The Journal

Notes on staying in the game.

Essays on risk, exposure and the arithmetic that decides who is still trading next year.

Risk, 3 min read

The Arithmetic of Ruin

Losses and gains are not symmetrical. The whole craft of surviving in markets begins with that one uncomfortable fact.

October 26, 2026

V

Exposure 3 min read

Five Tokens, One Bet

Owning more coins is not the same as owning more ideas. A short lesson in how much diversification you actually have.

Published October 19, 2026

IV

Performance 3 min read

The Trade Behind the Trade

How a winning month can lose money, and why the number on your exchange is rarely the number you kept.

Published October 12, 2026

III

Exposure 3 min read

Stablecoins Are Not Cash

The dry powder in your book carries risks of its own. Three weekends in recent history show which ones.

Published October 5, 2026

II

Risk 3 min read

Size Is the Decision

You cannot control what the market does next. You can control exactly how much it can take from you when it does.

Published September 28, 2026

I

Practice 2 min read

The Case for Fewer Alerts

An alarm that rings all day is a noise you learn to ignore. How to build a system that speaks only when it has something to say.

Published September 21, 2026