It's actually toxic for your portfolio to be hyperfocused on being early to a certain coin as opposed to being a rational investor. Being too deep in the trenches can really fuck you up.
Most of the time you can logic through narratives and use past information to guide you through your decision making process. Just by being active in the space daily, you will often have plenty of time to properly react to a narrative and size into it. If the narrative isn't strong enough to last a couple weeks, it's probably a bad trade.
A trade/investment will look good in the shitcoin industry when: vcs talking write about it on blogs / threads, big KOLs (influencers) engage with the ticker or content of ticker, engagement (likes, reposts, comments) around the narrative are high, or cryptotwitter blows up on the ticker / content. Point is that there will be facts you can point to that support your thesis.
The problem about being focused on how to get in a coin as early as possible is that it damages your investing brain and makes you try to spam launches as opposed to waiting for events to happen that give you evidence to support your investment thesis. It clouds your judgement and ruins your investing brain and pushes you to gambling.
It doesn't help with all these people showing those disgustng $200 -> 100k pnls in a couple weeks making you think you gotta be in the right chatrooms to be in super early to hit on the trade. $spx was trending sideways a long time before it ran. Often times, you are sitting on your hands for awhile waiting for the dominos to line up.
My advice for the newbies, spend a couple months in the industry to catch wind of what narratives actually stick and when exactly / why the price started going crazy for other coins. Get in chatrooms, ask questions, and build your knowledge base.
Take time to learn to become a good investor and not a gambler.
Most of the time you can logic through narratives and use past information to guide you through your decision making process. Just by being active in the space daily, you will often have plenty of time to properly react to a narrative and size into it. If the narrative isn't strong enough to last a couple weeks, it's probably a bad trade.
A trade/investment will look good in the shitcoin industry when: vcs talking write about it on blogs / threads, big KOLs (influencers) engage with the ticker or content of ticker, engagement (likes, reposts, comments) around the narrative are high, or cryptotwitter blows up on the ticker / content. Point is that there will be facts you can point to that support your thesis.
The problem about being focused on how to get in a coin as early as possible is that it damages your investing brain and makes you try to spam launches as opposed to waiting for events to happen that give you evidence to support your investment thesis. It clouds your judgement and ruins your investing brain and pushes you to gambling.
It doesn't help with all these people showing those disgustng $200 -> 100k pnls in a couple weeks making you think you gotta be in the right chatrooms to be in super early to hit on the trade. $spx was trending sideways a long time before it ran. Often times, you are sitting on your hands for awhile waiting for the dominos to line up.
My advice for the newbies, spend a couple months in the industry to catch wind of what narratives actually stick and when exactly / why the price started going crazy for other coins. Get in chatrooms, ask questions, and build your knowledge base.
Take time to learn to become a good investor and not a gambler.