There are two kinds of questions on a trading desk, and the difference comes down to one test: does the answer depend on whether we are there? A predictive question does not. Where price goes over the next interval, whether volatility widens — that path is the same path whether or not we participate. This is why it can be checked against history. Run it out of sample, count the hits, and the logic holds. A decision question does. Which level to quote, how wide, how often to requote, how much to show. Change the action and the market changes with it. The second kind is the one that actually binds on our desk. It is also the harder one, and the reason is structural rather than technical: history recorded one version of events — the version in which our orders were not in the book. Replaying it tells us how the market went. It cannot tell us how it would have gone at a different quote, or a different size. So a backtest that looks clean is answering the first kind of question well. That is worth something. It is just not the question we were asking. What follows from this — how far a simulator has to go before it can answer the second kind, and where it stops being trustworthy — is where most of our tooling effort has gone. More on that in the next piece.

You don’t have to live under others’ gaze. Apart from physical pain, much suffering is only a shackle of emotions. Cherish three things: wealth, health and peace of mind.Don’t let stress wear you out. Let most things go. When your heart is calm, everything settles. Just keep moving forward steadily.

All my @‑mentions are purely replies to questions.The only official account belonging to our team is @fxu_starr Any other accounts claiming acquaintance with me, @fxu_starr or our team to privately message others for strategy sales, community offers or any projects are not affiliated with us in any way.We do not sell strategies or operate paid communities at this moment. Please stay vigilant and exercise caution. Thank you for your attention.

Expect more English in my posts going forward. The logic is simple: Crypto is a global playing field. The core infra updates, raw API specs, and serious discussions on market microstructure—the primary sources are almost always in English. Code and markets speak the same language.

If you're just getting into high-frequency market making, we gotta say Hummingbot and its community are the GOATs we owe everything to. If you're starting from zero, learning with HBot is absolutely the best and fastest way out there—no question. We got our start from HBot's inspiration, and picked up a ton of real trading experience from the community, which let us master HFT MM crazy fast. Big shoutout and mad respect to every single open source contributor!