In this edition of The Trader’s Perspective we interviewed Tortoise Trading. He is a full time Crypto trader and the creator of Tortoise Trading. He has a financial advisory background and has been trading crypto profitably for more than 2 years. He shares his techniques with us on how to be profitable in this insightful interview.
Initially it was the returns that got my attention but I didn’t dive in until I fully understood the potential of Bitcoin. I shrugged it off for awhile but once I started reading a little bit I got hooked and couldn’t stop. It didn’t take me long to see how a digital, naturally deflationary asset could play a key role in the global economic landscape over time. Specifically in regard to the implications of the diminishing returns of the effects central banks’ tools are having on economic growth. I got into altcoins quickly and it didn’t take me long to realise 99.9% of them are bull**** and have no use case other than speculation – which as a technical trader I’m fine with!
Tortoise Trading is my platform to share my thoughts on the Crypto market and help others learn how to invest in and trade Crypto with a “move slow and focus on risk management” approach. I haven’t been as active in producing content the past few months as I’ve had a lot of life changes but I plan to start again soon.
Not including leverage, 3.5x is my largest gain in a trade, although I’m not sure I really consider December/January 2017 “trading”. Most drawdown in one trade was 100% if you include liquidations haha! Early on I made an order mistake on Bitmex which cost me a 25% account drawdown. That hurt but I never made that mistake again.
Honestly, not that much. It helped with market cycles and in quickly grasping the concepts of supply and demand and how that plays a role in price at any given level. With the actual discipline, psychology and execution of trading I had to fall over and over like everyone else.
I only use RSI for spotting divergence. One of my favorite setups is a “3 drives” pattern into a high time frame level with a divergence showing.
Usually the point at which market structure would break which invalidates my trade idea. I set my stop loss first then attempt to enter as close as possible. I have an article on my site that explains in more detail.
1:3+ never lower
Yes, I cover this in an article that can be found here: https://tortoisetrading.co/risk-vs-reward/
(Total trading capital x %risk per trade) = $amount risked =
(Entry — stop loss) / entry = %difference = Position size in $ value
Start with a 1% account risk per trade
I think it is perfectly fine. The long term BTC investor will argue to always focus on increasing your BTC stack but many can’t stomach the drawdown in USD. When trading any other asset class you trade vs fiat so you never(for the most part) need to worry about your collateral decreasing in value but in Crypto you have to balance your BTC value vs your USD value. For some, USD is more important and stable coins as a collateral solve their needs.
Yes, I plan to return to posting these once I begin producing content again and overhaul the website. I always got great feedback from these and am disappointed in myself for not keeping up with it.
I believe most people thrive when they have a daily routine. Like anything else, repetition and the proper habits lead to improvements in skill while requiring less mental/physical exertion. When traveling, I lost my routine and at times it affected my trading so I would recommend being vigilant in your trade planning and not letting any rules slide. When we think of traveling it’s all sunshine and smiles but in reality at times it can be exhausting and lonely. Block out time for exercise and things that make you happy outside of trading. Also, make time to not be in positions and enjoy the company of others.
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BBOD is a cryptocurrency derivatives trading exchange for retail and institutional clients. It offers a secure and transparent custody system, a marketplace to trade Bitcoin and Altcoins futures contracts with a stablecoin collateral and leveraged zero fee trading. The “transparent custody” feature means that BBOD does not hold either the clients’ digital assets or their private keys. Instead, a client has their own contract account on the Ethereum blockchain.
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