I make mistakes.
I make bad calls.
I get greedy.
I panic.
I'm not perfect, who is?
#Crypto isn't easy. Here are my biggest mistakes and the lessons I learned. ๐งต below.
1/ -- Getting Caught In The Hype --
I first got into #GameFi and #PlayToEarn in early 2021 and I did very well when the sector mooned.
But I got so wrapped up in the hype that even when the sector started to become oversaturated I kept on apeing into gamefi projects.
It seems obvious now but greed and hype can really blind you to reality.
I realised that I was good at spotting emerging trends but bad at detecting when those trends are ending.
To fix this I began scaling out more aggressively as a sector becomes overhyped and oversaturated.
And I've stopped apeing into every half-decent looking project that comes out in an overhyped sector. Now I do thorough research to make sure the project, team, tokenomics and everything else is solid.
Well... in most cases, I sometimes still ape into stuff (see 5)
2/ -- Holding On To Losers --
I used to hold on to losing trades hoping that they would one day turn around.
It took me a while to understand that the opportunity cost of waiting was greater than selling at a loss and re-investing into a new project.
Selling at a loss is admitting you were wrong and for a lot of people, that is hard. Trading is not about being right though, it's about being profitable.
Sometimes you are better off admitting you were wrong, selling at a loss and moving on.
The truth is I still hold on to losers sometimes like I did with $CRAFT and $NGL. I held way too long. While they represented a small part of my overall portfolio I should have been more ruthless in culling them.
You live and you learn.
3/ -- Being Lazy --
I am guilty of being lazy. Especially if I am having a good month and I've taken a lot of profit it's easy to just ape into questionable projects because I cannot be bothered researching them.
Not only projects. I've missed entire runs. Like the last big #NFT run, I caught a few but I could have done so much better if I was paying closer attention.
Laziness and complacency are poison.
To combat this I've written my goals down and as part of my morning routine, I read them to myself. It is hard to be lazy when I have a daily reminder of what I'm working towards.
4/ -- Getting Cocky --
I get cocky. I caught the bulk of the #metaverse hype in 2021, I thought I was unstoppable.
Well, crypto put me in my place when my dumbass thought "adult entertainment" would be the next big narrative and I got rugged on 90% of my plays.
I also got rugged trying to chase the #memecoin hype because I thought I was a genius who could not get one wrong.
Honestly, I don't really have a strategy for combating cockiness. The market does a great job of humbling me when I get too arrogant.
5/ -- Apeing In --
I am guilty of apeing into projects because they are starting to run. A friend tells me "this is a good project", I take a look and it's 200% up and I jump in.
I've done two things to combat this. First, I have a rule to always wait for a retrace. This one is easy, if something is mooning it will usually retrace so waiting is the best option.
Sometimes it doesn't and in those cases I just need to accept I missed out.
However, I also keep 10% of my portfolio dedicated to degen plays so I have the freedom to just ape into a shitcoin when I really want to.
Let's face it, we are in crypto because we are degens. So sometimes you need to let the degen inside take control and do dumb stuff.
Well, that's it. I am admitting some of my biggest flaws. If you found this useful like, retweet and all that nonsense.
Thanks for coming to my Ted talk.
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1/ Finding a 10x project in this bearish #crypto market isn't easy if you don't know what to look for.
Here are a few tips on EXACTLY what I look for when researching a project.
Like and retweet if you find this useful!
2/ -- TEAM --
I always look for a good team with experience and connections. I basically turn into a stalker and find out everything I can about the team. Who are they working with? Who have they worked with in the past? Do they have connections with big exchanges?
3/ -- TEAM cont --
This info is found on google, Twitter, LinkedIn, articles, press releases and sometimes by asking people. A team with exchange connections or who has worked with exchanges can get fast-tracked to exchange listing. Also, a team with experience is always ๐
1/ I see so many people losing their #crypto or #nft bags by connecting to dodgy sites.
There's an easy way to prevent this.
The first and best way is to never connect to dodgy sites ๐คฃ but I want to be able to do that sometimes to mint #nfts etc. Here's how I handle this
2/ -- DUMMY WALLET --
Create a dummy MM wallet and keep little in it. Use this wallet as your top-level MM wallet and import your main wallet as a secondary. Your main wallet should only ever be used to connect to legit sites you 100% trust. Your dummy is for everything else.
3/ -- DUMMY WALLET cont --
I keep enough crypto in my dummy wallet for gas fees. If I want to buy an NFT/crypto from a dodgy site I'll transfer crypto from my main wallet to my dummy wallet using "transfer between accounts" on MM and use the dummy wallet for the transaction.
1/ Everyone wants to find the next 10x #crypto gem
But how do you find them?
This year as $BTC was dumping I shared $GMT (20x), $WBOND (10x) and took others I didn't share. How did I find these?
Here's how I do it ๐
2/ -- LAUNCHPADS --
You do not need to use the actual #launchpad, although you can. Monitor which projects good launchpads are launching, research them and buy post-launch (wait for a dip). My fav launchpads are @TheDaoMaker, #Binance, @FantomMaker and @terraformer
3/ -- HACKATHONS & GRANTS --
Many blockchains hold #hackathons or give grants to projects launching in their ecosystem. This is how I find gems VERY early on. I also find talented DApp devs this way and follow them so I can get on their next project early!
1/ There is still money to be made in #crypto. Invest in new low cap projects on new or trending ecosystems.
For example, a new #DeFi project launches on $METIS or Terra, it has a few 100k market cap. Unless it's absolute trash it will do a 5x or more.
2/ Take partial profit at 100% to secure your initial investment and from there you are good.
I won't shill any specific projects because people on here are annoying and will say I'm pumping and dumping. Also, my sharing might cause a pump n dump naturally.
3/ Just DYOR and find some cool projects. It's not that hard.
Go in with a long term mindset too. Take some profit but if you're in when it's under 1 mill market cap and it's good, it could ๐ so keep some in.
As usual, this is not financial advice. DYOR, don't be a dumbass.
1/ I'm not bullish on $BTC medium term but I am bullish short term... obviously after a big green candle.
46k resistance still in the way, then 52k. So I'm taking PARTIAL profit on recent buys at resistance AS USUAL. Still mostly in stable and accumulating.
2/ Last two times I tweeted about taking partial profit on alts was Feb 7 and Jan 12. Not magic, just taking profit when BTC is at resistance.
Hopefully, alts give us a nice enough push by the time BTC approaches 46k resistance.
3/ I cocked up $LUNA, I hold some but should have bought more at 45 ๐คทโโ๏ธ
$METIS, $UOS, $PYR, $RFOX, $WILD and most other things I bought are up nicely but I didn't buy enough. Most of my big buys were Jan 25th dip, not the last one.
1/ How do you NOT get rekt in a bear trend or a bear market?
We've been in a two-month long bearish trend that could easily turn into a bear market.
I am not saying it will, I am saying it could. Once you accept that reality, you can plan for it.
Here is how?
2/ -- MY EXPERIENCE --
When I offer advice on bear markets someone is quick to point out I am too new. I trade in a team of 3 guys with decades of forex experience who switch to crypto Nov 2017 and saw the worst of the bear market. My plans are based on their experience.
3/ -- NARRATIVES --
There's plenty of profit to be made trading when $BTC is dumping if you choose the right #altcoins. You need to find trending narratives like #defi and #layer1 atm. Even #PlayToEarn is still pumping in the right context, like when it's on a new blockchain.