I’ll start off with an important disclaimer: for both moral and legal reasons I am obliged to declare I am not an expert in trading – something which you will gather very shortly. Additionally, neither I, nor Influencive condone the following degenerate activities. Enter the world of shitcoining at your own risk.
With that out of the way, let us begin. If you have a similar Twitter timeline to me, it’s reasonable to say that almost half of all content appearing is in some way related to $PEPE or some other memecoin. Some are hating it, some are yolo’ing funds in and having fun. I am a man who falls into both of those categories.
After purchasing some $PEPE and seeing the gains made in such a short space of time, I obviously believed that I was the second coming of trading and made a concerted effort to delve deeper into the pit of poocoins. I made some mistakes, to say the least, and I’ll list below my top 5 to hopefully save you from the mental anguish I went through.
1. Don’t Go Alone
I don’t know why I thought this was a great idea, but I initially started off taking coin calls from Twitter. As a general rule, if you’re seeing it on Twitter, you’re probably too late. Even then, you’re taking calls which could be rugs and/or from influencers who have already loaded heavy bags and potentially want to dump on your head. There are exceptions to this rule of course, but it’s good practice to think in this way.
I can tell you right now these guys are printing ETH! During the 12 days I was in the Telegram, I saw multiple calls on degen plays which skyrocketed. There were losses of course, but they were far outweighed by the wins and it wasn’t even a close run thing.
There was one problem, I missed almost all of the winners! How did this happen? It’s a nice segue to Rule 2.
2. Take Time To Learn
Unfortunately I wasn’t as present in the Alpha Wolves Telegram as much as I would have liked. 3 children and multiple Web2 and Web3 jobs leaves not much time for the blessed pastime of shitcoining with the lads/lasses. So I was only able to come on and concentrate on the task of monitoring what was occurring in small windows of the day.
What followed was me feeling very scattered and getting in on coins which I hadn’t vetted myself, because I felt like I’d missed out so much already and was trying to make up for that. In retrospect, this is clearly an absurd approach to trying to win in the savage PvP environment of trading, compounded only further by Rule 3.
3. Do Your Homework
Quamfy suggests to all newcomers to not go straight in with real cash trading, but instead spend the first 2 weeks paper trading. Did I do this? No. Not because I thought I knew what I was doing, far from it in fact, I just didn’t want to – suggesting I do not have the temperament needed for trading volatile assets such as these. I was also given a list of resources to read and watch through – which I did, and they brought some much needed clarity.
It was after studying these resources that I realized I had gotten myself into something I simply wasn’t ready for. Anyone can become successful in trading, but like anything, your chances are slim if it isn’t one of your main areas of focus. It is much, much harder at the very least.
4. Take What Holders Say With a Truck Of Salt
I thought NFTs were bad for this, but hands down, altcoin Telegram groups are some of the most deluded environments you can find yourself in. A coin could be rugged and there would still be some holders saying “we need to give the founders time.” Additionally, when a coin is ripping, it’s easy to get swept away in the euphoria of it all. Of course everyone is elated and celebrating, but many are also dumping while they spam the moon emoji.
Take what token influencers say with a large cargo ship of salt. The clue is in their job title on that one.
5. Take Profits
Or if you can’t manage that, at least get your initial investment out. That should be the first order of business when going into any trade. I actually would have had some winners and ended up in profit if I’d followed this rule, but alas, mistakes were made with a wallet I controlled.
One cannot just waltz into an alpha group and print money, it turns out. I know, I was shocked too! It takes time, dedication, skill, and keeping your emotions in check to succeed. Analyzing my situation with the responsibilities I have elsewhere, I sadly threw in the towel (for now).
This is not a paid promotion, I do not own an Alpha Wolves DAO pass at present, and most importantly this is not financial advice – but they are a good place to look into joining if all of this is right up your alley.
Alpha Wolves DAO Twitter: https://twitter.com/AlphaWolvesDAO
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