up?
00:38:42
Speaker
And was there something that helped you through not giving up? Maybe like the grinding from CSA? 2018, 2019, I was very close to giving up. One of the... i was very close to keeping it one of the men If it was not for Citi, if it was not for Crypto Twitter and the people I met back in the days, I would have probably quit trading and quit crypto 2018, early after i've done after divestating losses and just really bad
00:39:13
Speaker
ro troops ah But it's at this time that I've met some people I still work with today and that I consider to be one of some of the best friends I have in life still today. And if it wasn't for City back in the day, I would have probably quit.
00:39:29
Speaker
But yeah, maybe it's ah maybe it's just me romanticizing City as it was compared to what it really was. But ah yeah, I would have 100% quit I didn't have to meet, if I if i didn't meet Krilin, Loma, Ubi, at some point at this time, i was talking with them more than I was talking with ERL friends and family and at some point, even girlfriend, to be honest.
00:40:00
Speaker
And yeah, we were just purely grinding, as you said, the triarding and the grinding from CS at this time, especially 2019, It wasn't like like today where you had, i mean, you we already had some options to short Bitcoin and short ETH and a couple of things. But outside of that, until we had the first IEOs on Binance with the first perps on Binance, Formatic and all of those things, until then,
00:40:27
Speaker
Your main option to trade was spot and most basically you were either long Bitcoin, either long shitcoins, but you didn't have much more of different things to do. at least At least for me, maybe there was and I was just not aware of it. but So the only option was to scan all day and grind and try to find a way to beat the system in shitcoins. Mm-hmm.
00:40:48
Speaker
And that was a very fun game to play. That was a very fun game to play. That was a very fun way of grinding your network and your folio.
00:40:59
Speaker
And 100% 2018, 2019, ever since... two thousand and nineteen ever since I've never thought about quitting, but I can remember very well in I think it was June 2022 or was it June 2023? Basically, at the moment where we had, it was a month before BlackRock announced their Bitcoin ETF application.
00:41:22
Speaker
And we just had news about SEC suing Coinbase and Binance and with a list of shitcoins that they were considering securities. I think that was June 2022, but I'm not 100% certain. So maybe I'm i'm mistaken, but I think that was it.
00:41:38
Speaker
i think yeah I think that was June 2023. So the bottom was where we the the bottom for Bitcoin was already set. The post-FTX shi-tro already happened. But when that news dropped, which eventually became a local bottom for the market before the BlackRock Bitcoin news...
00:41:56
Speaker
ah would i would have not ah I didn't want it to quit trading, but at this time, I remember telling myself for the first time in in since I joined crypto that I would put the odds for the industry to survive in less than 50%.
00:42:10
Speaker
And not I would have found something else to trade, but it was the last time that I was really thinking, okay, ken can this industry actually survive to these kind of attacks?
00:42:22
Speaker
and And then a month later, we had the BlackRock ETF application news, and it sparked the momentum from for the rest that we know today. but Beside these two moments, I never really thought about quitting, probably because dictated too much and because the i mean the dopamine and serotonin receptors are fried enough that there will be nothing that will match match the match trading.
00:42:48
Speaker
But yeah, not not not not since then. And in both cases, it's mostly because of CT that I felt reassured enough to just stick around it and let things pass, basically.
00:42:59
Speaker
So I owe I know that a lot of people like to shit on CT, but I personally owe the life I have today to CT. So i will I will forever be posting on CT and I will forever be grateful for the people on CT that I've met for the years.
00:43:15
Speaker
I can tell you something funny because ah that may validate your your decision looking back. It's already been validated by like some some additional additional anecdote, I guess. Because I've also been encry crypto since 2017.
00:43:32
Speaker
And I wasn't like really into trading back then. I was more into like the technology side and all of that. And after the collapse happened in 2018, I became so disillusioned because back then there were smart contracts, I guess, but there was no DeFi, no NFTs, nothing. And you couldn't really use crypto to pay for anything either.
00:43:53
Speaker
So I thought it's it's useless and basically I left. And I wasn't on Twitter back then either. I was only like scrolling on Reddit or stuff like that. So I didn't really have that community. And um then I only came back, I think in May of 2021. I basically came back, wired over some some money to Binance and bought the top. And after one day after everything crashed 40%.
00:44:18
Speaker
But time I decided to stay around, which ah proved the the the right choice. But that is definitely one of my biggest regrets that I didn't stay around back You came back the implode, basically. Yeah, yeah.
00:44:29
Speaker
But the that time it was fine, you know. I just regret that I wasn't on CT back then. As you said, when it was like the really... In 2017, 2018 and stuff like that. I think that must have been a really fun time to be on CT.
00:44:41
Speaker
Yeah, again... ah I think and that's something you always do in life about pretty much everything. But I personally, probably I'm very i'm i'm seeing CT better than it was just because old is always best. Yeah.
00:44:57
Speaker
Especially as you grow up.
00:45:00
Speaker
maybe Maybe there are some parts of Citi today that I'm just not aware of that are just exactly like the Citi I used to know. But in any cases, I still think that despite all the shit that we like to to say about Citi, I still think it's one of the most incredible community we have on the internet, one of the most reliable, reliant like crazy with an insane amount of lore but also an insane amount of like it's every it's pretty crazy to think that a lot of people we know on Citi are probably in their 20s early 30s let's say crypto disappear tomorrow everything that you've learned in the market is likely something that's going to be very useful to you for you in any in any other market in the future like
00:45:52
Speaker
ah When I speak with some friends who who are working in Tradvi, I'm always fascinated by the lack of experience they have about market. I'm not saying all of them. Obviously, you have extremely talented and and very, very, very, very competent people in Tradvi.
00:46:09
Speaker
i see I have always seen CT as a way to speed run your your process. If you if you use CT correctly, obviously, if you if you're just around to shit on people and say dumb shit, that's not going to help. But like the amount of 25 years old lads on CT who are probably out trading trade fee lads who are paid six digits per year, it's pretty fucking insane to me.
00:46:36
Speaker
And yeah, it's it's despite despite everything, despite the fair share of scumbags that are something you can't avoid on the internet, I still think it's an incredible community.
00:46:50
Speaker
Yeah, I agree for sure. It's like, it's kind of like a place that I call home even, I guess. I'm like on there every day. I've met so many people from there, so many friends. it's like, I wouldn't really trade it for anything, even if it can be shitty sometimes. And I feel like even for me, I've only joined in 2021 and it has definitely, like the quality has definitely decreased since then. Yeah.
00:47:13
Speaker
But it's still one of the best places to be for sure. And it ah it's something that I tried to do over the past six months. I tried to get back to a more regular posting than I used to.
00:47:28
Speaker
I spend a lot of time on Discord and on Telegram and on those things and less on CT than I used to. But I feel like you don't have the right to complain about the state of the community if you don't try to do what you think would fix it. So the way I see city is the way you want it to be. if Of course, if you're still just following the 2012, 2016 people who probably fucked off on an island by now,
00:47:56
Speaker
oh completely lost the plot. It feels like it's one of the other. Of course, if you're following them, your feed must be empty and you likely don't have much to browse. But if you dig a bit, you will always find some new traders, some new people who are while trying to share things, share stuff. Like one of the prime example for me over the past couple of years has been CryptoNexus.
00:48:23
Speaker
I don't know if it's his name particular. Yeah, it's a CryptoNexus. Like for example, he joined in 2021.
00:48:31
Speaker
he has been a very He has been a very interesting account to follow. He went from... He publicly and transparently built his net worth. Of course, with Perliquid, but not only. like People always think it's just... and But anyway, what I'm trying to say is that you we you can always find new accounts to follow that are going to provide value.
00:48:53
Speaker
And yeah, just make Citi what you want it to be. And if you if you have the capacity to share content, just try to do so, basically. I think it's very admirable that you still share educational content after all these years that you're still like there and and try to give people knowledge and all of that because I feel like that's definitely back in the day I feel like that was a way bigger part of what CT was like sharing knowledge or being like a bit more serious i feel like shit coining and all of that like pump fun and solana stuff kind of decreased the quality in that a bit because it's also yeah made a lot of new participants come which isn't like necessarily a bad thing but uh it's just like different than before and that's why i think it's really good what you're doing i guess the pump fun part the main issue is is mostly that
00:49:49
Speaker
at at At the moment, we accepted that everything was a shitcoin and everything was vaporware outside of Bitcoin. I think that's what some people call financial nihilism, like basically just accepting that everything is trash anyway.
00:50:03
Speaker
i believe I feel like he turn it opened the Pandora box for people wanted to extract mass value without having to do much more. And it also threw away the idea that...
00:50:18
Speaker
you would need more than just buying blindly a couple of things and hope that at some point you wake up and it's up per million percent. But again, it's it's the way the market has moved.
00:50:29
Speaker
it's the it's the it's the way the market it's It's the thing that the market has decided to focus on over the past two, three years. I had this big long idiocracy thesis following Mm-hmm.
00:50:44
Speaker
And even in my wildest expectation, I could have never foresee the amount of dumbness that we've seen. But again, you can't you can't cry about it. you can't you But the truth is just that's the way the market has decided to shift.
00:50:58
Speaker
And that's where a lot of action happens. yeah ah cant I cannot say that I've been a very big pump-run user. If there is an ever airdrop, I'm likely not to be particularly impacted by that.
00:51:10
Speaker
ah But Yeah, it's it's where a lot of fun happened and i don't think you can I don't think you can deny that. But yeah, i I do what I know to do. And what I know to do is try to share some some ah detailed almost daily Bitcoin and ETH analysis to whoever read and to whoever it can help.
00:51:36
Speaker
Good. of So I just keep doing what I know to do also because I just like it to be honest. I find it fun to to share and I would have never grew as a trader as I am today if if I didn't publicly shared my progresses, my struggles.
00:51:53
Speaker
A lot of things that I improved on through the years comes from the fact that I shared things publicly and that I've got feedbacks. I've got some people asking questions. By asking questions, I found that I was not ah able to answer the questions simply and that it was probably a sign that...
00:52:13
Speaker
I needed to work better on it. If I cannot answer simply why I see things and why I do things, it likely means that I will at some point let my brain fuck things up.
00:52:25
Speaker
So I think it's ah I always say that I always say, if you're looking to improve and to speed run your process, publicly sharing you the trades you take, I'm not saying to share size or whatever.
00:52:36
Speaker
Honestly, most of them are not, we don't care, but sharing your thoughts, sharing your ideas maybe sometime you're going speak in the wind and no one is going to answer but if you have a few people following you in tact with you regularly and and you you end up discussing market with them it's gonna help you a lot and if you think about taking a trade you will not publicly share it's probably a trade you don't want to take anyway Even if you're not only thinking about trading CT, that's something that I've always heard other people say, and I can definitely say that it's true. It's like if you if you're just in the community and you're interacting with people and you just DM people, there's so much value that you can gain from that, so much knowledge that people are just willing to share or so much that you can learn from others that are maybe so much more advanced than you that have been there for so much longer, but they they just share it because they're they also just want someone to talk to. day they
00:53:32
Speaker
it it's fine to It's fun to like share your knowledge and stuff like that. So that's a really big advantage.
Refining Trading Execution
00:53:39
Speaker
And we are talking about a place where with two clicks, you can go on CryptoCred Twitter toy account and you have a full PDF of things that you should learn, that you should read at least one time in your Trading career is just one example that shows that there is so much you can gain by interacting on Citi and trying to find things, finding accounts, still sharing stuff and things like this.
00:54:09
Speaker
And, ah but yeah, as you said, personally, it's because I was sharing things publicly in 2018, end of 2018, that I ended up being put in a group chat with ah that Tunes, Crypto Tunes back in the day is created.
00:54:22
Speaker
And I ended up chatting on a daily basis with people like Loma, Krilin. And it really... changed everything for me because I was not just that crazy old, that that crazy guy in the back of the bus screaming in the void.
00:54:36
Speaker
I actually had some other people to talk about and i it it has shaped my view of the market and my trading immensity immensely, immensely.
00:54:49
Speaker
and And maybe that's not for you. Maybe you're more much more of a solo player and you don't feel the need to do so and you have the self-discipline to not have to publish things out or to share things publicly to stick to them and to respect them.
00:55:04
Speaker
But it honestly, there is little downside to share your thoughts and ideas on CT compared to the upside you can get, my opinion.
00:55:16
Speaker
Yeah, for sure. For sure. and Since this is a terminal podcast, I also want to talk a bit about execution. um We already talked about this a bit before before the recording. And I wanted to ask, like, how big of an impact would you say execution has on your trading? And how has it evolved, like, during the years?
00:55:38
Speaker
I feel like it's something you take seriously the more you go. And
00:55:45
Speaker
yeah I feel like... This is a big part of your system, but also often sometimes you work on the last, basically. And it it kind of felt like this for me, at least.
00:55:57
Speaker
i use I used not to care too much, but mostly because I was not keeping track of the impact that I have that i had, just market buying blindly instead of waiting for the limits to be filled or things like this.
00:56:10
Speaker
And eventually when you reach the point where you feel like you're comfortable with your system and you're trying to find optimization, you end up digging into execution and you and again, it's a Pandora box. You realize how much you can gain just by just by being cautious about things and by yeah execut executing intelligence. And it's not just about not being an ape that markets everything, but it's also, for me, the execution also includes timings and windows of opportunities and windows where you know you can be less or more aggressive depending on what you're playing.
00:56:48
Speaker
So to me, its it was kind of the last thing I worked on. And ever since, it's the main thing I work on and the main thing i as I was telling you, it's, I feel like if I was blindly following the system, I would do great, but theres the it's the human part of the process that fucks things up eventually. And include that in the execution part to me.
00:57:17
Speaker
And so, yeah, it's ah to me, it's this is where the never-ending grind is to me and the and the optimization. And if that's the case for me, we have a fairly small folio compared to some of the chats I know in the market.
00:57:33
Speaker
I cannot even imagine some of those people I know who trade immense sizes, immense sizes. Like this is the name this is the name of the game for them, basically. why At this point, it's mostly just the way they execute their trades.
00:57:48
Speaker
I'm thinking, for example, of ah about Loma in particular, who is known to be trading big size. He got, he is to a point where if if execution is not his main issue, is his main attention, ah you cannot trade eight digits position if you're not someone cautious, yeah basically.
00:58:11
Speaker
I feel like also if you like if you use some kind of journaling software or whatever, and then you you see like how much you paid in fees over all of your Exactly. And then you see how much you would have paid if you just used limit orders instead of markets or something like that. Then you definitely realize what the value in good execution is.
00:58:30
Speaker
that that That's why I'm telling you that it's when you it's when you take the time to dig and you're like, damn, that was three, four nice trades. And yet the maths are not muffing. And you're like, and then you dig you dig deeper. you You try to keep track of things, whether you use a terminal or that allows you to do so or just manually. But obviously using the terminal is infinitely better for that.
00:58:55
Speaker
And yeah, you realize that, You're just a fucking ape. There was a post about this. i I can't remember exactly who shared this lately.
00:59:07
Speaker
I would think it's ah I like blocks, Benny Dubas on Twitter. You shared a post recently about the difference between waiting for limits instead of marketing. Was it Imojian? I can't remember, but one of those two people who have been very active lately on and And yeah, I speak with a lot of new traders and sometimes and most of them, done that they they will they will tell you that they are market buying everything. And to me, it's a signal of training on impulse more than respecting a system and a and a setup. if If you have a setup and a system you respect,
00:59:47
Speaker
Unless it's a contextual setup, like for example, last Friday during the early Israel bombing Iran moment where you don't necessarily add a plan at first, but you want to react to the event, then I guess it can make sense to be impulsively trading and therefore market buying or market selling.
01:00:09
Speaker
But if you have a system and a plan at first, you you likely have zero reasons to be to not to not wait for your limits to be filled. yeah and and if And if you end up deviating from that, we come back to the initial point that I was saying that you are letting your brain in the middle of the plan you had initially and that you increase the chances of fucking things up immensely.
01:00:32
Speaker
yeah you initial ah You initially had a plan, you had your limit orders set and you see yourself five hours later market buying 2% above what you had in mind.
01:00:43
Speaker
What are the odds that you come back to these five hours later and you see some red UPnL and you end up fucking the initial plan off and you completely destroy the initial idea you had. And again, as someone that's been fighting to to to fighting to to my brain off of that, then it's been ah the it's been a second realization when I realized the impact that it had on my ah on my trading.
01:01:11
Speaker
that this is something I can basically that the idea was it's something complex that I know it's hard to work on but can be easily fixed it's hard to to accept but on paper it's easily fixed because you should just stick to the ah to the others yeah so it's a simple things to think to fix but it's a hard thing to do I've also had that in the past when I, like for example, I saw someone shared a trade idea on on CT and then I just blindly market bought in. Or at that point, it's not even about market or limit buying, but I feel like execution is not only about how you do it, but also like how much time do you take to actually think about what you want to do here.
01:01:54
Speaker
And sometimes I just used to think like, hey, maybe this is a good idea. I should just do this right now. But if you were a bit more patient, then you could even like wait until the structure on the chart, maybe like pull a bit back so that you can find a better entry. And then the trade is already like a lot better than if you just blindly buy or sell when you think it's it might be a good idea.
01:02:16
Speaker
Yeah, exactly. and And for example, someone around me that I speak with on a daily basis was very good at it. And I believe it comes from his past in poker and Baudouard is Crinat.
01:02:28
Speaker
When I was saying earlier that he approaches things very methodically and the way he enters or exits position, the way adjusts the risk as it goes and the way he entered and I learned a lot from him just just seeing him execute his trades. And even if we have almost one-one system, we built the system we have together through the years.
01:02:55
Speaker
So we have ah a very similar view of the market. We have a very similar system, and very often we are in very similar positions. But I realized through the years that eight times out of 10, on the same trade, you would have a much better entry and oh a much better risk reward in the setup. And it was just, that was the main, we had the main same ID, but he was much more cautious on whether so that was something he was willing to go for a more aggressive entry or ah something where he knew he wanted to wait for the closest to the place where he thinks he could be invalidated to to enter a rest of position, whatever.
01:03:33
Speaker
But basically same trade, same IDs, not same IDs, but in the end, he was gaining much more than me. and And I think he was just executing much better than me.
01:03:44
Speaker
And maybe that's because he's much more of a... Yeah, he's just a much more disciplined lad than I am. And maybe it comes down to the fact that he's a bold autistic child. But...
01:03:59
Speaker
ah But yeah, that was also a big realization to me because when you basically realize you're taking the same trades than another person, but he has much better results than you, and it only comes down to the way, when, and where he enters and exits while you had the exact same idea, that means that it's in the details that you're going to find your next step, basically. Mm-hmm.
01:04:23
Speaker
I feel like if we circle if we circle back to like the idea of crypto or trading as like a game or like the best biggest competitive game this is like the small things that differentiate ah a good trader from like a great or a really really amazing trader.
01:04:39
Speaker
Yeah yeah very much very much that that's something i also often say is that To me, you are you're going to have talented traders who have a taste for the market. like the they They see things, they they feel things much better than the the average the average Joe.
01:05:02
Speaker
And if you combine it with a strong discipline and with a clean execution, these are unstoppable people yeah and on the market at least. And they tend to be the people you're going to see. We are going to be able to have a generational run at some point and and and ah And it's it's not luck. I know it's easier to tell yourself it's luck because if it's luck, it means that it had he hasn't worked more than you do.
01:05:33
Speaker
ah But most of them are not. It's not luck. It's not coincidental. Obviously, sometimes it's going to be. But the truth is that they just put more work. They are more disciplined. They are more cautious. they have and and They think about details you don't think about.
01:05:46
Speaker
When they start trading on a new exchange, they're going to read the documentation. They're going to know exactly the way they're going to be paying things and funding. They're going to know exactly what are the limits of the sizing they're going to be able to put wherever they want to trade. yeah And they're just going to put this extra detail work that's going to differentily differentiate them from ah from from the rest, even if the underlying idea and the underlying BAs and direction is the same.
01:06:12
Speaker
Yeah.
01:06:15
Speaker
and to me And to me, it's so interesting. To me, it's that's one of those things I find fascinating about trading is that, yeah you have...
01:06:26
Speaker
Basically, you know most of the people who struggle with trading or when you have some struggles in trading, most often they are You already know deep inside of you what you should do to fix it.
01:06:36
Speaker
You know exactly what the other people are doing better than you are doing that you could do and and you should do if you actually want to the next level. And that's that that makes the grinding very interesting because, yeah, it's a self-battle.
01:06:51
Speaker
I guess it's a very common thing to say about market, obviously, but... But it's so true. It's so fucking true. and And I've seen it through the years. I see it still today.
01:07:03
Speaker
There are still things that I know I should do that I postpone up until the point where i I'm like, okay, I've been stalling. I don't feel like I'm progressing anymore. Let's fucking do what they do at some point. And you end up doing it and you feel the difference.
01:07:17
Speaker
And if
Trading as a Competitive Game
01:07:18
Speaker
you don't, it's fine. But at least you try it. yeah that's something that you only really realize once once you do it as you said like people always say people always talk about this but unless you do it yourself and put your mind into all of these details and stuff like that you don't really realize how much it actually matters how it actually works exactly and uh and yeah it's uh the devil is in the details i think that's that's what people say and uh And yeah, again, I've i've been on Citi and I've been in crypto for long enough to to know that...
01:07:55
Speaker
Most of the chat traders we know and see at some point, I've went to the to a point where they are just doing this extra stuff that makes them better than the others. And it can be many things. It can be coding your own tools.
01:08:08
Speaker
It can be focusing on on on a part of of the industry, on a on a on a narrative to the point where you get a strong edge of of it. It can be through understanding the infrastructure where you trade. it can meant There are many ways to do so.
01:08:24
Speaker
And all the time, it's always the same story. It's that lad that actually went and read the white paper, that actually went and read the documentation, that actually, yeah, understand what's what's actually happening and what he's doing and what he's using for his
Thoughts on Decentralized Exchanges
01:08:39
Speaker
trading. And it just makes him a better trader. I'm not saying that if you do that, you're going to be a Chad.
01:08:44
Speaker
I'm not saying that doing so, you're going to be the next GCR. I'm just saying that if you've been trading for some time, and you're looking to progress on some things, there are details, there are things you can work on that can seem pointless at first, but but can be useful eventually and can help you just dig and find some some some some edges in the market.
01:09:07
Speaker
And there are many ways to do so, but yeah. For sure, for sure. One more thing that I am curious on your opinion is since you said that you trade on multiple venues and a topic that has been very popular recently, I guess, is obviously hyperliquid.
01:09:26
Speaker
um what What do you think about the future of of trading on like perp stacks versus centralized exchanges and how that is going to develop? Do you have any opinions on that? ah i think the I think the next few months are going to be very interesting for the future of Hyperliquid. I think I was personally extreme extremely pessimistic on the idea of DEX trading, mostly because I feel like I was stuck with the GMX experience and basically thought that we couldn't get anything better than that.
01:10:02
Speaker
And unfortunately for me, it costed me a very expensive airdrop. I ended up getting some, but not to the point of of the likes of Nexus or other people. ah And I've been more than happily surprised by the quality of the experience I had trading on Hyperliquid.
01:10:21
Speaker
And i've actually been I'm one of those people are the narrative of Hyperliquid because my government, to protect me after kicking me from Binance and Bybit and back in the day sending us to FTX, but that's another subject, my government to protect me as taken away from me, Binance and Bybit basically.
01:10:41
Speaker
And Hyperliquid is one of those venues where I can trade with size. Not that I trade with size, but with liquidity and and it's and it's ah' it's a good expense.
01:10:53
Speaker
So I would say that I'm more optimistic for DEXs than I was a year ago. And I was clearly lacking the vision because otherwise I would have been trading on Hyperliquid from this day.
01:11:09
Speaker
But I think we we cannot we we're going to have some very interesting months ahead because we're going to see if that the way the market share of Hyperliquid sticks, know that Perpetual are going to be accessible to US users, basically.
01:11:28
Speaker
ah We've seen the news last week, I think, that Coinbase perhaps were coming. I don't know if that's going to be the one that people are going to use and that's and if because Coinbase is accessible, people are going to from the US are going to shift from Hyperliquid to Coinbase.
01:11:45
Speaker
But I think it's going to be very interesting to see how the markets and how Hyperliquid behaves. The news dropped last week that didn't prevent Hyperliquid to pump a new all-time high.
01:11:57
Speaker
But maybe the token valuation is not a good representation short term of the actual narrative and what could be the in the future. yeah But I want to be optimistic.
01:12:09
Speaker
I want to be optimistic mostly because I think what we need now in crypto is not a new L1, is not a 15 version of Solana or Ethereum. We need applications and we need things for people to use.
01:12:24
Speaker
And maybe it's just the you the oldest use case, an exchange for crypto. But at least it works and it's used. And it's been one of those applications through the cycle that's became popular and being used.
01:12:37
Speaker
Like I can only think of Pumfurn, which can be seen in form of an exchange, obviously, but more of a launcher. ah Baiting markets, Polymarket, and ah what's the name of the other? I can only think of Polymarket.
01:12:54
Speaker
ah But anyway, Polymarket and Hyperliquid. And out of those names, we haven't seen much developing, but I do think that it's from applications that the next wave of users are going to come, whether it's from DeFi or whether it's from something like Hyperliquid.
01:13:10
Speaker
So cautiously optimistic, and I think it's a good state for the market, but there is obviously this overshadow of regulation on top of Hyperliquid, plus the arrival of bigger names in the perpetual fights accessible to US users. yeah So it's going very interesting to see all ah all of that combined and the way Hyperliquid manages or not to to to to rise off of that.
01:13:39
Speaker
But I feel like as long as it has a good product and it's only really like dangerous regulation and competition, I think most other successful crypto products of the past have also faced that.
01:13:50
Speaker
And I feel the same way. like ah if i i wasn't When I used it last year, I didn't feel too amazing about it. was just another perp tax, I guess. But over the time, I realized it's actually kind of a good...
01:14:02
Speaker
product and i'm a very pessimistic person usually when it comes to crypto apps because of like what we've seen in in the past years so i'm like just very glad that we have something that actually like works and and does something and that people want to use i think that in and of itself is also already a really good thing it it it works it works and it's used it's two things that do not define most of the crypto we know And something that works and is used is already ah quite the step, if you ask me.
01:14:36
Speaker
So yeah, same as you. And as we discussed ah through the podcast, if you've been in crypto long enough, I believe that at some point you become a bit pessimistic about the industry and the overall things that have been built.
01:14:50
Speaker
Like, yeah, pretty much the cycle, we've got shit like friend friend tech and all those kinds of things. ah So when something's actually working and people are actually using it, may as well embrace it and hope for the best basically.
01:15:08
Speaker
So that's the main that's the main thing for me. And as someone that uses it, like And again, as someone that uses it, because I was pushed away from central exchanges from my government, the narrative... And and to be honest, that's one of my main regrets this cycle is that when I got pushed away from Binance and Bybit, that should have been... If I was not a lazy bastard, I should have seen that as a strong signal that...
01:15:42
Speaker
Let's dig a little bit where I can trade on chain and what seems to be ah good option for that. If i was if i was if i was not a washed up CT trader, i should have it should have been much clearer for me 18 months ago ah to be bullish on hyperliquid, much more than I was.
01:16:06
Speaker
and But yeah, it is what it is. It is what it is. but But yeah, it's... ah it's ah it's It's a proven narrative. It worked well. Congratulations to anyone who has airdropped the Hyperliquid token.
01:16:20
Speaker
And let's hope for the best. And it's going to be very interesting to see how it develops in the next few months. And while while bigger competitors try to come and take a part of the of the pipe.
01:16:34
Speaker
I definitely feel your your cope a bit about missing out on the airdrop because I sold most of mine very, very early. um But as Flatt is saying, still cheap, not financial advice.
01:16:48
Speaker
Yeah, but i mean, I could not be up here of the way I traded post airdrop. I will likely never catch up to the amount I could have made if i received ah good airdrop.
01:17:01
Speaker
But again, as we discussed through the the the podcast, I feel like the more you spend time in the market, the more you're going to face opportunities that you missed, the less it impacts you.
01:17:16
Speaker
If I was wrongly not bullish enough, despite the context that should have made me bullish, at the very least, I did not repeat the mistake post-listing and it's been on top of my watchlist ever since. Yeah.
01:17:28
Speaker
And so again, i will very likely never make generation generational money compared to some people did on Hyperliquids, but that's the story of my life. I'm bound to be forever triading and forever grinding, but I'm happy with the way I've traded it ever since.
01:17:46
Speaker
And I'm coping that way. As long as you have fun in the grind, I guess it's not too bad. Oh yeah, it's fine. And again,
01:17:56
Speaker
I've seen, I accepted long, long time ago that I was not built like some of those people conviction wise to to write something. Like I know, for example, that if I received a sizable airdrop from Hyperliquid, the odds for me to have sold a majority of it very rapidly instead of holding all the way up to $45.
01:18:22
Speaker
are immense. like There is very little odds where I would have kept the entire bag and where I would have waited and survived the $23 to $9 retrace, basically. So I can again picture an imaginary world where I would have held it all, I can accept and real remember who I am and know that in any cases, I would have very likely sell it much, much before and And it's fine for kids. let's At least try to trade it well after. And and that's it.
01:18:58
Speaker
That's it. There is not much else you can do anyway. You can keep crying, but it's not it's not it's not it's not going to give you an That's true. I think this is a good point to to wrap it up.
01:19:11
Speaker
Is there anything that you want to share at the end where people can go to find you? Not necessarily. Just very thank you very much for the conversation. That was very, very cool. Very nice.
01:19:22
Speaker
ah Thank you very much for the invitation. yeah thank you for joining Thank you guys. Thank you guys at the Silico. terminal through the years to have given us a a tool to simplify our life on a daily basis. Even if I've been using it less ever since I've been trading in more, a couple of concentrated plays compared to before.
01:19:43
Speaker
But in any cases, thank you very much for all the stuff you guys do, especially considering it's a free tool. So yeah, just props to you guys. And thank you very much. Thanks for having me. And I hope that my broken French English was good enough and that it's not going to push people away from the podcast.
01:20:03
Speaker
And I hope you're going to have some success with that podcast in the future also. Thank you very much.