After spending a week in accounting hell and reviewing some of my trades in 2022, here’s a 🧵 on mistakes I made that I hopefully won’t repeat in 2022
-> Being a blind believer of some bags after I hold it for too long that I ignored any warning signs like team hasn’t been shipping or that they’re paying more in incentives compared to the revenues that they’re making or watching tractions of projects fall but still not acting
-> Guilty of just scalping single digit % moves on leverage when I could have just spot longed for multiples and without that much stress
One strategy that I should have done more of was taking my profits from leverage and adding on to my core spot positions and holding that
One strategy that I should have done more of was taking my profits from leverage and adding on to my core spot positions and holding that
-> Greatly underestimating illiquidity and volume. The thing with most shitcoins is that once no one talks about it on CT, volume and liquidity will die off.
Being a paper millionaire doesn’t mean anything if you will cause 50% slippage if you exit a position 💀
Being a paper millionaire doesn’t mean anything if you will cause 50% slippage if you exit a position 💀
-> Being too lazy to bridge. When the incentives for Matic first came out, I was too lazy to bridge and watched from the sidelines while friends printed on stuff like quickswap, dinoswap and titan.
But when Avalanche came out with theirs, I knew I had to then 😤😤
But when Avalanche came out with theirs, I knew I had to then 😤😤
-> Being too lazy to learn to hedge/ trade options. Been watching giga chads like @AviFelman and @lightcrypto trade options all the time but still not learning and as a result suffering more downside than I should have cc market crashin on my birthday ☠️
-> Being too concentrated in one sector.
DeFi has massively underperformed in 2021 especially if you compare it to L1s or NFTs.
Could have timed rotations better / changed my bias on DeFi after seeing how much normies loved NFTs instead but held my defi bags instead 😢
DeFi has massively underperformed in 2021 especially if you compare it to L1s or NFTs.
Could have timed rotations better / changed my bias on DeFi after seeing how much normies loved NFTs instead but held my defi bags instead 😢
-> Got rekt by the bear market in 2018-2020, watching plenty of other L1s nuke massively and become extremely cheap (like FTM and MATIC)
So I faded these when they started mooning even though market now is way different than back then and I eventually bought them much higher💀
So I faded these when they started mooning even though market now is way different than back then and I eventually bought them much higher💀
-> Manage to spot some coins as low caps early on before it became large caps but I did not either:
- size them correctly or
- held them long enough
Sometimes got caught thinking that “oh I’m already up multiples I should take profits” when the market still thought it was cheap
- size them correctly or
- held them long enough
Sometimes got caught thinking that “oh I’m already up multiples I should take profits” when the market still thought it was cheap
-> Faded macro / signs of froth. I am by no means a macro guy / expert trader so when all the trading experts that I looked up were sounding alarm bells I should have been more cautious but I decided to think “haha I’m a trading genius instead cause I was up x amount”
- Pretending I do not see my bags that are down massively.
Sometimes I would just ignore some positions because they were down too much when instead I should have been
- thinking to double down
- thinking to cut my losses and make it back somewhere else instead
Sometimes I would just ignore some positions because they were down too much when instead I should have been
- thinking to double down
- thinking to cut my losses and make it back somewhere else instead
-> Chasing random shitcoin pumps that I would have no conviction on and ended up getting dumped on / rugged instead.
While aping without any DD sometimes does pay off, most times it did not for me 🥲
While aping without any DD sometimes does pay off, most times it did not for me 🥲
There’s definitely a bunch more trading mistakes I made but don’t want to ramble too much😅
Hopefully some of you do learn from my mistakes and that I don’t repeat them too much myself ☠️
Feel free to comment below on some of your trading mistakes so I don’t feel too bad 🙏
Hopefully some of you do learn from my mistakes and that I don’t repeat them too much myself ☠️
Feel free to comment below on some of your trading mistakes so I don’t feel too bad 🙏
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