CryptoCred Interview: The Daily Chain
CryptoCred is a technical trader, analyst and educator within the Crypto Community. His free educational content delivered across multiple platforms has seen him gain an impressive audience over the last couple of years.
In a Daily Chain exclusive, I had the absolute pleasure of sitting down with Cred to learn about the man behind the account.
What is your background and what were you doing before Crypto?
I grew up in Russia and moved to the United Kingdom to continue my secondary education. Before crypto, I was studying for my undergraduate degree in Law. Simply a university student. I am only in my early twenties (contrary to the impression my Twitter profile picture may have on people). Yes, I completed my degree (despite numerous Twitter geniuses telling me to drop out in the final months in order to start a paid group).
When was the first time you heard of Crypto and what was it that drew you to the space?
I first heard of crypto when I was paid in Bitcoin for some freelance translation work I did for a CS:GO skins gambling website (oops). This was around 2015, if memory serves correctly. I set up a Coinbase account, received the Bitcoin, and left it at that.
My interest was renewed to some extent when reasonably mainstream tech news outlets were writing about the upcoming Bitcoin fork in 2017. I wanted to learn more and thus got involved in the community via Twitter. I lurked crypto Twitter on my personal account for several months and then I made CryptoCred.
Funny story: the reason for making the CryptoCred account was to help process admissions for a private group that I was an Admin/Moderator in.
Who did you learn from when you first started learning how to trade and did you have any idols or role models?
I first learned how to trade from crypto Twitter. Aside from BabyPips, there really wasn’t all that much in the way of free resources. Some scattered articles, sporadic (but excellent) Tweets by people like @CryptOrca, but it was nothing like it is now where every Tom, Dick, and Harry moonlights as a trading educator.
If you wanted to learn from the big dogs on crypto Twitter, you paid for their group. Simple as. And that’s what I did.
I learnt some absolute basics but nothing overly substantive or systematic, and certainly nothing that really attracted me to technical trading. Technical analysis was (and arguably is) more like fashion on crypto Twitter; people used whatever is popular and moved to other analytical tools or frameworks when things got stale.
It became abundantly clear in the majority of these paid groups I was in (around a dozen when I started out) that the leaders were shitty traders and even worse educators. I ditched them and sought refuge in Forex, reasoning that traders who make money in ‘real markets’ must have a better grip on things.
I came across @Trader_Dante via @Sicarious_’s Twitter feed. I watched his free YouTube videos, and his frankness about trading financial markets really resonated with me. This all happened around September 2017:
I consumed all of the webinars on his site (which I heartily recommend to everyone) and knew that I wanted to trade primarily using naked charts as opposed to indicators.
From there I looked further into FX price action traders and came across TraderSZ, ICT, WMD4X, Simon Kloot/Sam Seiden, and so on (in the order that I discovered them).
Every trader at some point will suffer from a significant loss in their career especially when they are just starting out. Can you give some advice as to the strategies you used to learn from your mistakes?
For beginners, risking a small amount per trade to build up a trading record/history and predefining risk (as in how much you stand to lose if you get stopped out) are two crucial things. You need to get a feel for the markets live trading (after enough demo) without doing your arse. The experience you gain from executing and managing a live position, even if it’s a small position size (0.5%> risk), is vastly underrated.
If you are someone with a bit more experience under your belt, you need to learn how to recognise when market conditions are not optimal for your trading style.
Sometimes the market will love my levels and ping off them straight into targets with virtually zero heat. Other times I’ll get chopped up and stopped out in the next candle after entry.
Obviously I’m exaggerating somewhat and it’s never this black-and-white, but the broader point is that if your system/edge is performing well, make the most of it. If it’s not performing well, take your foot off the gas pedal and be stricter with the setups you take.
One of my mistakes was avoiding signals from the market (in the form of many consecutive losers despite high quality setups that met my rules) that conditions weren’t the best for my style of trading.
Easier said than done, but at the very least don’t assume that your edge will give you the same results from month to month, across all instruments, and regardless of market conditions.
Emotions are talked about frequently in trading with beginners most susceptible to allowing their emotions to cloud their judgement. Can you give some detail as to how you have learnt to control yours over the course of your career?
Still a work in progress.
What has helped a lot is having a trading journal and data derived therefrom.
My journal tells me that the setups I trade have a positive expectancy. Expectancy is how much you can statistically ‘expect’ to make from executing a setup over enough time. If I see a setup that meets my rules, and that setup has a positive expectancy, I am (statistically/over enough trades) leaving money on the table by not executing the trade.
Having the cold, hard figures helps and they are not something one can argue against easily.
Aside from that, I like to view myself as an employee of my trading system. Sounds a bit cringe, but it really helped me when I told myself that my ‘job’ is to execute the system as prescribed, regardless of my personal feelings.
Nowadays I do exercise my discretion more often, but building robotic habits early on helped a lot.
Losing trades are learning experiences and just commissions/fees that I pay for the opportunity to make money from the financial markets.
You’ve always provided high quality, insightful and educational content and have never charged for it. Can you please touch on your decision to keep this content free?
It’s free because it’s basic.
I owe a lot to people who helped me out in the early days and volunteered their time when I knew literally zero technical analysis. They know who they are, and I’m grateful to them.
I never had some grand overarching plan to build a fairly comprehensive free trading resource. It was sort of an accident.
Ichimoku Cloud was all the rave in the last quarter of 2017, so naturally I felt the need to study and learn how to trade using that indicator. All the resources on YouTube were uninspiring (or at least they didn’t resonate with me) so once I finally got a decent grasp of Ichimoku Cloud, I was helping a lot of people out in Discords, via DMs, and so on. I decided it would save a lot of time if I were to make a video I can reference instead of answering the same questions over and over, so I made one.
That video blew up, so I did the same for other tools I felt I had a good (or at least above average) grasp of. Basically, I got great feedback early on and as I learned things myself I shared them with my audience via my videos. Once I was a few videos in, the logical step was to ‘complete’ the series. You can see clear evidence that it was accidental because Lesson 1 (Candlesticks) is one of my latest/most recent videos!
I don’t see anything wrong with charging for trading-related products. It’s not some absolutist moral position I have. Quite the opposite.
All the resources that helped my trading the most (Dante’s webinars, SZ’s live room, WMD4X’s course, Simon Kloot’s course, and so on) were all paid and I don’t regret a single penny spent.
My content is free because it covers the basics. I believe introductory material should be accessible for those wanting to build a solid trading foundation, or even for those wanting to explore whether they are interested in technical trading.
Should I choose to cover more advanced topics, I’ll certainly slap a price tag on them. No secrets here; I have no interest in giving away elements of my edge for free nor would I expect that from anybody else.
You’re not afraid to speak your mind and confront any nefarious characters you may see in the Crypto space. Do you believe that honesty and transparency are the best approach?
I think you give me too much credit here, Alex!
Now that I have the following that I do, I must play very conservatively with these things for the most part.
In most cases, calling someone out will just bring more eyes to their page/give them attention, which is ultimately what they want and need to execute their shitty, scammy sales funnel pitch to lure in the gullible.
So it’s not that I am afraid to speak my mind, it’s more the fact that doing so will almost always be to the benefit of the person with whom I disagree.
I much prefer to build something better and outwork people who I think are peddling nonsense (and crowd them out that way) rather than bring attention to their products and hope that my audience agrees with my arguments against them.
Honesty and transparency constitute the morally correct approach but it certainly comes with a cost.
Losing trades isn’t sexy. Telling people that trading is hard, slow, and that they’ll almost certainly lose money (or at least not make a ton) when starting out isn’t sexy either. Telling people that there is no magic or secret to trading that will change their lives is hardly a great sales pitch.
From a marketing point of view, honesty and transparency will attract the right type of people but you’ll inevitably lose potential customers to snake oil vendors who prey on impressionable and/or greed-driven individuals.
I believe being honest and transparent is the right approach. That is why I do my best to adhere to it and shed light on the many unattractive (alongside the many attractive) realities of trading. That said, I think it’s reasonable to posit that dishonesty and opaqueness are very common in very successful trading-related sales pitches/funnels. You know, the usual “bank secrets/day trade in 2 weeks/FX lifestyle/profits” tripe. Those are the videos with the most views for a reason.
There’s a middle ground there somewhere, I think. But with the amount of bullshit peddlers in this industry, honesty and transparency are of paramount importance if you care about longevity. Not everyone does.
I sincerely thank CryptoCred for his time.
You can find him here on Twitter.
For more CryptoCred content on The Daily Chain such as this CryptoCred interview, visit this link here.
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