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Spill The Alpha #8: Cooking (Profits) With @heartereum
Recorded: May 22, 2025 Duration: 1:19:40Space Recording
Short Summary
In a lively discussion on the latest trends in crypto trading, participants explored the growth of trading strategies, the importance of psychological awareness, and the impact of partnerships in enhancing user engagement. With Bitcoin reaching new heights and traders adapting their approaches, the conversation highlighted the dynamic nature of the crypto market.
Full Transcription
Thank you. Hey. hey
no what's up baby
what's up do you hear me well yeah i can hear you well you hear well nice okay i think I managed to make the microphone be recognized
by the Mac.
That's why I did that last time.
Yeah, nice.
What's up?
It's good to have you on, mate.
Yeah, it's a pleasure to be back.
Yeah, with a new dress now.
Now we are with Kuma yeah yeah yeah a little bit different but uh
same same uh but yeah i love i love having you on i love having uh just you know people who are
friends and i just chat to on the daily anyways uh on the show it's like, it's a little bit of a different vibe. That's really awesome.
We'll give it a couple of minutes.
Yeah, I'm happy to be here.
I think it will be just a laid back chat today.
Yeah, yeah.
So for those who are new here,
I'll just start with saying that we did have Heart
on the show before.
So there is a recording in the uh in the idx account i think that is so if you check the kuma profile you have the idx io
handle in the bio you can click on it and if you search their tweets you can find the space
the full space recorded with heart. And if you want to go
and dive deeper into the whole
story of Heart, how did he
come to where he is right now, and everything like that,
you can check that out.
We will touch on a couple of subjects today
as well, again, but I think
we'll do it a little bit
faster, not really diving
too deep on things that we did discuss
in the past.
But there have been some developments with you, man, that I want to talk, like
your Telegram channel, which I follow.
I love seeing that.
And just your way more active trading nowadays.
Yeah, yeah.
I'm happy to talk about that.
It's a really impact on my trading.
Yeah. So before we start, first of all, welcome everyone to the second season of Spill the Alpha.
I hope that you guys will enjoy this episode as much as I'm sure me and Hart will.
Thanks for joining us to episode number eight and thanks for coming. Hart, again, as always.
If you don't follow Hart, Hart is one of my best friends on CTE.
We've been shitposting together for, what, like five years now,
which is kind of crazy to think about.
And if you don't follow him,
just some of the best shitposts on CTE, hands down,
and some of the really good takes on trading.
And if you want to hear and see more about trading
from heart you can click on his profile there's a link to his telegram in the pinned post if i'm
not mistaken and yeah really really good telegram channel that is really worth watching and following
i think actually what differentiates Hart's Telegram channel from others
is he's actually live-tweeting his thoughts, his ideas, his trades, execution,
you know, everything, the good parts of it, the bad parts of it,
and you have a really good, clear view into what it's like to, you know,
do this for a living and how a trader does it every single day.
So yeah, make sure to check that out.
And yeah, a couple of things.
Before we start, on the bottom right corner,
you have a chat box icon.
You can click on it at any moment
and leave any questions you might have.
We will touch on them towards the end of the episode
and this episode will be recorded as well.
So yeah, if you're going to go miss out on something,
don't worry about it.
And last thing, last but not least,
huge thank you to Kuma for hosting these spaces,
now live on BearChain with up to 50x leverage.
Go give them a try if you haven't already.
We've been working really hard to build a really
really nice bird decks for you guys to try if you click on my profile and uh you look at the bio
you'll see a referral link that'll give you five percent off of fees and we're currently giving out
there's a reward pool of over a thousand bgt every single day which is around 35 000 every single week um and it'll keep
increasing so keep that in mind uh so currently it's really really worth to put in that volume
and you just you know you're getting money i think it's like eight times the fees that you're paying
uh don't catch don't catch my word on it but the last time i checked it was around that number
so yeah if you want to give it a try click on the link in my bio um if you don't that's fine um so yeah hi i we can
just start uh with a little bit more about recent stuff uh you i feel like you kind of went through
a transition in the last six months basically since the last time we had you on the show
a transition in the last six months basically since the last time we had you on the show
um you got way more active in trading and like you really took the game to the next level
um what made you do that transition kind of
so yeah first of all of course, I have more time available.
I should say that it took me some time to find out where my strengths were in trading
because I believe not everyone can do everything at the same level of results.
So some people are better at scalping, some people are better at playing
intraday, some people are better at managing position over the span of a few days or a
few weeks. Of course, in a trend, the less you do, the more you just ride the wave. But
in general, when markets, especially in the last weeks when markets a bit
choppy before a big move it pays to be nimble to to have like a quick entry and exit and just
stuck profits it took me it took me a lot of time to find out what my let's call it vocation is I
had to make peace with the fact that maybe i'm not very good
at managing position over many days and also maybe i'm not the best the fastest gun in the west so
maybe i'm not good at like keeping position for like a few seconds or a few minutes i found a sweet spot in the intraday and as far as I am basically full time I am able
to make the most of it in during the session mostly of course the London and USA sessions
so which is basically daytime in Europe. It's going well.
I cannot complain.
It's giving me some good satisfactions.
Just as I said, you need to keep clicking
until you find out what works for you.
Yeah.
I feel like that's one of the biggest issues a lot of people have.
It's, you know, like you, like almost every single guest I've had on the show,
spoke about how it took you anywhere between one to three years
to actually start getting the hang of things
and just understanding how everything works.
And it's just this constant battle of clicking and, you know,
pursuing it, continuing.
You know, you first lose the money,
you don't really know what you're doing. At some point, you start finding out some edge, you become,
you know, break even trader. And at some point, you just transition to being profitable.
How, what advice would you give to someone listening that is in this period where he's just
clicking, trying things out out and doesn't really have
an edge and tries to you know find that edge and find this you know profitability or just this
type of thing that fits him like you said so my my advice uh for someone starting now if we are
talking trading because if we are talking uh like meme coins and such that's a
whole different game and we'll talk about it's also on trading because that's basically yeah
you know yeah if you are talking trading i would suggest to split your funds into three um i think
most of the uh exchanges now offer a possibility of making subaccounts.
I think also Hyperliquid, I haven't played much with it, but like with this feature,
but I suggest to split your capital, your margin into a long term place.
Like again, if you have no idea what you're doing, you don't know yet what you're good
at. We are bombarded on Twitter by people who are excellent at everything.
People who nail multi-month swings, people who scalp in a minute and post six-figure P&L,
people who just find a coin and one week later it goes 5x.
You don't know what you're good at so my suggestion is
split your capital and try three different approaches with three different accounts three
different sub accounts i don't know you find the way like try to play some moves where you
set a target that you believe can be rich in reached in a few days and make an account for
intraday to try and catch the movements of the single day and like between you wake up and
between you go to sleep and if you dare like if you want to have fun if you're an adrenaline junkie you can have another small account for really quick scalps
probably with enough data with enough clicks with enough trades you will realize that some of them will not work very well for you and hopefully one or two strategies will start clicking for you
one or two strategies will start clicking for you.
It's not a guarantee, I mean there is some people who are just better
better off spotting some opportunities and just
hold on some coins for a whole
cycle and just you know make a good lot of money.
For example this cycle I think a lot of people
were much more profitable to buy Solana
very low like I don't know even after under 50 dollars and just wait until you know it will go
to 200 to 50. I'm sure that 90% of let's call it let me say retail traders, but I'm also retail, but in general, like new participants,
maybe a better opportunity to just, you know, sit out in spot.
But trading, like perpetual trading is a fun game.
Many people take it with a competitive edge.
And I believe it's worth pursuing to see if you have the talent for it.
Yeah, 100%.
I mean, I think if you're in this space, you should give it a try.
I do think that most people will fail because it's a very competitive thing.
It's very hard to trade leverage, especially with how volatile the market is.
There's just so much that can go wrong when you're trading with leverage.
But yeah, I do 100%.
I think everyone should give it a shot, 1 million percent.
And what you said about separating accounts, if I remember correctly, we discussed it before in the last episode as well with you.
I think it's a massive thing.
I think like even if you have an edge, if you have your system, you know, even if you're profitable and you know what you're doing,
separating accounts is a must, almost.
Because, you know, first of all, you're reducing counterparty risk right um and second of
all you're just it's it's really nice when you can separate your trades in in different accounts and
they don't you know they don't bother you in the same dashboard or like the same terminal same
website whatever um it really helps you clear your mind and i know like talking about
psychology and trading kind of like became a meme because a lot of people kind of like ignore it
nowadays but i still think that the mental side of trading is the most important one and i feel
like when you don't watch your trades 24 7 and see all of the different trades you're taking in one place
and separate them by timeframes and stuff like that, by different types of assets you're trading,
by different levels of risk that you're taking and stuff like that, it really helps massively.
I know it has to me and I know that it has to you, so I'm pretty sure that it's something that
will probably help 99 99 of people trading crypto
yeah a little a little addition that i want to add for anyone listening is i i noticed because
i as a as we mentioned i have a telegram channel where i post my trades and it has a comment section. I noticed that mistake that many people who are new
to the game do is they switch timeframes.
They are all over the place on the charts.
So if you take a trade, let's say you are swinging
and you have your charts on the four hours chart
or a daily charts, let's say very long time frame.
If you take a trade with the certain parameters and you have your invalidation and you have
your risk set, your margin and you have your take profit and your stop loss and you took
a trade for a reason, like with a certain idea in mind and it was on the daily chart and then I see people on Twitter on
telegram saying oh you know fuck now the five minutes chart look like shit why
why are you on the five minutes charts like you know people that's why
separating accounts and separating timeframes is very useful because when
people are new they start panicking zooming in, and then you lose sight of it.
You know, like if your trade has an invalidation
on a daily close, why are you looking at the five minutes
charts?
You know, people do this thing.
Yeah, 100%.
It's really good.
I mean, even I have it sometimes when I'm day trading.
I'll have a general idea for some of them trading Bitcoin.
I see it, you know, going like 5% higher or whatever, taking an intra-week trade.
But then intraday, something happens.
I think there's going to be, you know, it spikes up.
bikes up it doesn't hit the target for my intra-week trade but i know it'll probably mean
It doesn't hit the target for my intra-week trade.
revert in the next like you know a couple of minutes at least and i want to take a trade
but you're already long so you're kind of limited um and you know i've seen people before and i have
done it myself where i closed an intra-week trade or you know a swing trade just to take a scalp hoping to open the trade again later and
then you know it just fucks you all over um so yeah it's it's really really big um we we discussed
your uh i feel like correct me if i'm wrong but i feel like your trading totally changed in the last
in the last six months, let's say something like that, right?
um you know six months let's say something like that right would you say that
Would you say that?
Oh, well, as I said, I found more or less my sweet spot,
which is I mostly focusing on H4 and H1 charts,
like four hours and one hour charts.
I tend not to go to sleep with open positions even if I am overall let's say bullish for the
next day I try to take it as a kind of take it as a job where I clock in in the morning and I clock
out in the evening and if I made profit I made profit if I took losses I took losses and tomorrow is another day as I said separations so I have spot bags maybe which you know like if I F M bullish a
coin and it's on chain maybe close the long they close the short but maybe I
have a spot bagger so I I tried to I have tried to structure my system, I try to be more systematic in my approach, less
like I sit down and see what the day brings.
I'm just trying to first of all formulate in advance what I want to see for the next
day or the next few days.
So I'm very selective. I'm not watching many coins at
time and this is also a recurring thing with my Telegram channel. A lot of
followers are very enthusiastic about some coins and they tell me what do you
think about this coin? Should we take a trade on this coin? And if it's not on
my list for me it doesn't exist exist. I'm really laser focusing.
I have maximum 5-6 coins in my watchlist at any given time and my trades are mostly on
one maximum 2 coin for the given day.
So I'm very laser focused on executing on a single coin, usually alts rather than majors.
Because there is, I mean, it's been the pattern of this whole cycle where except Bitcoin,
there's been mostly just micro pockets of outperformance by certain alts and the rest
is more or less in like in a swamp not doing much
so you know coins of a popular coins like coins doing very big volume very
very nice Twitter attention I don't know let's let's of course mention for
example first coin now for coin has a very very big mindshare it's doing is
consistently in the top 10 of volume on exchanges so
you know i when i wake up in the morning i don't i i know more or less the let's call it the history
i know what happened yesterday i know what happened last week i have my levels so when i sit down i'm
not just uh you know blind i i know what i want see. I know what I am trying to expect for the day.
And of course, I'm ready to be surprised.
But in general, I come prepared.
Like I do my homework before having ideas for a trade.
And again, if I'm not looking at it, it doesn't exist for me.
Like, I don't know if a coin doesn't interest me,
it doesn't matter. I will not take a trade because I have the data, I have my log, and I know that
when I jump with my cold feet into a coin where I don't know the history, maybe the chart looks
good because maybe, you know, maybe I have enough skill, maybe an experience to say, okay, the chart
looks good here. But if I haven't played, if I haven't really, like, you know,
if I don't have skin in the game with that coin,
the data tells me that most of the time I get burned on it.
Even if technically it looks good,
most of the time if I'm not familiar with a coin,
I will just lose money on it.
Yeah.
And how do you choose those coins
that you add to your watch list and you actively trade?
Do you just look for things that are active
and very volatile or is there something else?
Yeah, it's a mix of, of course,
volume and attention on the exchanges.
So of course I sort you know the most volume the
most up on the day if it's not total dog shit and part of my edge which I built over time
is I have I like to use tweet deck so it's this this, I think now, well, now it's called Xpro basically,
but basically it's Twitter divided in columns.
And for each column, you can use a list.
So I have different set of lists for different people I follow
or don't follow, but I want to see their stuff.
So I have like traders, I have like financial news,
I have sheet posters, I have, I don't know, like
the inverse bra screenshots. And this type of information is already, it's like in silos,
it's like in buckets. And it gives me very, very well a picture of what's on people's mind,
what's the tickers that keep getting
mentioned, what's the stuff. It's almost like, I mean, I think many people here are familiar
with Charlie, Charlie Btc, he posts often the spaghetti charts. So it's a chart of TradingView
with like 20 shitcoins or like 20 alts. And you can see the outperformance in the short time frame
you see that one chart starts to separate from the herd and start to fly solo
this is the same kind of thing but with the mindshare with the attention it's
almost like like Twitter is very powerful if you put effort into categorizing the information you
get and filtering out the noise.
Yes, so basically, you know, taking that to your advantage and using that as a tool as
well.
Do you use the Orion Terminal, stuff like that as well, or just mainly watching
the social side of things?
Look, I use Orion occasionally when I am wondering if, for example, certain alts are accumulating
a lot of open interest, if there is stuff know, what if the market is unbalanced towards
the code, but I don't use it daily in my taking trades decisions.
So over the time, one other thing that I did to make my approach more systematic is I simplified
very much.
Like I think the process of learning,
there is also a nice graph somewhere online.
Process of learning is that you, in the beginning,
you know nothing and you think you know everything.
And then you start accumulating knowledge
and you start adding shit to your system.
And then at some point, you reach a point
where you start shredding you start eliminating
start a process of simplifying and eliminating uh there is stuff like uh i don't know like volume
profiles or flows and stuff which have been very useful for me in learning i am very grateful that
i've been part of my uh growing curve but for example right now I keep
my charts just with the candlesticks no volume profile but I can kind of see it it's kind of
like it's almost like it's implicitly there and I use as I said I take trades on the hourly or four hourly charts, but in, for example, in
Silicon terminal, usually if I have a trade open, I keep anyway a second chart of the
same coin on a lower timeframe.
And if you keep like a five minutes chart, for example, as long as you don't psy-op yourself
into caring too much about the five-minute chart,
you can almost use it as a flow chart.
You can see the weeks, you can see the absorption,
you can see the markets, the takers trying to push up,
you can see these kind of things that you study
and that maybe you have tools to see, like, I don't know,
exo charts for sync flows and stuff.
At some point, you can simplify, in my opinion, and you kind of just see things like, I don't
know.
I know that people can trade only watching the DOM, for example.
I cannot do that, but I am sure that, I mean, they're all different ways of seeing the same
information.
So the more you can simplify, the less you
have also possibility of conflict for your trades, because if your trades, for example,
need five indicators to agree before you take a trade or before you are invalidated, most
probably you are paralyzed. Most probably you cannot take any decisions because there
will always be a little discrepancy. one indicator will not tell you exactly what you want to
see or it will be just lightly off or five agree and one don't so what do you
do then the less inputs you need to take a trade or to get out of a trade which
is very important also take to get out if if what you see you don't like anymore the more you simplify in my opinion the
best the execution so I'm I'm very satisfied right now of the level of elimination I did
in my in my trading decisions yeah yeah I feel like that's a transition that most traders go by
where you know you start with a simple chart,
you start adding indicators, adding different tools,
stuff like that, and over time,
you just start reducing it more and more
until you're left with...
Most people just have, if anything, just RSI
and maybe a moving average, just one or something like that,
and that's it.
So yeah, it's also a very common thing that i hear from people um so now that you're doing um now that you're doing this
for for a full you know as your full-time job just this is your living um i'm interested i'm
interested what does your day look like like Are there any specific preparations that you start?
Like you wake up, you turn on your PC,
you want to start watching markets and stuff like that.
Do you have any checklist or something
that you do before you start your day?
Well, first of all, I want to say that I am still in a place where I would like to stare
less at the screen.
I'm not at the point yet.
I'm not completely satisfied with how many hours I still spend for the returns I get
from the market. So I know that many of your guests
in the recent episodes
have been able to, for example,
automate their edge
or switch to such larger timeframes
that doesn't require their presence
much at the screen.
For me, I'm still mostly
in an intraday trading environment,
and I feel that so far my execution is very much...
It's so much discretionary, let me say,
that I haven't found a way to properly automate it. So even if I should say without doxing too much
about my previous life, I may have the technical background
to be able to execute it.
But you need to first understand how your edge
can be codified into steps, into algorithms,
into conditions that you can put into code.
So the writing code is not the problem.
The problem is I am very much discretionary.
And so if I want to, as I said, if I don't like what I see, meanwhile I'm in a trade, I want to get out
immediately and such a thing is, in my opinion, not very so far automated. So what I do, just to
quickly answer your question. First of all, I've collected statistics about my performance, thanks to log and tools.
So I know that for example, certain days in certain sessions, it's not very convenient
for me to trade.
The expected value of those sessions for me are not very worth it.
So for example, right now, Monday morning, I'm not trading, I'm not taking any trades.
It's really like iron rule for me pretty much, not taking any trades until the market opens
on Monday, even no matter how the future opens on Sunday night.
I am, for example, I know that if I take any trades after 5 pm, so basically let's say
from half an hour ago, just to put it to other time zones. The statistics tell me that if I want to close it before I go to bed,
statistically, it's not very convenient for me.
Like, it's not very rewarding for me to open trades past 5 p.m. during the USA session.
So I know that I have a specific window in where to take trades, which is to my own time zone
is more or less between 10 a.m. and 4 p.m., let's call it.
Of course, I pay attention in advance if those days have specific data.
I don't know if it's an OPEX day, if it's FMOC.
I mean, it's not 2022 anymore.
These days are not like CPI is not going to make a $10,000 candle on Bitcoin.
I hated those days so much.
Yes.
So it's kind of, it's just a thing in the background.
You know, you're like, you just keep it in mind that, for example, I don't know, today at 2.30pm there could be some weeks because there's some data coming
and so, I don't know, better, you know, for example, have a white stop if you are in a
trade.
It's kind of just a little attention more. so yeah as you as you know and as I post often I also enjoy cooking with my wife so you know I try
to of course if I want to have a nice breakfast usually I make sure that it's done before I am
sitting down for trading I don't want to like, not very good at multitasking.
So if I'm trading, I want to be, as I said before, laser focus.
If I want to cook a nice dinner and I want to help my wife, I want to, again,
probably want to be out of the market by 5 PM.
It's things like this where you try to strike a balance between working,
let's call it in quotes, full.
Oop, I think we lost Heart.
Or it's my connection, I'm not sure.
Can you guys give thumbs up if you also can't hear heart
all right yeah heart you are gone Yeah, yeah, I can hear you now.
I try to strike a balance between enjoying this as a full-time profession and also try
to enjoy the free time that this opportunity has granted to me.
The opportunity of not being stuck eight hours in some office or in some factory
and commuting back and forth and things. So I'm grateful for the opportunity of being able to
just stare at my computer trying to make money but also try to you know basically get the fruits of this so
try to enjoy the time to do something productive to I don't know of course
run errands or as I said cook a nice meal with my wife which sometimes of
course take time and if I know that statistically I shouldn't take any trade
past 4 p.m. and I want to be out of the market by
5 p.m i mean like goodbye and tomorrow is another day yeah that's also a really good reason to just
collect those statistics about your trading and just about your performance because uh like you
said you you come to these conclusions of okay i shouldn't be trading at this and that time
and then you're able to just free it up.
You know, you're able to step away for a couple of hours.
You know, some people just, you know, you can look at your stats
and maybe you'll find out that on days where we have big news,
you shouldn't be trading because on average you lose on those days
and stuff like that.
It's really, really big.
And I think, you know, I say it on every single episode, too many people still think that
journaling and collecting the data of your trades is trivial and won't give you any benefit,
which is insane.
Yeah, on the matter of journaling, I think we can talk about the channel because for me
it's been a very big impact because I was not logging my trades.
I mean, I was using automatic tools mostly. So if you don't have your own input into it,
okay, you see the entry, the exit, the P&L,
but there is no information unless you put it yourself,
unless you start typing,
you don't see what you are thinking,
what was your target, what was your idea,
what was your validation, because okay, idea, what was your validation, because okay maybe the trade was closed with some profit
but maybe you closed the trade with, I don't know, 30% of the target you had in mind
or for example you closed it because you didn't like the conditions anymore
or you lost money but you were happy to lose money because maybe the trade went
like 20% down and then you close it at minus 5% so I decided to create this
telegram channel as a way of documenting live the ideas first of all of my traits and also my emotions and my thoughts process during
before during and after the traits it's not always very detailed because sometimes i'm just
you know kind of acting in the moment so i just say oh I'm enter here and then one
hour later I just oh I close it but sometimes I state my thesis in advance and then I say
okay if today I see this I want to do that and then I do it and then maybe I say okay
this is this look good I will keep it or I raise my target or I lower my target or I don't like it anymore or I'm out or I'm eating shit
but it's still not my invalidation so all these type of things is useful first of all because I
can go back later with a maybe cold mind after the trade is closed and just reread what I thought
in the moment and you know build on that like grow from that and so on the wall it's a matter for me of how to say the
the added accountability that I get from the Telegram channel is very important
for me because for example I if I can let's say brag a little like I feel I'm quite confident in my skills right now of trading, but every few weeks, I mean
now it's more rarely, but let's say before it was even once a week, I would take some
very stupid trades, like very completely stupid trades.
Like I would just, you know, know again be focused on two three coins
and then at some point see a coin was doing some wild shit on Bybit and I would say oh okay okay
I will put 50k on this coin and take a trade and then I would you know just lose a raise
maybe a week of gains for some stupid you know or not taking a stop loss or whatever
stupid bullshit you know or not taking a stop loss or whatever so the amazing thing is now that I
have an audience I feel that if I'm about to take a trade that it's so stupid to explain to people
nine times out of ten I simply stop I simply say wait a second like if it's too stupid to tell
people that I'm taking this trade if it's too stupid to tell people
that I'm taking this trade,
maybe it's too stupid to take in the first place.
Like it's really a filter.
It's a very good filter of saying, you know,
don't take this trade because what are you going to tell people?
It's, I mean, you could say, you can say,
just don't care, no, or just don't post,
but it's actually working very well for me.
Like it's really it's actually working very well for me like it's it's really
making me only take trades where i'm fairly confident to share to thousands of people saying
yes i want to see this happening and i'm taking this position and if this other scenario happens
i'm out i don't like it so it works very well works very well I I also
receive feedback by how to say it there's kind of some parallel feedback
also from the comments for example if I'm in a position and I see that it's going against me for example but I I'm sure that my idea is
still valid like I'm not out of the trade but if I see still people see I
see people panicking or people saying oh what the fuck are you getting out and
so I mean it really makes me feel this stark difference between kind of being confident of my position and my invalidation
and being willing also to lose money of course on a position if it goes against me. But you
know like the difference like I don't know one year ago two years ago maybe I would be
the one in the comments writing this uh panicky message and now
i'm just calm no i'm just like yeah no i i wrote i wrote two hours ago why i'm in this trade i am
saying this is good until i mean like until i'm only out of certain condition sorry if i using
a thousand words so so it's kind of it's good it's accountability and also some kind of
live feedback it's not like oh today i took this trade and some people say okay bravo well done no
it's really like live it's some it's very organic and people can comment live can say oh you know
for example you took this trade i joined one later. I have even a better entry than you.
I'm riding with you, but I'm making much more than you.
Sometimes it's funny like this.
It's cool.
Yeah.
No, I think it's really good.
I don't do that anymore.
I used to share trades and even P&L cards occasionally and stuff like that.
And actually, I was considering to open a Telegram channel on my own at some point.
But I always said that sharing your ideas and stuff like that on Twitter is a fantastic
tool exactly because of what you mentioned.
It's like an idiot tester. Because again, if you're too ashamed or too
doubtful about sharing an
idea or a concept or
a thesis about something
on Twitter, then
obviously there's no point of view taking it.
And that's something that I
always feel and
it just works.
Now, I want to talk more about your
you know your process of the last couple of months um you know in the last episode when we were discussing about your journey and and your you know your upbringing and whatever um we spoke
about the general challenges that you've had in in the whole journey but now
i want to talk about it from the aspect of after you you know at this point you're you know it's
not perfect but you have gotten to a point where your trading is very defined you know very
sculptured and like very works very well what do you feel are just challenges that you still kind
of have to work on um or just in the last six months what do you feel was like a couple of
stepping stones that were a little bit hard to pass yeah so uh like i said um the main one for me is the fact that my trading is still requiring my attention.
So I have very discretionary invalidations, which in many cases are not defined by hard stop losses. So I am there in front of the screen,
ready to cut it manually, ready to nuke the position.
But I mean, I have maybe like, you know,
some like weeks protection, like, you know,
but in general, yeah, in general,
I let some kind of wide margin.
Again, this is based on my data.
I'm maybe something that I can grow better,
but so far I see that on my data
that when I use very, how to say,
tight stop losses and they get hit in many,
in a large majority of the cases cases that trade would go well after.
So it's a matter of maybe putting sub losses in a too tight range or such too much obvious
places.
I don't know.
In general, my main struggle so far is again that I need to be in front of the screen most
of the time for my edge to be profitable, which again requires my attention and sometimes
leads to arguments in real life for my, let's call it obsession in general like too much attention given to the markets
during these active hours compared to again finding a balance with the real life activities
and the other struggle that I still have is how to put it I constantly close to early like the
trade I thought you're ranting about it a couple of days ago
yes but it's it's a it's a thing that I'm trying to work on
mostly and by so the thing I'm experimenting for now for example is instead of putting the target I
just put 75% of the position with the tools like you know within Silico or now you can do it also
with a bybit app or I'm sure any exchange now let you put percentages so when i want to say i want to exit
at this level now i'm experimenting of course some trades where i'm willing you not to risk
and to experiment say okay instead of closing where i want to close i dare a little more so
i close 75 position and i put a stop target up higher i mean, at the next logical level, let's say, where I
would get out, like still with some reason.
So I'm still working on that.
I feel that I underperform on my own on my own ideas and basically I I put some targets I then decide to
take close the trade 60% 70% of the way in and then one hour or two later it goes
to target and it's annoying I mean I'm I cannot complain again let me say let me preface this well but it would have been bigger kind of thing yes and the
other thing is the a bit of myopic approach sometimes where for example i let's take reason
example uh i started introducing telegram i sat down into my watch list sui uh it was two dollar thirty
and i'm like i tell the channel i say you know this this guy's about to break out so i take a
large position and with a certain target which was in my opinion was already ambitious but anyway
i close it i make a very good profit and in the next days I keep taking
trades on it I keep doing very well and then I look back two weeks later and SUI is at
$4 and all of my trades are if I add them together are not the same results as if I just simply sit on the position from
2.30 to 4 dollars. So sometimes I feel I could get much more by doing less because I'm actually
good at spotting early trending conditions but then instead of riding them I just simply
take a series of quick in and out positions which, I mean, they take more of my active time,
they give me less of the returns and more of the stress where I could just simply write positions,
writing the comments, you know?
Yeah. And how do you, like so far, how do you, you know, handle that? How do you feel that you're going to solve this issue that you see in you?
to again as i as i was trying as i mentioned earlier the idea is to uh whenever possible uh
associate my uh my focus on on this uh two three coins to associate them with some spot pegs
uh for example recently uh has been uh experimented with LaunchCoin, the coin which was from the Believe app.
So I decided, okay, I want to trade this coin because it has a lot of attention, a lot of
volume.
It's very volatile.
What I did is I built a spot bag on Solana and then I started trading it.
And I know that even if I was going in and out in and out in
and out i know that my spot back would be give me this kind of consistent linear returns and
i would just sell it whenever the trend was exhausted yeah which is a very good thing to
do i think especially with assets that um you know, you do see them in the future being higher.
I mean, that's what all of us did back in the day with just with Bitcoin, right?
You just held spot Bitcoin, traded perps with that Bitcoin.
So, yeah, that's probably something very nice to do, especially if you're bullish.
Yeah, yeah.
In general, for me, it's still a work in progress. I still count it as a
struggle. Again, the idea... I mean, I need to recognize my strengths, so I am happy that
I found the timeframe where I am outperforming the market. But at the same time uh this inability to ride the longer trends is uh
impacting me maybe a bit maybe maybe it's just by comparison maybe it's you know like we are always
envious of someone doing even better than us but i mean it's a competitive game so we want we all
want to perform at our best if if you are in this field, I think we are all driven by ambition,
by competitiveness.
I mean, I know that many of the big accounts on Citi, for example,
come from the e-sports, from the video games competitions.
So they just simply translated those skills
into making money in the markets. But the main thing is that the competitive nature is still there.
So of course, I want to get better.
I want to perform a different time frame.
I want to, you know, like just simply beat the game as best as I can.
Yeah.
I mean, it's natural.
I feel like it's embedded in all of us
that even if you make money and even if you're doing well,
you'll always find, especially in this space,
you'll always find a way to see how you could have been
making way more money.
And it's weird about this morning.
I don't hear anything anymore, or it's uh just me you can't hear me
can you hear me i can hear you
all right uh heart can you hear me let me see i think we lost heart again
Let me see, I think we lost Hart again.
Yeah, Hart's going to come back.
Yeah, we'll come back.
Can you hear me now, Hart?
Yes, yes, yes.
Yes, okay.
Perfect.
So, yeah, like I was saying, I tweeted about it this morning about how, you know, now with Bitcoin pushing all-time highs and stuff like that,
it's that season where no matter what you do,
no matter how much spot you have, you feel underexposed.
You can be leveraged long.
You can have spot, full 100% allocation,
and you'll still feel underallocated. You'll still feel that you're missing out.
And I feel like that's one of the things that makes those
um you know good traders right it's pushing you to be better it's what pushed you to find
your edge and to you know be competitive so i think it's fully natural and even healthy
yeah yeah 100 it's uh i think i think i think city like as in a like a crypto twitter also
plays a big role uh in making you always feel uh not good enough like you feel like everyone you
feel you see constantly people who are better at a game where you cannot play or you're not
good to play at the same level you feel you see different size you see different I don't know like okay you know like
people who can play for example both directions very well quickly you know
long short flip bias you see people who are very getting very good return options
people who are able to you know sit on a coin for two weeks and then get
incredible ad performance. You feel that you want to do everything. Twitter is very effective
at making you feel inadequate. That whatever your returns you're not getting enough, you're
not squeezing enough juice from the market
especially again of course especially in good conditions
yeah yeah i mean it's just it's just the way this industry is built you know you open twitter you see someone posting like a 20 million pnl you see 10 000 pLs everywhere. That's just the way it is.
I want to go over the questions real quick,
and then we can start wrapping things up.
Just a reminder, in the next couple of minutes,
we're going to go over the questions.
Sorry.
So if anyone has any questions to heart,
click on the bottom right corner the chat box icon
and uh just go away and ask heart whatever you want um so first of all we have uh trading
scum asking over trading gives you false confidence uh well it's not a question but he says over
trading gives you false confidence when you end up going to low time frames thinking you can nail every small move and ending up giving it all back to the market
uh yes 100 um we have akiraj asking uh is there any link between market volatility and the ease
of making money in perps trading what do you think heart oh so yes if i can reply with someone much smarter than me which
is soros josh soros when you get more volatility in the market the moves are of course wider both
up and down so in that case uh to to get to basically the ease of making money
in that case is about the position size you need to be smart enough to have a position
which is big enough to enjoy the volatility but not too big where it can go against you in a large way or impact for example your
margin or for example making you doubt the position at all because sometimes again it's
a psychology game so in a high volatility if you have too much bigger position, you can feel that at the lows,
maybe it's not like worst it, or you need to reduce size,
or you need to meet some margin requirements,
and all a lot of things that can,
we say in slang, they can shake you out,
they can make you get out of the position,
and then you miss the big move.
So yes, the ability ability in high volatile environment, the skill that you should build and again this comes
with experience is about the position sizing. One thing that maybe I got a
little smarter recently is being able to find the sweet spot in my position sizes to be able to to profit from the moves
yeah it's really good um let's see we have another question from marusha
hey heart i have a big bag of e what should i do do you think it will go to a new all-time high
ETH, what should I do?
Do you think ETH will go to a new all-time high?
This is Maru.
I'm just kidding.
I'm just seeing Maru in the audience.
Shout out to Maru.
We have Stan.HL asking,
what's your opinion on the improvement of AI
may cause the market to be efficient in the future,
thus making us traders unable to have any more edge in the market?
As in AI trading in the market?
Well, look, in the traditional finance, when quantum trading was introduced,
a lot of people said it was all
over for humans because they could not compete with the machines being able to
take trades in 1000 of a second so a lot of people started saying oh you know any
human edge is over but you know the markets are still there and people can
still trade discretionary and they can still make very good returns. I believe that your competition is not
the AI agents trading, your competition is the the idiots who have no psychology
game and just you know throw the money. Basically the people who enter the casino
with a nice stack of money and say oh you know I will go I'm going to have a and just throw the money. Basically the people who enter the casino
with a nice stack of money and say,
oh, you know, I'm going to have a very nice time today
and gamble some money in the markets.
Is this money you must take?
It's a very cynical maybe approach,
but you know when you have like very good
blackjack players or poker
players in the casino you are not playing against the casino you're not
trying to beat the casino you're just trying to beat the people who are worse
than you the people who are clueless so yeah okay let the agents make money and
you take the money from the idiots.
Yeah, I agree.
I think the whole AI thing, it's, you know, maybe, maybe someday there will be AI trading and maybe there's someday, like, what you said is 100% true and I agree with it.
But even if so, I think it's pretty far away.
I think it's too far away to kind kind of think about at this point almost maybe
i'm mid curving it i don't know um but that's just what i'm thinking at least about ai um so so yeah
um yeah before we start wrapping things up we don't have any other questions unless somebody says something before we just want to see I see Ali in the replies that she made a question
she or he made a question journaling is one thing but how do you analyze it so
okay so just to answer quickly some some tools, uh, offer you, uh, some analytics page by themselves.
So for example, uh, I dunno, for example, I use trade stream, uh, and in trade stream,
there is a, uh, a voice, uh, basically a place where you see, for example, what's your max drawdown, what's your like for example percentage of
trades where for example give you statistic by itself like for example on average if your
trade goes for example more than 2% against you in 95% of cases you will close at a loss
for example I have these statistics no I mean I'm making up the numbers but you get me or for example give you a
statistic about the days of the week it give you for example on a given
Thursday your expected value is I don't know for example let's say 3 hour and on
Monday for you it's like the last nine Mondays out of nine you lost money so
maybe you take these considerations
and the rest is again manual like for example let's scroll back my channel where i document
my things and i just make my conclusion about it i just you know literally like manually review
my thoughts process my emotions and build and try to improve from that.
Yeah, I think I think journaling separates, like you said, into two sections, which is one of them you can use, like you said, for the stream, which is a fantastic service built by a good friend of ours,
where, you know, you'll see all the raw data of things, like the numbers themselves, statistics
about dates.
But a lot of people overlook the fact that you should be journaling your emotions, your
thoughts, your thought process.
And that's why it's so good to have a channel like what you have.
It doesn't even have to be public.
You can just make a Telegram channel just for yourself or just a Discord server.
Absolutely.
Yeah.
Yeah.
I think it's really important to separate those two things.
And then if you find some anomaly,
you find something weird in your specific day
or whatever that might be,
you can go and look at the thought process journal itself,
like the emotional journal, you can call it that way.
And you'll probably see what's going on.
So, yeah.
Let me see.
I think we have another question.
another question
yeah a guy from jane street uh said that the new advancements in ai like lms don't matter at all
short and midterm uh well there you go hopefully he's right um so yeah heart what uh before we
start wrapping things up i want to ask you what do you think about the current market? We have Bitcoin at all-time highs, ETH down 50% from its all-time high. Do you see this as a sustained rally and do you think we can expect higher prices or what's your expectation in a couple of days at least?
So yeah, my expectations are mixed because from purely technical standpoint, PTC is kind
of going into price discovery and the stock market is doing well you could argue that maybe the stock the
indexes are kind of at some point of resistance but let's see the other
piece of information is that we are going into summer and summer is
historically of course low liquid environment so there is also the
condition where you know this big momentum can somehow become languish
and again for the whole cycle alts have been mostly underperforming BTC except a few selective
coins so I believe that if BTC momentum stops for example, I don't know if Sailor stops bidding for a bit or
because he cannot raise more or whatever
or because the
stock market flexes
I think if BTC loses momentum alts can
Retrace a lot of these gains which are even modest in most cases compared to btc so i'm really not
sure like i'm enjoying the current environment but i'm already like with a a bit with a with a
foot near in direction of the door at least for summer i mean i'm still confident that uh
q4 probably will be a lot of fun but my expectation going into June July August
is to reduce my volume of trading personally and I think we are at a point
where rather than longing breakouts it's time to long dips like i'm still bullish even if we get a retrace from here but
you know in the early conditions in the early trending conditions it pays to be
let me call it stupid it pays to be uh so bullish that every time a coin trying tries to
break out from a range you long it because you know if you get if you get the breakout
you get rewarded massively I believe this is now the conditions to play a little more defensively
like having a bullish outlook but rather I would rather long dips here going forward
than trying to long breakouts do you have a specific price for bitcoin for example
where you start cashing out you start selling some of your spot exposure and stuff like that or
are you more of uh just you know focused on watching price action and watching it develop
oh no so my cashing out is is more or less on schedule like I it
doesn't matter I more or less regularly cash out my profits a part of my
profits of course I try to keep enough in the game to be able to generate more
but in general especially my weekly trading profits let's call it the profits from burps I rotate apart
regularly out of the market and into fiat so regarding that they don't have
specific targets where I'm thinking oh you know like at this point I start
selling I start cashing out now I am I'm not cashing out I've been cashing out
all last year and cashing out years before I mean I always be selling always be cashing out I am
the idea is to have this perpetual motion machine where you keep making
your money work for you so you keep having a larger amount of capital but
the same time you have income flow to your bank to your fiat.
I know that maybe it's kind of science fiction to some of the listeners but I really hope
that most of you get to that point at some point.
So for me I'm really price agnostic in my cashing out.
I make profits, part of it is kind of, let's call it my salary.
And I'm happy to cash it out.
Doesn't matter if BTC will go for 250K from here.
I'm happy to have just enough large amount in the game
to keep playing, keep growing.
But some parts are always going out to fiat.
Yeah, lovely.
I agree.
I do the same with my active trading portfolio,
always cashing out.
Spot is something that I usually keep for later,
but yeah, it's pretty good.
Yeah, that's pretty much it for me.
I think we covered a lot today. Is there anything else you want to add?
Yeah, so one thing is I'm curious, but I mean, maybe there's no time.
We were talking between each other in private about the different approach
with for example having a long-term spot position or being like USD
denominated I feel that maybe 90% of new players so the players who joined the
market in the last couple years maybe three years are mostly used to
denominate either in USD or even in alts of the chain where they are for
example in Solana or in Ethereum I think that the OG game of denominating your
capital in BTC is again mostly a relic of the past like mostly fading I don't hear many new players
talk about their returns or actually their portfolio in terms of BTC for example so I
would be curious but again maybe this can happen in the replies or somewhere else we can have a public discussion if really the majority of people now are denominating in USD and
also what impact it has because I believe that many people are also underperforming
even BTC so you know maybe if you denominate in USD you are not even aware of this thing
so you don't see that your portfolio is maybe growing in usd but
not at the same pace as btc yeah yeah i think it's a like you said i think it's a relic of the
past because um you know back in the day people used to like i'm talking from back in the day
it's just it was too crazy long time ago but even back in you know 2019 2020 um i still used to see a lot of charts of
people uh you know looking at altcoins and stuff like that in their btc pairs so for example you
know east btc sol btc fart coin btc whatever that might be and today it just doesn't exist. No one is trading those pairs.
No one is looking at it.
And I think that's probably why you don't.
And I feel like that's really bad
because at the end of the day,
it makes you naturally be pulled
towards not noticing your underperformance
relative to majors,
which is a big drawdown,down i feel like for a lot of
traders um you know you might be holding something it's up like five percent you're happy but you
know you look at btc it's up 10 on a day or something um and then it's like okay your your
risk profile is so much bigger yet their return is smaller right yeah good point do you denominate in BTC or
ETH or Sparkcoin no for example I denominate in USD because USD is my for
the perps but for example my Solana stack for this cycle, for my Onshaime plays, I would constantly
rotate and denominate on Sol.
So if I noticed that a coin was maybe up in USD on the chart, but if I tried to sell
to Solana, I would receive less Solana than I put in
I understand that I'm underperforming so I was always trying to you know sell for
a higher value of Sol than I put in even if even if it means that in that moment
for example Solana was on a dip I would rather cash out the altcoin the
shitcoin into more Sol to keep stuck in Sol because
my of course the idea was that Sol would keep going up even if altcoins would keep dying
like flies so yeah I could say that my spot for this cycle was 80% denominated in Solana and then I have my margin accounts on exchanges which I denominated
in USD.
I'm not really following BTC.
I mean I kind of know on a kind of napkin mat if I'm outperforming around and performing
BTC and by god God I am over performing but
yeah I'm denominating in USD I don't do coin margin trades I do USD margin so
that's that's how I measure my profits so everything on chain you denominate in
that change currency kind of thing and anything on exchanges you
denominate and you know dollars yeah yeah last cycle was 80 ethereum um i mean again denominated
so i was trying to track my progress against ethereum this time i didn't do much activity
in fact on ethereum and the layer 2s.
I was mostly active on Solana on chains so I was denominating Solana.
Yeah, all right nice.
Well that's pretty much it for me.
We have Sylv in the comments asking, can you please make him say Mamma Mia Pizzeria once?
Wait, what is it? Mamma Mia? Mamma Mia Pizzeria once? Wait, what is it? Mamma Mia?
Mamma Mia Pizzeria. Mamma Mia Pizzeria.
There we go. He's gonna clip that and make
a meme out of it or something, I'm sure.
Shout out to Silv.
Oh yeah, that's pretty much it man um i'm gonna i need to go because i
need to go walk my dog all right but it's been lovely to have you on man i i really enjoy chatting
with you every single time yeah pleasure for me guys thank you again for the invite make sure to
yeah always man always you can come here anytime you want
but yeah if you don't follow heart give him a follow one of the best posters on ct and make
sure to check out his telegram in the pinned post in his profile i think it's really really really
awesome and a good addition to every single person interested in markets. And yeah, that's pretty much it. Hart, thanks a lot for coming, mate.
Thank you all, thank you all, and good night.
Yeah, have a good one, buddy.
Have fun.
And yeah, before we are done with my part,
guys, thanks for coming.
Follow my account for any updates for further episodes.
We will have an episode every single week, so stay tuned.
If you have any suggestions, if there's any specific trader you want me to bring on,
anyone you would really love to hear more from, just DM me.
Send me a DM with the at of the person you want to hear,
and I'll make sure to contact them, and maybe we'll make it happen.
As always, this episode will be recorded so uh is being recorded so you can uh once this episode is over you can just click on the replay and hear any other parts that you might
have missed uh and on monday as always there will be notes on my profile and um yeah that's pretty
much it guys again huge thanks to kuma for hosting these spaces for
making them happen now live on bear chain so if you haven't gave kuma try it click on my profile
and there's a link in the bio i get money from it and if you don't click on it i'll get fired
click on it you get five percent off of fees um you can trade with up to 50x leverage
we're currently giving out a thousand bgt daily which is over 35 000 every single week we have 35 000 so that's a thousand bgt seven thousand a week uh really really worth trading and getting
those rewards that you can claim every single day on top top of that, we have a weekly raffle of 1,000 BGT.
All you have to do is just trade. Make volume. The more volume you make, the more raffle tickets
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do volume on various d you automatically go into both of those raffles um and like i said all you
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um and maybe you'll have a chance to win the raffle uh that's pretty much it guys thanks a
lot for coming thanks to kuma thanks to manuel the guy behind the kuma account helping me set
all this up and i hope you guys will have a good weekend hope you guys enjoyed this episode heart again huge thank you
for coming big big love and we'll see you guys next week ciao
