I shill Reminiscences of a Stock Operator as required reading for anyone serious about trading.
One anecdote from it that impacted my trading & has always stuck with me is about Old Partridge - I'll explain but recommend giving it a read for yourself.
Partridge was tipped off
what was I thinking buying a bunch of massive revenue generating launchpad coins with complete mindshare instead of buying grok's 2nd and 3rd companion names to retire
This took longer to play out to due to hebraic forces in June.
I'm bumping this post to
1) laprun filthy bears
2) express caution. The time to acquire massive positions was weeks/months ago.
Now is actually the time to start peeling, not opening fresh 10x longs.
There’s a lot to learn from XRP’s run and its appeal to normies.
It’s the platonic ideal of what a crypto token is supposed to be in their eyes. It allows the buyer to feel smart and early. It gives them an on paper interesting narrative with moonshot potential - wow banks are
Something you want to see during an uptrend typically:
When a major pulls back (SOL) but its correlated betas do not outperform to the downside.
Indicates risk appetite is there, and when the major eventually reverts upwards, there's a more violent reversion in the alts.
the capital responsible for moving alts & btc used to have overlap. when btc stalled, you could reliably expect the flows to rotate along the risk curve.
nowadays, most people trading alts own no BTC, and the money moving BTC is treasury companies & sovereign funds.
an
Unfortunate state of onchain.
"Narrative" coins became solved: people learned how to efficiently make money with them, it became too obvious.
And money naturally ends up shifting to a game that is obfuscated. The game now is "who has better access to insider info".
I