Darkside Of Trading: The Journey of a Trader from Rags to Riches and Back again

Summary

Kevin, a 27-year-old trader from Ireland, shares his journey in the crypto world, starting with Bitcoin in 2017. Initially successful with small investments, he later faced significant losses. Kevin discusses his evolution as a trader, from using basic technical analysis to developing his own strategies, including the TR pocket and TR pivots. He emphasizes the importance of sticking to a single trading method and finding a trusted group for support. His story includes highs of turning £2 million into £18.7 million and devastating lows of being scammed and losing it all, highlighting the importance of caution and resilience in trading.

Takeaways

• 😀 Kevin, also known as Trader r, is a 27-year-old professional trader from Southern Ireland with a background in farming.
• 📈 He began trading in 2017, focusing on cryptocurrencies like Bitcoin and various altcoins, but initially experienced losses.
• 🏫 Kevin's trading journey started in college as a way to make money, which led him to learn about options trading and eventually cryptocurrencies.
• 🔍 His learning process involved starting on Twitter, learning about Elliott wave, and then moving on to technical analysis (TA) and developing his own strategy.
• 💡 Kevin emphasizes the importance of sticking to one's own trading strategy and discipline, which he believes is key to success in trading.
• 💻 He uses the TR pocket as a significant part of his trading strategy, which he finds to be a game changer for identifying trade opportunities.
• 🏋️‍♂️ Kevin's daily routine includes going to the gym and trying to stay away from the computer until his trading alerts trigger, emphasizing the importance of a balanced lifestyle.
• 📉 Kevin suffered a major loss when he was blocked out of an account he was trading for a group, which taught him a hard lesson about trust in the crypto space.
• 🤝 He advises new traders to stick to one method of trading and to be cautious about trading other people's funds without proper verification.
• 🚀 Kevin's most successful trade was a short position on Bitcoin, which netted him over $2 million in profit after compounding gains.
• 🔄 His trading has evolved from Elliot wave to the TR pocket and now includes TR pivots and an upcoming TR bands indicator, showing his continuous learning and adaptation in trading strategies.

Q & A

Who is Kevin, and what is his background?

Kevin is a professional trader known as Trader r27 in the trading community. He is 27 years old and comes from a farming background in the south of Ireland, specifically from Waterford but grew up in Clan.

What was Kevin's initial experience with trading?

Kevin started trading in 2017, focusing on cryptocurrencies like Bitcoin and various altcoins. He initially invested in options trading with a company during college, turning $2,000 into $6,000 but eventually lost it all.

How did Kevin's interest in trading develop further?

Kevin's interest in trading grew as he spent time learning about trading strategies and technical analysis (TA). He started by learning about the Elliott wave and later found an indicator group to refine his approach.

What is the significance of the TR pocket in Kevin's trading strategy?

The TR pocket is a significant part of Kevin's trading strategy. It is a tool that helps him identify high-probability trade setups and has been instrumental in his trading success.

What is Kevin's daily routine like?

Kevin's daily routine varies depending on his activities the night before. He tries to go to the gym every day and spends time doing technical analysis, planning trades, and setting alerts. He aims to stay away from the computer until his alerts trigger.

What was the turning point in Kevin's trading career that led to a significant loss?

The turning point was when Kevin was managing a large account of 2 million pounds, which he grew to 18.7 million. However, due to a poor decision, he lost access to the account and all the gains, marking his lowest point in his trading career.

How did Kevin recover from his lowest point in trading?

Kevin took time off, sought motivation and advice from others, and eventually rebuilt his mindset. He moved away from his previous environment, reached out to people, and gradually got back into trading.

What advice does Kevin have for people who are being offered to trade other people's funds?

Kevin advises against trading other people's funds unless it's through a reputable firm. He suggests looking into yield farming opportunities where profits are split in a more favorable manner.

What is the one piece of advice Kevin would give to someone starting trading for the first time?

Kevin recommends sticking to one trading method and mastering it. He suggests focusing on a simple strategy like swing failure patterns or liquidity grabs and understanding the volume and statistics behind them.

Can you describe Kevin's most successful trade and the strategy behind it?

Kevin's most successful trade was shorting Bitcoin at 52k, expecting a significant drop after a high volume and low liquidity situation. The trade resulted in over $2 million in profit after taking profits and compounding them along the way.

How has Kevin's trading strategy evolved over time?

Kevin's strategy has evolved from using the Elliott wave to focusing on the TR pocket and deviation patterns. He has also developed the TR pivots for directional bias and is working on the TR bands, always refining and adding to his tools.