Rowdy's Renaissance (Crypto Updates)

July 18th, 2024 Wins: $MIGGLES (BASE): +$10,000 $MONGY (SOL): +$4,000 Random Sol Quick Flip Tokens (SOL): +$2,500 Losses: PUPE (SOL): -$2,500 Total Daily PnL: +$14,000 thoughts: honestly amazing day. i was able to zero out my new sol apes quickly if…

July 19th, 2024

Wins:
$PONZI (SOL): +$25,000
$MIGGLES (BASE): +$45,000

Loss:
Various SOL Tokens (SOL): -$12,500

Total Daily PnL:

+$57,500

thoughts:

as ive been doing this journal more the past three weeks, ive really been able to evolve as a trader. specifically before this journal when i lost a trade i would reflect for a little depending on the loss then move on. with this journal, ive able to sit down every day and see visible each trade, understand where i went wrong, was it a bad EV, good EV, etc, and reflect and learn. this happened subconsciously before i started this journal but im being able to visualize it better

my biggest lessons so far:

1) sometimes less is more - when trading, its easy to get caught up every new thing precisely as it happens. as we know, the SOL pvp trenches is one of the most competitive trenches out there. ive realized that sometimes its not about how early you get in a trade, but for how long you hold that trade. one mans pumpfun snipe to few milly marketcap TP is another mans buy to sell for a 100x at $100m, and there someone buys at $100m for a 10x to $1b. but not all tokens are built the same, and narratives have ceiling potentials, so locking in P is important. before this journal i was moving too loose, holding too long. at the beginning of this journal i was moving too risk adverse as i mentally wanted to see a good PnL number each day. as of now, i am able to balance between both edges of the sword, using each take profit side for each unique narrative based on macro weather condition, vol, the inherent narrative, & more. for example today i didnt make too many new trades. i did open a few, but cut quickly and my HODL into scale out winners dominated over them

2) the path to wealth is not linear - each reality is different, but what i can tell you is the path to wealth is not linear for most. no matter how good you are, some days on chain will just have NO cookers, black swan evens, things out of your control. then other days you will stumble upon a juicer without even knowing it and ride it up. you need to put yourself in the position to be lucky. going back to my journal, ive been able to hold $MONGY, $MIGGLES, & $LOL, for longer. it comes at the sacrifice of low PnL days sometimes, but delayed gratification hits amazing for conviction plays. in other words, you have a +EV r/r that your money is worth more USDC in a few days based of intuition, conflunce, etc. sometimes its better to ride that out than get your current money but you get it right now. i frame it sometimes like, "would i buy at this marketcap? if yes. i hold, if no, then i look to scale out, not buy any more and be looking for next scale out vol opportunities; (listings, random big CT accounts shilling it, etc)

3) focus on main runners - alot of traders get caught up chasing the deriv path, and to each risk management, end of bull port goals, and size per reality, this answer does differ. quick flips are okay, but dont get chasing a dream on a deriv. i talk about this alot. there are alpha plays, beta plays. and deriv plays.

alpha plays are the main runner for a narrative

beta plays are plays that are exponentially correlated to the alpha runner and the macro narrative (memecoins on sol) as awhole, and more more volatile upside and downside. bigger risk, bigger reward, but loosely exponentially correlated

deriv plays are plays that are in the same narrative as the alpha play, that are not unique and have less volume. things that blantantly copy the name of another project. derivs rarely work besides quick flips, and almost always see limited PnD's unless they are lucky enough to become a beta instead of deriv

anyways kinda went on a rant but those are my thoughts for today

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