Getting asked if this is real
100% real! My tale, the insights learned, and an introduction to the world of glitch trading, are all included in my book, Cash Rules: Reminiscences of a Day Trader
Found at all fine booksellers (actually just on Amazon)
The life of a trader:
Age
25 - Making more money than I ever imagined. Dream house on lake in Texas
35 - Dead broke. Living with mother-in-law in apartment in rural Poland
38 - Owner of prop firm
40 - Dead broke. Homeless. Working $10/hour job
42 - Most profitable year of
The life of a trader:
Age
25 - Making more money than I ever imagined. Dream house on lake in Texas
35 - Dead broke. Living with mother-in-law in apartment in rural Poland
38 - Owner of prop firm
40 - Dead broke. Homeless. Working $10/hour job
42 - Most profitable year of
A trader should operate more like a:
- Programmer
- Gamer
- Hacker
- Arbitrageur
- Scavenger
- Puzzle solver
- Explorer
- Hustler
- Mathematician
- Robot
And less like a:
- Finance professional
- Technical or fundamental analyst
- Speculator
- Forecaster
- Gambler
During my almost 25 years as a professional trader I have been lucky enough to have traded with dozens of elite traders andโฆ
NOT ONE of them has ever had any type of meaningful SOCIAL MEDIA presence!
They have been too busy making cash and keeping their mouths shut
I know
A trader should operate more like a:
- Programmer
- Scavenger
- Gamer
- Hacker
- Arbitrageur
- Puzzle solver
- Hustler
- Mathematician
- Robot
- Student
And less like a:
- Finance professional
- Technical or fundamental analyst
- Speculator
- Forecaster
-
"...teach a man to scalp, and you feed him for a lifetime"
Great points here by
@TheOneLanceB
@InvestorsLive
@MikeBellafiore
. Wanted to add my two cents about scalping since I've been doing it fulltime for 23 years.
- A good scalping strategy provides the ultimate edge!
NEVER underestimate small wins and consistency.
As
@MikeBellafiore
says: the bank doesnโt care what trading strategy made you the pnl.
Scalping can:
-provide for your family
-provide you freedom / no book risk
-allow pnl cushion to grow and learn other strats
-low variance easy
** Announcement **
Looking for traders interested in trading from a "Co-Op" trading office in Poland. The idea is to:
- Share professional office, split costs, share ideas, and provide the optimum environment to succeed. All levels are welcome.
Requirements:
- At least a
I was a 7 figure earning trader with only one down year and 20 years experience, but now I found myself in the ultimate battle for survival-
I was 40 years old, penniless, suddenly wifeless, sleeping on my dads sofa, and working a side gig for $10/hour
Survival of the fittest
"Scalpers sleep like babies"
No worries of sudden overnight geo-political events wrecking a trade, or even destroying one's career. In fact, these "events" and the volatility that accompanies them is exactly what a skilled scalper feeds off
"...teach a man to scalp, and you feed him for a lifetime"
Great points here by
@TheOneLanceB
@InvestorsLive
@MikeBellafiore
. Wanted to add my two cents about scalping since I've been doing it fulltime for 23 years.
- A good scalping strategy provides the ultimate edge!
IT'S FREE! Cash Rules: Reminiscences of a Day Trader is FREE on Amazon Kindle for a limited time!
@TheFlowHorse
said "There isnโt a more honest and raw story about the life of a trader"
@AlphaMind101
said "An outstanding book..authentic..unfiltered"
Since I've got the equivalent of a PhD in losing, having over 23 years of hands-on experience researching this subject...
I present you with a definite list of the THREE TYPES OF LOSING TRADES:
Let's start with the least painful type of loser..
โDelusions of grandeur about being part of the world of high finance must be swept aside; most efficient day traders are akin to scavengers, picking up the scraps that big players leave behind.โ
~ Cash Rules: Reminiscences of a Day Trader
This explosion of "funded prop accounts" and "funding challenges" is the most toxic thing to hit the day trading world in years! It's sad to see so many people get taken advantage of
Here are the ONLY 2 reasons to trade with a prop firm:
1) You get HIRED by a reputable prop
Big thanks to
@worstcontrarian
and
@TheFlowHorse
for their kind (and unpaid) words about the book. Cash Rules now
#3
Amazon Best Seller!! (*U.S Kindle: Stock Market Investing Strategies, best seller). Mean Reversion Trading we coming for you MF'er!
To all the traders posting congratulatory 2023 PNL posts..
Take a moment to think about all the less fortunate underachieving traders out there; traders who would now like to see you die a slow and painful death
The ultimate goal in trading is SURVIVAL:
- Develop healthy trading habits (discipline)
- Develop a trading plan and strategies with an edge
- Build confidence
- DO NOT BLOW OUT YOUR ACCOUNT
The trading gods WILL eventually show mercy; just make sure you're still standing
I'm a stinkin' rat.
@Bthestory87
got me to spill my guts and break the prop trading code of silence!
In this interview, I share the strategies and methods that have made me and my trading cohorts the vast majority of our cash over the years
โDelusions of grandeur about being part of the world of high finance must be swept aside; most efficient day traders are akin to scavengers, picking up the scraps that big players leave behindโ
- Cash Rules: Reminiscences of a Day Trader
Don't overcomplicate things! The simplest strategies oftentimes offer the most edge
A big chunk of my profits over the years has come from this simple scalping strategy:
- stock A moves with stock B
- stock A slightly lags stock B
- when stock B goes up โ I buy stock A
๐ฅInterview
#11
- David Hale
I interview trader David Hale aka
@CREAMtrader
, we talk all things markets including prop days, being down on your luck, and exploiting "glitches" to trade profitably.
Check it out ๐
โIn trading, itโs not losing money that hurts most, itโs rather the disappointment in oneโs performance; self-loathing comes naturally when your lack of discipline costs thousands of dollarsโ
~ Cash Rules: Reminiscences of a Day Trader
Had great time in Krakow, hanging out with a great crew of Polish traders. Some amazing traders here in Poland, and
@DayTraderPL
always throws a great party.
These meetups always rejuvenate and motivate. Ready to make some cash!
Typically the best fix for problems with ones trading is just to walk away....That could mean walking away for minutes, days, weeks, or in many cases, permanently
This may seem like an easy fix, but in fact, it is the hardest thing to do
Trading โ speculating
There is a LOT more edge finding mispricings, inefficiencies, arbitrageโฆ
Than speculating/hoping/guessing/praying that an instrument will go up or down
When searching for that ever-elusive "edge", there's no better place to turn to than the world of volatility trading; where else will you find a stock (ETN) that has gone from $20 billion to $17.00! Here's my guide to $UVXY and volatility trading $VIX $VXX
Just finished Laws of Trading by
@AgustinLebron3
. Great book, one of the best trading books I have ever read. Well written, well-researched, and enjoyable to read. Every trader serious about upping their game needs to read this book
Crispy and the boys killing it again! This crew and their professional trading floor help easing all the worries I had about all these sketchy โprop firmsโ popping up
Yes..Poor fuckin Charlie!
Charlie Munger, there is new sheriff in town! ๐
Thanks to all my Polish brethren for making Cash Rules number
#1
trading/investing book (on Amazon) in my beloved Poland!
Wielkie dziฤki!
Glitches = Riches
In my book, Cash Rules, I extoll the virtues of what I call "glitch trading". In this interview with
@aaronfifield
on
@chatwithtraders
,
@moritzseibert
explains what I would call a perfect "glitch strategy"
Efficient execution of a strategy with edge is the ultimate goal; making cash is the by-product
The secondary goal is to make more than that bastard posting PNL screenshots on Twitter
The Pursuit of Trading Mastery must be the goal of every trader, not the Pursuit of Money.
Pursuing money, rarely wins, pursuing
'Trading Mastery' produces money.
*Update*
A group of us is getting an office in Wroclaw, Poland starting in February. Looking for one or two more traders at the moment. Costs around 250 Euro/month. Contact me if you are interested
** Announcement **
Looking for traders interested in trading from a "Co-Op" trading office in Poland. The idea is to:
- Share professional office, split costs, share ideas, and provide the optimum environment to succeed. All levels are welcome.
Requirements:
- At least a
Trading is not supposed to be glamorous and fun
To find the most edge, and to ultimately survive, a trader needs to get down and dirty, fighting for scraps that the big guys leave behind
A good trader should be more scavenger than prestigious finance professional
IT'S FREE! Cash Rules: Reminiscences of a Day Trader Ebook is FREE on Amazon Kindle for a limited time!
@TheFlowHorse
said "There isnโt a more honest and raw story about the life of a trader"
@larpcapitalwc
"One of the best books on trading I've ever read"
I've read hundreds of books on trading, and I would have to say
@garyseconomics
new book, The Trading Game, is one of the best.
It's real, it's raw, it's well-written, and gives an inside look at how the big boys really operate. Highly recommend
This stat blows my mind!! Let this sink in..
@EdBarry4
, trading out of his home, with three small kids, has had only ONE LOSING DAY THIS WHOLE YEAR!
That is what we call edge! Thatโs prob better than fucking Citadel. How is this possible you might ask?
โฆ Because he SCALPS!
"...teach a man to scalp, and you feed him for a lifetime"
Great points here by
@TheOneLanceB
@InvestorsLive
@MikeBellafiore
. Wanted to add my two cents about scalping since I've been doing it fulltime for 23 years.
- A good scalping strategy provides the ultimate edge!
Advice to new/struggling traders?
Look at crypto!
Trading is all about finding an edge and taking advantage of it
Lot more edge in getting some free cash from a crypto airdrop, than playing a cup and handle, pennant-busting breakout pattern on a midcap semiconductor
I was honored to have the chance to chat trading with
@Bthestory87
We talked about the the ups and downs of trading, glitches, scalping, being a degenerate child gambler, my expensive dates, and much more...Check it out there
I keep hearing about โgetting fundedโ at โprop firmsโ (mainly scams)
The ONLY โprop firmsโ you should want to get โfundedโ by are the ones that enable you to trade on a trading floor stocked with successful traders. Those are tough to find, but do existโฆ
@smbcapital
Glitches = Edge
For those unfortunate souls who haven't read Cash Rules, a "glitch" is an inefficiency, malfunction or arbitrage within the markets.
In this episode of
@chatwithtraders
, glitchmaster
@skyquake_1
unveils some masterful glitch strategies
Look at those spreads!! A great reminder never to exchange your money at the airport, and more importantly, the huge edge available in market making. One of my most effective, yet simplest strategies, revolves around me making a market when a big spread exists
Warren Buffett, even with all of his brilliance, resources and connections has trouble beating the benchmark returns. Do you think that you, sitting in front of your computer at home can do better? Stop forecasting and speculating!! FIND A STRATEGY WITH AN EDGE AND EXECUTE
The trading strategies that offer the most edge are typically the most simple, boring, and unsexy ones.
The best traders I know pick up scaps; more "scavenger" than "finance pro". No trying to pick the top of $TSLA, trade some exotic candlestick pattern, or forecast the market
The one and only
@austinsilverfx
was kind enough to have me on his show. We talked scalping, prop firms and trading while on the road..among other things
Feel free to play drinking gameโdown a shot everytime I say "I know"
@timothysykes
Vast majority of strategies with edge only get hurt by more players. If these elite teachers have winning strategies, then they should be printing cash and keeping their mouth shut, rather than sharing their secrets for small fee
Sprawdziลem, dziaลa ๐
Na
#Bybit
moลผna keszowac $USDT do PLN po 4.89 $PLN
ลaduje dalej stable na Bybit, zobaczymy czy jutro nie anulujฤ transakcji ๐๐ซก
Don't be the trading equivalent of that restaurant that serves Chinese, Mexican, and Indian food. Find a specific tasty strategy with an edge, master the recipe, cook it up regularly, and feast on profits.
After talking to countless traders over last couple weeks, I feel even stronger that crypto is the best place for traders to look for edge
For the trader who is willing to hustle there are many opportunities in these glitchy markets
Advice to new/struggling traders?
Look at crypto!
Trading is all about finding an edge and taking advantage of it
Lot more edge in getting some free cash from a crypto airdrop, than playing a cup and handle, pennant-busting breakout pattern on a midcap semiconductor
Nav is a legend! Glitch trading at its finest! Disgusting how he was treated. Flash Crash by
@liamvaughanBBG
, which tells his story, is a must-read for any trader
The Trader Who Made $70,000,000 In His Bedroom:
Navinder Singh Sarao.
I consumed everything about how this man made $950,000 in a day,
Then went to jail.
Here's the story of the trading legend who made more money than CEOs while living with his parents:
For a trader, "glitches" offer the best path to riches! For those who would rather skip the wild stories, invaluable trading lessons, and hilarious anecdotes scattered throughout Cash Rules: Reminiscences of a Day Trader, here is your glitch cheat sheet
Straight from the GOATS mouth
Find abnormalities in the market!
this is the exact same mindset us mortal traders should have
Not speculating or trading fanciful technical patterns, instead taking advantage of abnormalities, or what I call glitches
Was little skeptical about Crispy and the boys at first, but thinking these guys legit; no way that a crew that rides SO hard isnโt
This also great to see, working in a team like this ups everyoneโs game. Every independent trader should try and form/join group like this
Considering
@AlphaMind101
passion for, and his understanding of trading and trading psychology, it is no surprise that his new book is an excellent read.
Well written and well researched, I recommend it for all traders out there.
Here are a couple of my fav quotes..
The most impressive trading stat I have ever heard is that
@EdBarry4
(a scalper) has had one losing day this year! That blows my fukin mind!
Still think there is no edge in scalping??
Ed, you are a legend!
Ed Barry demonstrated publicly how it's possible to quadruple a small account. We chat about his '4x in 4 months' goal and what it was like from his perspective.
Thank You Ed (
@EdBarry4
) and Nate (
@InvestorsLive
) for making this interview possible!
How to make money trading, as a random d!ckhead.
Trading requires us to buy things cheaper than they should be / sell things richer than they should be.
But how could I, some random guy from New Zealand who trades in his underpants, know what things should be worth?
This is the story of one of the greatest trades I have ever witnessedโฆ
It started within me placing an ad selling 5 computer monitors, at what happened to be a ridiculously low price. Within 20 minutes I had a man standing at my door with a cheeky smile and a handful of cashโฆ
Excited to hear this.
@Trader_Dante
helped inspire me to share my story and write this book. For years, he's been keeping it real and spreading the honest truths (the good and the bad) about the game of trading. I hope this book does the same
* Bitcoin ETF Glitch Trade *
@TheShortBear
is right, the Bitcoin ETF approval did present the trade of the year..
But this trade WAS NOT the classic sell-the-news trade, but rather a classic setup for what I would call a "Glitch Trade"
What was this trade? ...
Another great piece by my man
@peterkto
(shared to me by glitchhunter extraordinaire
@larpcapitalwc
)
Great glitch strategy! Always look for inefficiencies in market structure. Also some serious tape reading skills (most underated skill) shown by author!
Interesting stat:
90% of my trading profits have come in the 50% of my trading career when I havenโt been married. However, that is really a stat that I throw out there a little facetiouslyโฆ the truth is that the Global Financial Crisis of 2008 and the COVID panic of 2020/21
Back in 2008 and 2020/2021 I saw many traders miss out on becoming millionaires just because they blew out account days, weeks, or months before markets became merciful
Environment is one of the most important factors in any trader's success.
The best investment a trader can make is the cost of a desk fee or office rent, which would enable them to be surrounded by other traders (preferably successful ones)
Always fascinated by real estate markets. At moment most markets seem overvalued, but still some bargains out there..In Denia, Spain get a nice 2 bedroom apartment close to sea for under 200k. Great town, good location, spectacular setting. This is view you get for 200k!
The trading communityโs addiction to technical analysis is reaching epidemic levels!
Tragically, reliance on TA is causing too many young promising careers to go up in smoke. Itโs the crack cocaine/fentanyl of the trading world!
What if I told you there was an easy trade sitting out there, available to most traders, that could be worth millions and/or make the difference between success or failure in trading...
This simple trade involves trading one broker, for another broker that offers:
- Greater
The results of my extensive field research on the effects of drinking alcohol and doing drugs while trading:
Alcohol - Bad
Marijuana - Generally good
Cocaine - Mixed
LSD - Was stupid to attempt
This study is fortunately a little dated, nearly all of the research was done in
Glitches = Riches
Glitch strategies take advantage of malfunctions, mispricings, arbitrage, or inefficiencies within a market, and truly offer the most edge in trading. For those who haven't read my book, here is a glitch primer.
Yes, the bots are good at this game, but opportunities still exist... Here is an example. Those are my orders at 29.96 and 30.48... Warning! Do NOT ever be a cunt and put YOUR order a penny in front or below MINE!
3) Strategy without edge and executed inefficiently OR efficiently
- Trading without an "edge" is gambling not trading.
- The sharp pain brought by these losers is hazardous and can spiral into feelings of hopelessness. Extremely Dangerous!
- Step away or trade simulation
Whats my average daily P&L when I get less than 6 hours of sleep?
How are my trading results when I drink alcohol the night before?
This is the type of data every trader should collect and analyze. Here are some more examples of "data points" I have collected over the years...
Had the pleasure of chatting to
@AlphaMind101
on his AlphaMind podcast. We talked "glitch trading", and I wanted to share an amazing example of a glitch strategy. Also serves as a reminder that Essex produces the top traders in the business๐
- It is much easier to improve execution than to find a strategy with an edge
- Sharpen execution skills by making things as mechanical as possible. Try to automate. Also, work on trading routine to improve execution
@tradeservo
Still haven't hit maturity, but COVID and the volaitilty of 2020/2021 was main reason for last rebound.. Also made changes in my trading. Swore I'm never gonna get myself in such awful situations again... All about discipline
haven't taken this course, but after devouring every
@therobotjames
and
@SinclairEuan
interview/video/blog/Twitter scribe I can get my hands on, I'm assuming this is the best trader educational course out there
Euan and I are teaching this live course on systematic options trading again.
It's a practical course about simple systematic trades, based on clear and obvious things.
Would call myself a โgood traderโ, I love the art of trading, but seen โgod-awful tradersโ make more in a few days from โstealingโ a strategy, than I have made in twenty years from developing my own strategies
Traders are judged on their profits, not their ability or originality
1. steal them from other people.
if you know other people are making money trading an idea, it is often a good idea to pursue it too.
this isn't school. the market gods give no prizes for originality or showing your work,
an edge is an edge however you got to it.
As a bottom-picking, top-shorting contrarian, this hits so hard!
Itโs a crippling affliction I suffer through. Donโt follow my lead, instead do things the easy way.
Ride the momentum, go with the flow, and save yourself misery and losses
stop trying to beat djokovic at tennis.
the first fundamental problem traders run up against is that there's no beginners' market.
you gotta compete for good prices with the best in the market.
this is a problem.
there are a lot of people better at markets than you.
Though the alcohol has finally worn off, I am still buzzing from this years
#T4AC
. Had the pleasure meeting some amazing traders; as soon as these legends started talking trading I knew they "got it"
Attending this conference is one of the best investments any trader can make!
Will double down on this, especially in current crypto euphoria. Plenty of edge out there regardless of style..scalping, arbitrage, MM'ing..
Here is a great interview with the legendary
@ScottPh77711570
explaining how to gain edge trend trading in crypto
Advice to new/struggling traders?
Look at crypto!
Trading is all about finding an edge and taking advantage of it
Lot more edge in getting some free cash from a crypto airdrop, than playing a cup and handle, pennant-busting breakout pattern on a midcap semiconductor
Seems poor little Optiver is late to the game. These auctions have been the secret cash cow of prop traders in the know for the last 25 years. The play has gotten tougher and tougher over the years, and now this seems to be the death knell
I write about these auctions in my book
What's the point of "trading" down at the store and trying and save a few $'s when every tick in a trade can mean thousands $'s??
Unhealthy habits like this, and my overall failure to compartmentalize my trading has contributed to me falling flat on my face multiple times
one danger in our line of work is the tendency to see important aspects of life or relationships as "just another trade".
you gotta compartmentalize hard, or you'll find yourself very unhappy.
Those who read Cash Rules may remember
@michaelswimelar
, or "Mike", from the book. He is a lifelong friend, amazing trader (20 years in the game), poker pro, and fellow glitch hunter and bottom picker
Here's a great interview with him and
@Bthestory87
He wasnโt speculating, he knew where the market was, and he knew he was getting a bargain; buy low, sell higher. Could call it arbitrage, could it scalping, but whatever it was, it was one hell of a trade, and precisely how every trader should think
1) Strategy with edge and trade executed efficiently:
- losing always hurts but these trades HAVE to be accepted, losing is part of the game
- The goal is to execute a winning trading plan, not to win on every trade
- With edge and execution, you WILL make cash!
Honored by
@SJosephBurns
kind review of Cash Rules: Reminiscences of a Day Trader.
Steve is a legend in the trading world; I and countless other traders have gotten healthy chunks of our trading education from this man. One of the good guys out there