Job Listing - Crypto Trader
Smuft, Jun 06 2021
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.
- 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
- 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.
- 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.
Smuft, Aug 22 2016
Since the tech threads usually get a lot of attention and good advice thought this would be a good place to ask:
Which monitors are worth considering for poker?
- not for gaming so I don't care about >60hz refresh rates
- higher resolutions are better but I'm not married to getting 4k if there are high quality good value options at lower resolutions, although 4k is preferred
- viewing angle is important so only the best panel types (IPS only I think?)
- no budget but not going to buy something obscene and still looking for good value:quality ratio
- will probably buy 2 of them
- sometimes I put monitors in check-in when travelling so the huge ones (40"+ are out), ideal size is unknown probably 27-30' range
Smuft, Aug 03 2016
Making a spreadsheet to help choose between bet/calling a shove or checking
For visualization purposes (BB to act)
Besides the normal assumptions about ranges and equity, we'll also be using "R" for realized equity to help approximate the value of some lines. ie. when we check and get called, there are many different rivers and calculating what we think will happen on each of them is too time consuming so instead we just approximate and say on average we realize X % of our equity
- equity vs calling range
- equity vs shoving range
- equity vs XB range
- equity vs betting range
- call %
- shove %
- fold %
- XB %
- bet %
- stack size
- bet size
- R vs calling range
- R vs XB range
- R vs betting range
EV formula for each exit:
(B = Bet, R = Raise, C = Call, X = check, |XD = check down*)
*|XD is where R is used
equity vs shoving range * (pot + stack size) - ((1 - equity vs shoving range) * stack size)
(equity vs calling range * R vs calling range) * (pot + bet size) - ((1 - (equity vs calling range * R vs calling range) * bet size)
(equity vs XB range * R vs XB range) * pot
(equity vs betting range * R vs betting range) * (pot + bet size) - ((1 - (equity vs betting range * R vs betting range) * (bet size)
Overall EV Bet:
(shove % * BRC EV) + (call % * BC EV) + (fold % * BF EV)
Overall EV Check:
(XB % * XX EV) + (XC % * XC EV)