Experienced trader path
You understand candles and have traded live. Skip foundations you already know, begin with microstructure, and move toward research-driven trading.
Reading mode
- Who it suits
- People who read candles and have traded live, but still rely on experience
- Pace
- 3 chapters weekly, about two months. Start with each Phase's self-test; chapters answered entirely correctly may be skipped.
- Goal
- Skip mastered basics and begin with microstructure, moving from experience-driven to Research-driven Trading.
- Recommended reading mode ·Fast Track mode
- Collapses Market scene, Your decision, and Observe the result; goes directly to mechanisms, terms, cases, and Labs. Three depths defaults to Advanced. Suitable for experienced traders.
Start with Fast Track mode25 stops, of which25 have published bodies; for the rest, read the Phase overview first.
- Phase 31Chapter 13 · Order BookWhat happens in the book when you click market buy?
- 2Chapter 14 · LiquidityWhy does a $1 million purchase barely move one coin but move another by several percent?
- 3Chapter 15 · Market MakerWhy is quoting both sides and earning the spread harder than it looks?
- 4Chapter 16 · Crypto Market StructureWhy do exchanges, on-chain AMMs, and aggregators quote and execute the same coin differently?
- 5Chapter 17 · Crypto DerivativesSpot, dated futures, and perpetuals all say buy BTC. What differs?
- 6Chapter 18 · Liquidation FeedbackWhy can a decline accelerate beyond anyone's expectations?
- Phase 47Chapter 19 · Where strategies originateWhose money funds a sustainably profitable strategy?
- 8Chapter 20 · HypothesisWhat is wrong with trading whenever an indicator signals?
- 9Chapter 21 · MechanismWhat economic mechanism makes a strategy profitable?
- 10Chapter 22 · SignalHow can a computer evaluate a feeling such as the market is too hot?
- 11Chapter 23 · Market RegimeWhy does the same strategy profit last year and keep losing this year?
- 12Chapter 24 · FalsificationWhat would show that your strategy is wrong?
- Phase 513Chapter 25 · What a Backtest isCan historical simulation prove future profitability?
- 14Chapter 26 · Data BiasWhy do perfect backtest curves often disappear in live trading?
- 15Chapter 27 · In-sample / Out-of-sampleWhy is tuning parameters to a perfect backtest bad news?
- 16Chapter 28 · Transaction CostWhat remains after costs from a strategy backtesting at 50% annualized?
- 17Chapter 29 · RobustnessWhat does losing profitability after a small parameter change imply?
- 18Chapter 30 · Paper TradingWhy can you not invest real money immediately after a passing backtest?
- Phase 619Chapter 31 · Risk ManagementWhy do professionals inspect risk before opportunities each morning?
- 20Chapter 32 · PortfolioDoes holding BTC, ETH, and SOL diversify risk?
- 21Chapter 33 · ExecutionWhy do two traders earn different returns from the same signal?
- 22Chapter 34 · PnL AttributionIf you profited this month, do you know why?
- 23Chapter 35 · Trading JournalIs a profitable trade necessarily a good decision?
- 24Chapter 36 · Professional Trading SystemWhat is still missing between an idea and a durable trading system?
- Advanced25Advanced B · Strategy researchProgress from Experience-driven, random trading to Research-driven Trading
How to read
- Take the self-test before deciding to skip. The Phase 1 and 2 introductions end with self-tests. Skip only when all answers are correct; revisit chapters you missed.
- Focus on Phase 4 and Phase 5. Most experienced traders lack the habit of turning ideas into hypotheses and trying to disprove them with data, rather than screen-reading skill.
- Fast-track mode collapses “Market scene,” “Your decision,” and “Observe the result,” moving directly to mechanisms and labs. Expand unfamiliar mechanisms whenever needed.
- Suggested time allocation: Foundation 20%, Strategy Research 25%, Quant 20%, Portfolio / Risk 15%, Execution 10%, AI 10%.