How can I learn to trade?
You should visit the resources section of the discord channel where you can find a lot of free and helpful content. Also, follow Sam on Twitter, and check out his lists of followed accounts and follow them. Be sure to check out CryptoCred’s YouTube videos – they are some of the best out there. Also, take some time to read the excellent articles written by Sam himself on his Medium page.
What indicators & trading tools does Sam use?
Sam relies on price action, technical analysis, support and resistance, orderflow (aggr.trade), open interest (OI), some on-chain data events (tether prints, large exchange flow movements), Insilico, and liquidation events. Sam rarely uses indicators. Sam does not recommend any particular indicator and recommends against any paid indicators especially for beginners. Read through the ‘trading-tools’ and ‘resources’ channel on discord.
Can I copy trade Sam?
Sam strongly recommends against copy trading him. First, it is not sustainable long term and you will not learn as you would on your own. Second, Sam is a successful trader with a proven track record. He can react very quickly to market movements and manage his risk. Novice traders are unlikely to respond as quickly. Third, there is latency/a delay on Twitch.
Does Sam recommend journaling trades?
Yes, Sam thinks journaling all trades is one of the best habits for new traders to adopt. He recommends journaling each trade as you take them in a Twitter thread (you can make a private Twitter account for this). Include screenshots and updates for additional orders you fill for the trade. At the end of the week or month, do a complete trade review. Try to write 500 words about what you did well, what you need to work on, reoccurring problems, etc. Visit the discord channel named ‘sams-journal’ to get some ideas. You can also use the website Cryptowat.ch which allows you to paste Tweets directly onto a chart.
Does Sam recommend paper trading?
Paper trading can be helpful for some people but has major drawbacks like not giving the trader a real feeling for risk. Instead, learn to trade by using a very small amount of money you will not miss if you lose it. You can start trading with sizes as small as $1.
Why does Sam trade on ByBit?
Sam has used ByBit for 1.5years and trusts the exchange. Sam likes the Maker rebate ByBit offers and thinks they have great customer service and the best liquidity for inverse BTC futures. ByBit also has the fastest matching engine for orders. ByBit has low slippage on stop orders. It has excellent uptime during volatility. Their customer service is topnotch and they have reimbursed users who have gotten liquidated on scam wicks. Finally, ByBit has great liquidity. Support Sam by using his ref link.
What does Sam think of Binance?
Binance has a history of slow customer service. Users cannot edit or drag orders. Binance has unpredictable uptime and often goes down during volatility. Binance does not offer cross collateral (you have to hold or borrow USDT). However, if you want to use Binance and support Sam please use his ref link.
What size positions does Sam normally take?
Anywhere from 100,000 to 2,000,000 depending on a lot of factors. In general, scalp trades are smaller whereas swing long positions are often larger.
What is the average duration of a trade for Sam?
Timing depends on the type of trade. Scalp trades are usually less than one hour and sometimes as less than a few minutes depending on how price action develops.