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Job Listing - Crypto Trader

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Smuft   Canada. Jun 06 2021 12:29. Posts 633
Hello Friends,

So after the crypto boom in 2017, I have been doing that full time ever since. I meant to write a blog post detailing my adventures because it's kind of a fun story and it's probably nice for old LP'ers to hear how everyone landed post-poker. I'll give a short bullet point version here:

2017 - Traded the crypto bull market with no idea what I was doing, did a lot of manual arbitrage and in the process realized everything was going up all the time so started to long shitcoins. Did pretty well but got rekt in 2018 like everyone else.
late 2017 - Moved to Hong Kong and helped setup a crypto trading desk for a mid-sized bank where a friend had a position as the head of bank's trading desk. I had been trading crypto 16 hours a day everyday for 6 months at this point and my friend wanted to get involved but didn't have much crypto domain knowledge, I showed him what I knew about crypto and he took me under his wing, teaching me how to approach trading in a more professional manner. I was here for a little less than a year but it was probably more beneficial than obtaining a finance degree in a decent school.
2018 - Alas going to work in a downtown Hong Kong office each day and dealing with suits is not tenable long term for an ex-gamer/poker degenerate. I left on good terms and started my own fund along with another ex-poker player turned trader.
2018-2020 - We ran some fully automated market neutral cross exchange arbitrage strategies and achieved a little less than 100% returns over 1.5 years before our strategies decayed to the point that we felt closing the fund was the best choice.
late 2020-current - We reopened a new iteration of the fund focusing on more traditional quant strategies like momentum, mean reversion, stat arb, market making, etc. We've done quite well off of the back of the bull market and have been aggressively hiring developers and traders which brings me to this blog post. We're looking for 1 or 2 more traders.

Some context about the job. When a lot of people read this and hear "crypto trader" they are probably thinking of those guys who draw lines on charts and yolo long or short on high leverage. This job is not anything like that. We have a bunch of semi to fully automated strategies that need to be monitored by humans. This is because automated trading in crypto is still not reliable and shit often goes wrong and requires human intervention. In the case of our semi-automated strategies, the trader is also required to learn how the strategy works and adjust parameters on the fly. This is not rocket science and any ex-poker player who is motivated to learn can do this job well.

Qualifications
- have been a winning poker player at some point
- have a good reputation in the community, either knows me or we have mutual friends
- experience with crypto a huge plus, especially knowledge of the major exchanges and their derivatives

Requirements
- scheduled ~50h work weeks, a lot of this is semi passive where you are at your PC with all of our trading infrastructure up and watching it but you are not glued to it like you would be a multi-table poker session.

Compensation/Benefits
- base 5k/month (first couple of months are training/easing into your position and have a reduced salary)
- discretionary bonus that depends on your performance and the funds performance
- you'll learn how a winning crypto fund makes money and be apart of a team that is all striving to be successful in this industry (if leveraged properly, this is worth more than $ compensation long term)
- I'll be candid, this is not a glamorous job, you will not get rich from the $ you make at this job, it's just a job. The reason why I am posting on here is because there is a pretty large demograph of poker players who are struggling to still squeeze the last $ out of poker or who haven't transitioned out of poker in a satisfactory way. The people in this demograph who also meet the qualifications and are comfortable with the requirements and compensation package are ideal candidates for this position.

If you're interested PM me with some details about your qualifications, why you are interested, and your contact info (telegram/skype/whatsapp).

Also happy to answer any general questions about what I do or how I ended up here.

Hope all of you are well.


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rS.Wisdom[9]   Poland. Jun 06 2021 16:00. Posts 1285

Sounds interesting. Best of luck on your search!


lostaccount   Canada. Jun 06 2021 16:15. Posts 3432

I’m so interested, will send a pm


PuertoRican   United States. Jun 06 2021 20:25. Posts 12604

This sounds good for any of the LPers who are still playing poker and follow crypto. Also a good way to transition out of having to play poker full-time and start making some consistent money each month without getting super stressed out by some other guy hitting a 2-outer on the river.

If you're still grinding low limits in 2021 and you know some stuff about crypto, I hope you take this job offer.

Rekrul is a newb 

k4ir0s   Canada. Jun 07 2021 04:57. Posts 3465

Cool opportunity. I'd go for it if it was part time. But I transitioned to website design and SEO and need to focus on that If y'all need someone for those tasks PM.

I dont know what a dt drop is. Is it a wrestling move? -OlyLast edit: 07/06/2021 05:03

blackjacki2   United States. Jun 07 2021 08:28. Posts 2444

Did you ever make right what happened in World Dream Tour? I hope everyone is aware of that before considering this opportunity


Smuft   Canada. Jun 07 2021 14:12. Posts 633


  On June 07 2021 07:28 blackjacki2 wrote:
Did you ever make right what happened in World Dream Tour? I hope everyone is aware of that before considering this opportunity



I'm not sure there is a way to make something like this right. I did give some $ to community leaders in the mid 2000s to distribute as they saw fit. I did make an effort to do some positive things for the community during SC2 beta (to be fair, these also had selfish motivations because myself and a few others funded some tourneys that we wanted to gamble on). On a more personal level, this event occurred almost 20 years ago when I was a dumb kid and since then have done my best and mostly succeeded in acting with a standard of integrity that I can say that I am proud of. As an affiliate, as a joint backer, and currently as a manager of other people's money, I challenge anyone to share a negative experience with me in any of those dealings. I don't think the events that happened back then should define me and if they were indicative of my character I probably wouldn't be in the position that I am in today. If anyone disagrees or has serious concerns they can simply steer clear.


PuertoRican   United States. Jun 07 2021 19:29. Posts 12604


  On June 07 2021 07:28 blackjacki2 wrote:
Did you ever make right what happened in World Dream Tour? I hope everyone is aware of that before considering this opportunity


Damn! You went old school with it. You gonna bring up his Korea troubles, too? xD

I think 18 years is enough time to forgive Smuft for what he did in his Starcraft days.

Rekrul is a newb 

blackjacki2   United States. Jun 07 2021 20:52. Posts 2444

That's a good response. Everyone has done things when they were younger that they aren't proud of


CrownRoyal   Oman. Jun 07 2021 23:48. Posts 11377

Do you think your strategies work in all markets or were they working because holding any crypto asset for the past 15 months was profitable?

Can you backtest the strategies through the 2018-2019 bear markets and see if they have the same types of return?

WHAT IS THIS 

Smuft   Canada. Jun 08 2021 12:12. Posts 633


  On June 07 2021 22:48 CrownRoyal wrote:
Do you think your strategies work in all markets or were they working because holding any crypto asset for the past 15 months was profitable?

Can you backtest the strategies through the 2018-2019 bear markets and see if they have the same types of return?



Good question. There are a lot of seemingly profitable traders during the bull market but then it ends and you see how well they really did. The same risks that they took to get their returns are the same risks that will cause them to lose big when the music stops. There are a lot of your favorite crypto twitter posters who are down 50%+ and a reasonable amount down 70%+.

In our case we have a portfolio of strategies that aim to do well in all market conditions. There are certain market conditions where some strategies will perform better and others will perform worse; ie. momentum strategies had long break even stretches and up to 20-25% drawdowns in periods during 2018 and 2019 but they crushed the bull market more than anything else. Then there are some mean reversion strategies that underperform in the bull market but make money in the more choppy/trendless markets (similar to what we've been experiencing the last couple of weeks. Then there are more niche strategies that revolve around the intricacies of how a specific derivative or token works; ie. binance funding pays every 8 hours, FTX funding pays every hour, maybe you can long binance, short FTX and collect the funding on FTX while never paying it on binance? note that you are also not taking any market risk here because you are long somewhere and short somewhere else. (there is situations where this is a profitable strat but by itself is nothing amazing). Put everything together, have good execution, good traders monitoring the strats, good risk management for tail events, and you have a winning formula.

BTW thanks for everyone who PM'ed me, I haven't responded to anyone yet, our team is gonna review everyone at once and then proceed with the best candidates. If you think you left anything out of your initial PM that should be there, please send another message.


Nitewin   United States. Jun 10 2021 16:16. Posts 1518

Really interested in the job. Sent ya a PM. I do have a few questions:

Is it remote?
What kind of tasks do we do on a daily basis?
Can you give a high-level description of the job?


What's you role in the company?
How did you transition from poker to your current job?
Do you like it?
Do you have personal funds invested in the fund?



K40Cheddar   United States. Jun 11 2021 04:42. Posts 2197

lol crypto

GG 

Smuft   Canada. Jun 11 2021 11:17. Posts 633


  On June 10 2021 15:16 Nitewin wrote:
Really interested in the job. Sent ya a PM. I do have a few questions:

Is it remote?
What kind of tasks do we do on a daily basis?
Can you give a high-level description of the job?


What's you role in the company?
How did you transition from poker to your current job?
Do you like it?
Do you have personal funds invested in the fund?





It is remote.

We have a bunch of trading software that you cover your multi monitor setup with to monitor things and adjust parameters like spreads, sizes, etc. Generally watching the market for any strange activity and adjusting accordingly or raising the issue to get advice from a more senior trader. In cases of extreme volatility you'll need to move money around to cover our margins to make sure we aren't at risk of liquidation on any of our leveraged positions. We're adding new strategies and changing our infrastructure very often so what you do today may be very different than 3 months from now but basically you have some trading software to monitor to make sure things run smoothly and add value where you can.

The firm is small so my co-founder and myself wear many hats. My day to day usually involves interacting with the various members of our team - mostly developers and traders, investor relations, accounting, trading, and a lot of thinking about the general market.

Transitioning out of poker was very natural due to the huge opportunities in crypto, especially in 2017. I transitioned by fully immersing myself in the markets and the space, total sacrifice of all other aspects of life and at my PC for 16 hours a day for the first year. I don't necessarily recommend that approach but to speed up your learning curve or really get good at anything it usually requires some degree of obsession, at least initially.

Yes, I like it. However I often miss poker because you can sit down and play your session and then you're done, no need to continue thinking about it. With crypto, the markets are 24/7 and if you're an active trader with positions on or intending to put positions on (or in my case running automated strategies) then you pretty much have 0 down time and always have 1 eye on the market. This is a pretty stressful lifestyle over time.

Yes, I have a significant amount invested in the fund. This is one of the questions you want to ask a fund before you invest with them, are you investing in this yourself? If they are running it full time and not putting their own money in it, it's probably not good enough for your money either.


Nitewin   United States. Jun 11 2021 17:01. Posts 1518

I hear you about the 1 eye on market. When I started trading, I equated being in an open position to sweating an all in AA vs flush draw where the cards would come in slow motion over days.

I'm actually really interested in learning how you guys work, and may even be interested in investing in the fund if that's an option for outsiders. I have experience trading, knowing all the terminology and how everything works. I also know a decent amount about crypto. I'm on the computer always and am a beast at handling stress. I could probably be fully trained within 2 weeks.


lebowski   Greece. Jun 12 2021 14:12. Posts 9204

saw this a bit late, sent you a pm

new shit has come to light... a-and... shit! man... 

lostaccount   Canada. Jun 13 2021 01:07. Posts 3432

Sent a pm, holla me when u can


Smuft   Canada. Jun 13 2021 16:55. Posts 633

If there are any euros who are willing to work the graveyard shift (roughly 8pm-4am CEST), please let me know. For now I've filtered out all euro applicants because the time slots that are pleasant for euros have already been filled by other traders. Please be very honest with yourself if this is a realistic time slot for you. It usually takes some time to wind down after you're finished so you probably won't be sleeping until 6am each day. One of the worst case outcomes with taking on a new trader is if they are trained and work for a few months and then decide they can't do it.


lebowski   Greece. Jun 14 2021 14:00. Posts 9204


  On June 13 2021 15:55 Smuft wrote:
If there are any euros who are willing to work the graveyard shift (roughly 8pm-4am CEST), please let me know. For now I've filtered out all euro applicants because the time slots that are pleasant for euros have already been filled by other traders. Please be very honest with yourself if this is a realistic time slot for you. It usually takes some time to wind down after you're finished so you probably won't be sleeping until 6am each day. One of the worst case outcomes with taking on a new trader is if they are trained and work for a few months and then decide they can't do it.


sent you a pm about this

new shit has come to light... a-and... shit! man... 

Nitewin   United States. Jun 25 2021 15:54. Posts 1518

Can we get an update? Has the role been filled?


 
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