Welcome back, anon!
Seems like the January/February up only-market is gone, and we’re back to ranging around $20k.
$BTC is only down 15% from the local 2023 top, but several altcoins are down 30-60% from their top this year (including my $CANTO-bag ;))
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14 Timeless Lessons From The Crypto Market
1) Narratives die fast
Do you remember:
-DeFi 2.0 and how much everyone talked about it?
-That everyone talked about how $BTC would reach $100K before 2021 EOY?
-That we would never see $ETH below $2,500 again?
-That $ADA would save the crypto market? (lol)
Here is a collection of the 15 best threads about narrative trading
👇
2) Everyone won't survive
Have you ever asked yourself why there are plenty of other tokens?
There are more than 10,000 coins. But do we need more than $BTC and $ETH?
Eg. Bitcoin as an inflation hedge and Ethereum to participate with smart contracts.
3) About DeFi yields
If the APR in a DeFi protocol sounds too good to be true, it probably is.
When you see a DeFi platform with a 1% daily APR, what’s the first thought that pops up in your head?
Where do you think the money is coming from?
In 99% of the occasions, the answer is:
You.
4) Being early
Over and over again you see people apeing into risky bets.
They want to be early.
As you probably know already, the earlier you are the more money you can make (most often from the people coming in after you).
5) Maxi culture
Over and over again I see people on Twitter defending their favorite coins like it was their religion.
There are maxis for every coin out there. But ask yourself what’s most important.
If you want to make money, you have to abandon ships that are about to sink.
My advice for you is to unfollow all the names you see on the list below:
6) Due diligence
Look at the message below.
Imagine if I replied with 3 coins.
The problem: I don’t know the other person's risk profile, how much he’s monitoring the market, his strategy, how much money he will bet, etc.
He could get rekt from my reply.
Sorry, ser.
DYOR.
7) Long-term investing
In my opinion, there are only 2 tokens that classify as long-term investments ( $BTC and $ETH).
I’m willing to change my answer as more tokens stand the test of time.
The only reason why I invest in altcoins is that they can give me a much bigger upside.
To find the best news/narrative trade ideas for altcoins, check out this list that I made:
Link to list: https://twitter.com/i/lists/1590828215161036815?s=20
8) Confirmation bias
Don’t lurk on Twitter to seek confirmation, and never blindly follow a bet you see others post.
Instead, seek information. Get investment ideas. Connect with smart people.
It’s your job to filter all this info and make up your own investment thesis.
9) No one knows where the market is going next
The best traders on crypto Twitter are the ones who admit that they have no idea what happens next.
By having strong discipline, risking 0.5-2% per trade, and riding trends some of them consistently beats the market.
Read more about money management here:
10) Focus on income when you start out
Stop thinking that you have to get rich fast. This leads to gambling, and in most cases, you end up losing all of it.
Instead, try to earn some extra money that you can invest
A 50% return on $1K is $500.
A 50% return on $100K is $50K.
11) Airdrops
If your portfolio is small I recommend you to participate in DeFi platforms that may give you an airdrop.
This is a quick way to give you some free money.
Example below:
12) Ride the wave in DeFi
Be where the money is. If you want to make money in DeFi, prepare yourself to rotate a lot.
You can’t just dump money into one yield farm and think that you can come back 5 years later to collect it.
Narratives change too quickly.
Stay alert. Or you will get rekt.
And that’s not a joke, anon.
If you’re not observing this space 24/7 (or have someone else doing it for you) you should not go into DeFi.
13) Prioritize security over everything
Crypto is a big boys league. If you f*ck up, there's no one out there to save you.
There's no customer service in crypto. You can't call your dad.
Here are some security tips to get you started:
14) Will your favorite coin survive long-term?
How many of the top 100 tokens from 2018 are in the top 100 today? 10? 15?
You get my point, the probability of your favorite crypto tokens surviving long-term is small.
Never marry your bags.
Take profits.
Or you’ll end up at McDonald’s with the rest of us ;)
Thank you for reading!
See you next week :)
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Great post! Also being too early is not great coz timing is everything in crypto