Systematic trading path
Follow the Crypto Quant route. Review Foundation quickly, then continue to institutional trading.
Reading mode
- Who it suits
- People pursuing Crypto Quant
- Pace
- 4 Foundation chapters weekly; 2 weeks per Advanced domain. Keep foundational content complete, but distribute time unevenly.
- Goal
- Quickly review key Foundation nodes, then follow microstructure, strategy research, backtesting, Quant, portfolio/risk, and execution into institutional 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 mode28 stops, of which28 have published bodies; for the rest, read the Phase overview first.
- Phase 11Chapter 6 · What makes a complete tradeWhat should you settle before placing an order?
- Phase 22Chapter 8 · Expected ValueIs a trade with only a 40% chance of winning worthwhile?
- 3Chapter 9 · Win rate and reward/riskWhy can a strategy with a 90% win rate keep losing money?
- 4Chapter 11 · Position SizingWhat size suits the same trading idea?
- 5Chapter 12 · Risk of RuinWhy can a positive-expectancy strategy still cause ruin?
- Phase 36Chapter 13 · Order BookWhat happens in the book when you click market buy?
- 7Chapter 14 · LiquidityWhy does a $1 million purchase barely move one coin but move another by several percent?
- 8Chapter 15 · Market MakerWhy is quoting both sides and earning the spread harder than it looks?
- 9Chapter 16 · Crypto Market StructureWhy do exchanges, on-chain AMMs, and aggregators quote and execute the same coin differently?
- 10Chapter 17 · Crypto DerivativesSpot, dated futures, and perpetuals all say buy BTC. What differs?
- 11Chapter 18 · Liquidation FeedbackWhy can a decline accelerate beyond anyone's expectations?
- Phase 412Chapter 19 · Where strategies originateWhose money funds a sustainably profitable strategy?
- 13Chapter 20 · HypothesisWhat is wrong with trading whenever an indicator signals?
- 14Chapter 21 · MechanismWhat economic mechanism makes a strategy profitable?
- 15Chapter 22 · SignalHow can a computer evaluate a feeling such as the market is too hot?
- 16Chapter 23 · Market RegimeWhy does the same strategy profit last year and keep losing this year?
- 17Chapter 24 · FalsificationWhat would show that your strategy is wrong?
- Phase 518Chapter 25 · What a Backtest isCan historical simulation prove future profitability?
- 19Chapter 26 · Data BiasWhy do perfect backtest curves often disappear in live trading?
- 20Chapter 27 · In-sample / Out-of-sampleWhy is tuning parameters to a perfect backtest bad news?
- 21Chapter 28 · Transaction CostWhat remains after costs from a strategy backtesting at 50% annualized?
- 22Chapter 29 · RobustnessWhat does losing profitability after a small parameter change imply?
- 23Chapter 30 · Paper TradingWhy can you not invest real money immediately after a passing backtest?
- Advanced24Advanced B · Strategy researchProgress from Experience-driven, random trading to Research-driven Trading
- 25Advanced C · Systematic and quantitative tradingProgress from Discretionary judgment to Systematic research starting from a Market Question
- 26Advanced D · Portfolio and riskProgress from Trade Management to Capital Management
- 27Advanced E · Execution and microstructureProgress from Signal Alpha to Realized Alpha
- 28Advanced F · Institutional tradingProgress from Trader to Portfolio Manager
How to read
Follow this sequence:
- Foundation Fast Track
- Crypto Microstructure
- Strategy Research
- Backtesting
- Systematic / Quant
- Portfolio / Risk
- Execution
- Institutional Trading
- Foundation Fast Track keeps five chapters: the complete trade, expectancy, win rate and payoff ratio, position sizing, and risk of ruin. Every later strategy uses these calculations.
- Foundation content remains complete, but time need not be evenly distributed. Return to the relevant chapter whenever stuck.
- Quant begins with a Market Question, not machine learning. Before Advanced C, confirm that you have finished the three Phase 4 hypotheses.
Professional trader path
Already trading professionally. Revisit the key nodes on hypotheses, mechanisms, falsification, and validation, then enter Advanced directly.
Phase 1 introduction
Markets and trading foundations. Build the right market model—where prices come from and what makes a complete trade.