Market Thoughts 9/11/22

Crypto Twitter has turned pretty bullish again. I have to admit I do like this price action, and I figured it was time to look at the charts. Speaking of charts, I have found myself not looking at them as often during the bear. My first bear market I lived in the charts, I was busy learning. When I started trading leverage then that would mean even more time in the charts...even checking charts during dinner, holidays, didn't matter. During DeFi summer and a substantial portion of the last bull market, so much time spent researching (charts are useless with new, low liquidity coins).

By contrast this bear market has been much more chill for me. This is largely in part to my Stacks/Bitcoin strategy. I am not worried about trying to catch multiples on coins right now. I might get there again, cant say for certain, but right now my focus has been clear and my plan followed. You absolutely require a plan before you enter a trade, this is of the upmost importance.

That isn't to say that my plan hasn't gone into a new phase. I have discussed this in early pieces from May/June. The past few months I have accumulated many NFTs, now I am buying into some Defi projects on Stacks. Too much talent and too much potential to sleep on in my opinion. I am especially focused on Alex Lab and Stacks Swap. There are more projects coming on board every day, so when I am finished filling my bags there are other projects I will be looking into.

Bullish?

Crypto Twitter is the most bullish I have seen it in a while. Also seeing people find their way to our neck of CT over in Stacks. While I am enjoying this price action, I am not overly bullish. I don't think we are going to see anything resembling ATH for quite some time. Bitcoin is sitting on good support on the month chart, and I see no reason to see why we just wouldn't see more accumulation here. Same story for Stacks.

That said, with the world enveloped in chaos, I wouldn't write off the possibilities of some more dips. With that in mind, the use case of Bitcoin is being made apparent to the people every day. It is hard to remember that we are early, even still. So many people still don't understand what Bitcoin is, much less what a smart contract on Bitcoin is. Personally I am more inclined to think the bottom is in than not. I am also expecting to see another year (minimum) of accumulation.

Lessons Learned

I have made so many mistakes in trading. I would like to think that I have made them all, but I know better than that. Overtrading was a big one, FOMO, not having entries and exits in mind as well. I would get so hype on a project that I would sell another too early, and then invest big in the one that gave me the latest FOMO. Then as soon as the candle dipped into the red I was out of there. So you lose money on the trade, then lose money on trading fees.

My time frames for the buys I made this go around are long term, by utilizing my plan I have soundly defeated overtrading. I still get the occasional case of FOMO, but its largely improved. Less time in the charts has also been beneficial. Trading is stressful, you get mentally fatigued and make mistakes. Now I just briefly check charts and check what level I want to make buys at. Days like today I spent a bit more time on it because I am curious about how this week will end (I think Stacks will end green, and Bitcoin almost certainly will.). So this week I wouldn't be surprised to see more green.

I bought the blood, all the way down. I was able to get some amazing NFTs for great prices, I am in no rush. I will buy the levels I like on the way up, and I can wait for dips. I don't feel pressure. If we continue to trend down for a while, I am fine with that as well.

Please keep in mind that I am not a pro by any means. Don't do what I do. The only advice to be had here is in this: Learn for yourself, that is the only way you will ultimately be successful. You have to have your own plan.

I hope you enjoyed reading. A like, follow, and retweet go far. As does a follow on Sigle . Until next time, Jack.

*The easiest way to DCA your Stacks here