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Some Lessons I learned from this previous #Altszn in the summer 2020 (or re-learned): Small thread below.
#Altcoins $ALTS $BTC $ETH
#Altcoins $ALTS $BTC $ETH
Precursor: Here is a thread on my prediction for #Altcoins in the coming weeks/months: https://twitter.com/AltcoinSherpa/status/1325837549017894914
Here's another thread I made nearly a year ago on some other tips for #altseason. I'll be adding a few new reminders for this one. https://twitter.com/AltcoinSherpa/status/1217300364648689664
The #altcoin run we had in summer 2020 ( #DeFi run) helped me understand a few new concepts and also reminded me of some old lessons that I forgot. These are not listed in order of importance. Read the old thread above first.
1)You can still buy something even though it's 'high' in price. You don't just have to look for the super retraced coins. I've seen plenty of people sit on the sidelines or scaling into dead ass coins vs. trading the trending ones. $YFI was excellent in the summer.
2) The new coins are going to price discovery and having some exposure to these is important IMO. $SOL $DOT and $SRM are just a few of the last coins that went nuts in the summer due to new coins. Buying $ALPHA $AXS $HARD $UNFI and those types could be good coming up.
2) (cont) the old coins have old bag holders and they will be resistance on the way up. Plus, there's new 'technology', new hype, etc. Higher upside is w. the new coins.
3) NEVER FORGET TO TAKE PROFITS!! I got greedy af and gave back half of my earnings from the summer during October. THIS WAS HORRIBLE! The summer was a great reminder for me to learn to take profits, something I have historically been bad at.
I know I wrote that before in my first thread but I MUST reiterate it again. I always say to do it but I failed hardcore over the summer and gave away gains. I am not immune to this and taking losses/locking in gains has been tough for me in the past. I am learning bit by bit.
4) If you are swing trading #Altcoins, scale in now IMO. Price could certainly go lower than today but we're getting closer and closer to a big alt run IMO. No need to go all in on your entry, just put in x% and keep buying. I've been throwing 5-10% every few days/weeks ...
...into some of the $ALTS I like. I don't care if they go lower, I'm happy to buy more. I still think December should be the start of a nice run.
5) Learn some FA. I used to be a TA only person but I think that learning some FA and what these coins are is a good thing. Narratives drive the price action as my friend said (wont tag due to not wanting to blow up notifications).
Understanding some of the #DeFi stuff over the summer was nice to helping me understand the narratives. You could also find some lagging defi coins too and that was a nice gift. This new cycle may be Oracles or Chains or DeFi again. Who knows? Learning will help bridge the gap.
6) Coins move in groups according to their relationships, tech, or market cycle. These include: #IEO coins, #DeFi coins, old ERC20 coins like $GNT $REP, majors like $XRP $LTC, old 'ETH killers' like $ICX $NEO, and SO many more. Learn these relationships and hop on the train
when you see 1 of the coins from the groups start to lead. Ie. if you see $ONE start to go nuts, buying $CELR or $TROY or something might be a good idea (if they are lagging). Learn the FA/relationships and it'll help.
7) Opportunity cost matters IMO. While it's fine to scale into slow accumulating small cap coins sometimes, just understand that the $ in those coins has a cost to it. I prefer missing the first big move and hopping on later and trading the trending shit.
8) ALT/BTC pairs are probably going to outperform ALT/USD pairs soon. That wasn't the case recently and I've mostly traded in ALT/USD pairs myself. I'm going to be switching to ALT/BTC soon though. ALT/BTC also have V shaped reversals so they will pump quick IMO.
9) If you are a $BTC trader and are just completely lost in terms of trading #Altcoins, I feel for you. IMO, the price action is cleaner on $ALTS due to lower liquidity and a slew of other factors. Trading alts can be overwhelming bc of how many coins there are.
If you are looking to start trading altcoins, I would probably take more of a swing trade strategy approach and just buy and take longer trades than scalps. Scaling into these alts can be super profitable and you can always just buy some key ones and then do your normal $BTC
trading with your normal account. I think that not having exposure to some $ALTS is a bit of a mistake for most people but that's just my opinion. If you're an expert #Bitcoin 
scalper, maybe that $ is best used for your BTC trading. But for most, I think that scaling into $ALTS
scalper, maybe that $ is best used for your BTC trading. But for most, I think that scaling into $ALTS
is a good idea. Buy in December, sell it in April, call it a day. If you dont want to hold alts, you can always just trade the futures too, that still might be more +EV than trading btc in the next few months. But again, just an opinion.
10) The #Altcoins $ALTS I'm looking at /already in are:
$DOT
$AAVE
$SNX
$YFI
$ETH
$LINK
$BAND
Kind of sucks being stretched thin but I'm pretty exposed right now so we'll see how it goes. I think that these will all give me some multiples in terms of alt/usd and alt/btc values.
$DOT
$AAVE
$SNX
$YFI
$ETH
$LINK
$BAND
Kind of sucks being stretched thin but I'm pretty exposed right now so we'll see how it goes. I think that these will all give me some multiples in terms of alt/usd and alt/btc values.
11) As always, stay safe, take profits, keep your stop losses, trade safe. Don't go all in, don't give your profits away like me, and PAY YOURSELF!! Holders are going to make the most and lose the most in the coming months. You waited months/years for this, don't fuck it up!
