DerpyPretzel
DerpyPretzel

AMA: Profitable Crypto Derivatives Trader

The initial Cap was 30L. Right now, last month's total PBT was $37k

19mo ago
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ZippyDumpling
ZippyDumpling

Hello, thanks for doing this (btw did you really start this at 6 am??)

Couple of questions:

  1. 30L in initial capital - how did you amass that? When did you start?
  2. Do you do this full time? How many hours does it take up?
  3. Any advice for a noob in terms of whether they should hold crypto? (had invested 10% of my savings in Bitcoin and Ethereum)

Thanks a lot!

DizzyBurrito
DizzyBurrito

You can farm airdrops and make money to start (I got 7L recently in the $ARB airdrop for being an early user e.g.) tens of thousands of people made 5-6 figs usd with just airdrops.

Only invest into crypto what you’re willing to lose completely, when you’re younger you can invest more because you’ll have higher risk appetite. But basically think of it as a black hole. When your crypto net worth goes higher than your Fiat net worth, rebalance and take money out.

DerpyPretzel
DerpyPretzel

Well, Well, woke up at 5:30 am today. Noticed the Inc 42 feature. Therefore, the post-time happens to be at 6.

  1. Initial Capital was mostly my past gains (I sold a SaaS for $25k through acquire.com). It was nothing but mostly an MVP with some database.

  2. Used to be a day trader. Therefore, tracked markets religiously (around 14-16 hours at peak). Recently (except last month), been a passive follower, just 1-2 swing positions.

  3. Not Financial Advice: I consider DCA bullshit; markets are just ranges. With the current macro, cash is king. Suggest buying great lows at RLs.

Not an ardent follower of 100x tokens, most of the times, you'll be the exit liquidity.

BTC is more of a commodity; you can always accumulate. ETH will have mass adoption; layer 2 solutions are already scaling it.

For most other projects, get a strong fundamental analysis and then only invest.

DizzyBurrito
DizzyBurrito

Crypto enthusiast here, BTC in 2013, eth 2017 and made good gains in the last bull run. Thoughts on establishing a trading entity abroad (with 0% capital gains tax or low corporate tax) instead of trading in India? I’ve paid a fuckton in taxes in India and don’t see the govt giving back in terms of public goods etc anytime soon.

DerpyPretzel
DerpyPretzel

Well, Well, the Indian Govt surely fucked our community. I suggest opening an LLC in Dubai - the adoption has been good, and the taxes are not that bad.

You can check out other locations too, C-Corp in Delaware (doesn't make sense as a trading entity tho), LLC in Seychelles and Mauritius.

DerpyPretzel
DerpyPretzel

Question: What are you currently hunting? Thinking of the ZkSync airdrop?

DizzyJellybean
DizzyJellybean

Lambo when ?

DerpyPretzel
DerpyPretzel

2024 Bitcoin Halving. Just kidding, lol 😂

WobblyPanda
WobblyPanda

Where do you trade? Cex / dex?

DerpyPretzel
DerpyPretzel

Mostly Binance. Liquidity Grab Pools are on DYDX/Uniswap.

DizzyBurrito
DizzyBurrito

I personally only use DEXes, there’s cool options like GMX etc. apart from the usual uniswap AMMs. CEX trading in India comes with 1% TDS on the entire volume which is lame imo. Also CEX is exit liquidity for crypto natives. You could buy $pepe at $3M mcap on uniswap and by the time Binance or any CEX listed it, it was $600m to $1B mcap

TwirlySushi
TwirlySushi

What according to you are the top use cases of crypto as it stands in 2023?

Clearly seems like NFT and DAOs and stuff didn’t work out at all. No government is being run using dao.

Genuinely curious. Not looking to take a dig

DizzyBurrito
DizzyBurrito

NFTs have worked out and will eat most asset classes. Nike, Fortnite, Starbucks are using NFTs in their core products and so many more. DAOs I agree suffer from governance issues and it’s only useful for very niche use cases.

DerpyPretzel
DerpyPretzel

Adoption of the top networks should build the foundational layers. Moreover, I see growth in zero-knowledge proof.

NFTs had their market cycles; many companies are embracing that. However, utility-based solutions will indeed become mainstream sometime.

For example, one of my friends is building a company where enterprises can generate certificates in the form of NFT. This shit can really change the landscape of forged certificates.

Furthermore, I'm bullish on mixed reality. It feels like projects like Otherside Meta will go mainstream, and Web3 gaming will have loads of traction too.

DAOs didn't work out. Most are a sham; however, niche-based use cases are working out.

PS: 99% of projects will die, and the 1% will thrive and have adoption. It's just about time and market cycles

PrancingDumpling
PrancingDumpling

Is it worth it to invest in crypto right now or major gains have been made already?

If yes, how can one find steps to do so

DizzyBurrito
DizzyBurrito

If you buy when moneycontrol is talking about bitcoin being at all time highs, people going crazy and everyone getting rich off crypto, then you deserve to lose your money. Buy when no one gives a shit and it’s written off as a dead market, sell when no one wants to sell

DerpyPretzel
DerpyPretzel

HAHHAHA, I'm dead reading this 🤣

JumpyLlama
JumpyLlama

Why do make people fool?

DerpyPretzel
DerpyPretzel

What's about making people fool? Not shilling anything, just a genuine share

SparklyRaccoon
SparklyRaccoon

Hi, It's nice to see a fellow trader here on this app :) I have been actively trading in Indian markets for quite some years now. It would be great if we could have a channel or group here related to trading. I would like to learn and share.

DerpyPretzel
DerpyPretzel

What do you trade in general? Group/Channel sounds fine only if people share their own shit and don't shill stuff.

SparklyRaccoon
SparklyRaccoon

I mainly trade in Indian Equity markets and Index futures(Nifty,Bank nifty). I do discretionary trading. I mainly do positional trading(Holding period 8-12 months), Swing/Short term(15 days to 2 months) and Index future.
Mainly my focus is to build long term wealth through trading/Investing hence i stay away from intraday, options trading completely.

ZippyJellybean
ZippyJellybean

Loomdart follows me , Have I made it ?

DerpyPretzel
DerpyPretzel

Damn, bro’s active on Twitter

ZippyJellybean
ZippyJellybean

Naah bro. Nothing much . That arb airdrop was juicy . And I missed pepe at 500k$ MC bro. Later it ran to 1.5 bill MC 🥲 I am too lazy to farm airdrops , any suggestions what you been farming ?

PerkyBoba
PerkyBoba
Cred19mo
  1. What kind of trading do you do? Arbitrage?
  2. How do you handle sentimental swings, like Musk tweeting something?
  3. Not looking for insider trading, but how to find reliable channels for 'somewhat' useful info on market?
DerpyPretzel
DerpyPretzel
  • Mostly a simple range trader with less than 1% risk on every position. My liquidity levels are almost 0 on longs.
  • Dont trade shitcoins; Musk's tweet doesn't do shit. However, the CPI and FOMC undoubtedly affect positions. I tend to be out of the market during that and just be a popcorn watcher
  • Day Trading is mostly based on TA. Understand TA and track markets religiously. Read some books if you can.
PerkyBoba
PerkyBoba
Cred19mo

Thank you for your response.

What's your comment on Arbitrage trading bots? I feel they are a nice convenience but several trading and processing fees makes me question their feasibility. Did I mention tax?

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