Missed our monthly Trading Crypto to the Moon AMA this August? Check out the recap below as we interviewed @gorankit, the 3rd most copied trader on Aluna.Social. Gorankit made a 5,216% profit this year and boasts a 77% all-time success rate!
You can view Gorankit’s Aluna.Social profile here.
For previous interviews with Aluna’s best traders, read:
Trading Crypto to the Moon AMA Recap
Q1.Please introduce yourself & your background. What do you do for a living?
I belong to India and I am a Mechanical Engineer by education. I was doing a job in an industry which I gave up 3 years ago for trading and Business. Currently, I am doing trading (Active in trending market, passive in sideline market) and business. The family business of Polyhouse/Greenhouse, Micro irrigation system in the agriculture sector.
Q2. What do you like to do in your spare time? What are your hobbies?
In my spare time, I am a cool dad of a young kid. I enjoy mindfulness. Occasionally I love spending hours with myself away from crowds in the lap of nature.
Q3. How long have you been trading, and how did you learn to trade?
I have been trading for the last 5 years. Like most, I jumped in with thoughts of making easy money by looking at price history and doing some basic research.
I started learning trading by going through so many videos from technical analysis dedicated youtube channels and learning from content created by many Crypto Twitter influencers.
Q4. Who are some of your favourite crypto influencers on Twitter or youtube?
The list is long but instead of spamming with it let me put just a handful of the most useful.
- @PhilakoneCrypto: It was a game changer for me in 2017 when he had just a handful of followers and he used to post live trades with elliott wave count of what he is trading. I got to see theory getting applied in a real time environment and that point was my turning point. Nowadays he doesn’t post what he used to post but I will still pick him for learning.
- @_SMFX_ : He is a guy with great accuracy, I don’t trade his trading techniques but I am inspired and willing to learn his price action techniques. Also available on youtube.
- @Tradermayne: He is a price action trader, Tweets his charts / Makes Youtube videos/ Available on discord. Everything free, Good to deep into price action theory.
@Trading212: Specifically it’s a playlist of “news and tutorials” where all the trading techniques are explained in the easiest imaginable form.
Q5. Do you trade any assets besides crypto?
I do not trade any assets besides crypto as of now, as I feel crypto is the easiest market to trade and make money, so much volatility for day traders.
Q6. What trading strategies work best in your opinion?
I personally see mainly 3 types of trading strategies
- Trading based on Indicators
- Trading based on price action
- Trading based on Elliot waves
I personally think everyone finds an appropriate strategy based on his own trading personality. But there is one for everyone.
Q7. Can you tell us about your trading strategy and what is it focused on?
I trade solely Elliott waves. It’s a very controversial theory as I see most people claim it is subjective and it doesn’t work for most people. But I believe it works if you have developed a sense of what the market wants to do and then arrange it in waves format. Then it’s easy to conclude what the market wants to do next or finding turning points of the market.
Q8. Interesting. Are you planning to stick to Elliot Waves going forward, or adding/mixing it with another strategy?
I have spent 1000s of hours on screen just trying to count simple structures of market movement, and I believe one needs to master any one method to make it as a profitable trader over a long time.
Approx 50-85% of my investment portfolio stays in crypto, I do occasionally take chunks of money from crypto but portfolio from crypto grows way faster and continues to dominate the majority of the investment portfolio.
Elliott wave will continue to dominate my strategy but I have plans to incorporate price action in my strategy too.
Q9. How much of your investment portfolio is allocated to crypto?
Q10. I can see on your Aluna profile https://aluna.social/gorankit that 75% of your portfolio is currently allocated to USD, and 24% to BTC. Are you looking for an entry-level with your USD?
I have connected my Bitfinex and Bitmex accounts, as currently Aluna only reads trades from these exchanges. My main balance is in Binance, where I keep on shuffling my entire balance in BTC & USD.
For people who are used to HODLing, I believe this is the phase where hodler will be rewarded for the next few months.
Q11. Do you mainly trade BTC or alts as well?
BTC has been my favorite asset to trade since I started trading. I do trade alts as well but I trade alts only when I see the altcoin chart and BTC chart aligning in the same direction, as well as clear Elliott wave structure for me to take entry-exit.
Q12. Are your trading styles for futures and spot markets similar, or do they differ?
No, they differ a lot.
For spot markets, I like to generally trade low time frame trends.
For future markets, I like to scalp only small high probability moves.
If I am unclear then I will use a trend as a trade on spot but will not open any position on futures.
Q13. At any one point in time, how many positions do you keep open?
I am very picky about what I trade, and I manage everything at a very detailed level so most of the time I don’t have more than 1-3 positions on my trading list.
Q14. When trading spot, how much do you generally risk per trade and how do you decide on the position size?
For BTC most of the time it’s all in/all out.
For Alts I normally put 20% of the balance on one trade.
For spot I am ok with 4-10% loss as it is more of a trend-based approach than trying to time every small move of the market.
Q15. How about for futures? How much do you generally risk per trade and how do you decide on the position size?
With futures, my favorite position size is 6-12% of my portfolio at 10x leverage. Which makes it like I am buying on spot. It just gives me the flexibility to short and less fees for futures. Small fees are a big thing for me as I do high-frequency trading in futures on small time frames.
Regarding stop loss, my stop loss levels are very small and near to my entry to fit my scalping strategy which is 0.4-1.5% of my futures portfolio.
Q16. What indicators do you use (if any), and which time frames do you usually trade?
I am no fan of Indicators, as they are lagging representation and it doesn’t fit with my trading personality. I go through many time frames to make my trading decision, I check a 4-hour chart for an idea of a major trend, 15-30 Minutes for an Idea of where we should be heading currently, and go all the way down to 1 min for entry and exit of my spot position.
And for my scalping strategy in the futures market, I go all the way to a 15-sec chart to fine-tune my scalping entry and exit. (I know it sounds too much but Elliott waves work on a 15-sec time frame in the same fashion as they work on the hourly).
Q17. Do you have any specific targets this year? How do you plan to achieve these goals?
I track my portfolio in terms of BTC in the bull market & USD in the bear market. If I can’t beat buy and hold BTC then I have no business trading. If I am getting anything extra in terms of BTC then I will consider it a success.
Q18. If you can go back to when you started trading and give yourself one trading tip, what would that be?
Understand the fact that masses are wrong in trading, and if every trader you know is calling for the same thing then probably all will be wrong at the same time.
Don’t make up your trade by combining signals you see everywhere on the internet.
Q19. What advice would you give to new traders?
There is a list:
Nope, we aren’t done with this bull market and it’s my strong belief that we are surely heading higher.
I believe to see the top of Bitcoin in December/January at a price range of about 85/120k USD. Till then HODL!
- One common mistake that every new trader makes is trying to make money by following a signals group and tips. Trust me, ask anyone who is trading for a long time and literally no one has success doing it.
- People with a large follower base are not necessarily good traders. Eventually I came to realize that people with many followers are good marketing people and may not be good traders.
- Don’t rush for one single big gain. Remember 1% a day for a year cumulative makes 3800% in a year. In trading, consistency is key.
Q20. Do you think we are done with this bull market and just temporary rallying, or it’s yet to continue later this year? What is your exit strategy for “the end of this bull market” if we’re still in it?
- As a trader every person’s time rises and falls. Identify times when you have lost rhythm from the market and survive bad times by reducing trading capital/position size and use good times efficiently.
- Literally no trader always knows what the market will do next, it’s just that good traders take trades only when they know what the market is about to do and they are profitable over time.
- Follow me on twitter on @BTC_engineer with notification on. I post only occasionally, but if I post there chances are good that I will be right there. I have a good history of correctly calling major market tops.
Q21. Any last tips, alpha leaks? 🙂
Q22. How has your experience with Aluna been, and would you recommend Aluna Social to others?
My experience with Aluna has been fantastic, I love the interface and everything about it. I occasionally shill Aluna to my crypto friends while discussing.
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A huge thank you to Gorankit for his insights! Stay tuned for another AMA this September.