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@Satsdart is a crypto trader, early L1 ecosystem adopter and full-time defikingdoms enthusiast.
What attracted you to trading?
I was always different in my approach to life in as much as I knew I didn't want to go the conventional route of working a "normal" job until I was 65. I became interested in investing/trading when I was 15 but didn't properly get into it until 2020. At the time, a close friend needed money, and not being able to help them really hurt me deep inside. I felt like I had to get my shit together because I didn't want to feel powerless again.
How long have you been trading?
I started in January 2020 by buying my first Bitcoin and Ethereum. Since then, I have mainly traded crypto and more passively invested in the stock market on the side. Still, it never really caught my attention because I feel like the opportunity in crypto is bigger.
How long did it take you to become profitable?
I'd say it took over one year for me to become consistently profitable, although I was not knowledgeable enough to avoid big mistakes at that point. The real turning point for me was Summer 2021, where I lost most of my money and decided I would approach it differently, going from being mainly a scalper to being early into new ecosystems.
“I LOST MOST OF MY MONEY AND SWITCHED FROM BEING MAINLY A SCALPER TO BEING EARLY INTO NEW ECOSYSTEMS.”
Do you think being young gives you an advantage inthe markets?
Absolutely! Older people often get complacent and think they know it all. I came into this market with no existing bias or experience, which helped me ride the trends. Meanwhile, older, more experienced traders may have taken profits way too soon or not even sized properly in the beginning because they doubt too many things. I also think it's an advantage in the sense that I have no bear market PTSD.
You've developed a reputation for high conviction plays within specific ecosystems. Where does that conviction come from and how do you prevent yourself becoming stubborn?
My strength of belief comes from exploring the ecosystems deeply and actually knowing what they do better than the rest. If you use everything, you'll learn from experience what the best one is like.
Conviction and stubbornness are very similar, and I sometimes have trouble separating the two. Most of my plays have worked out until now, so it's not much of an issue for me. It's also worth mentioning that I also practice excellent risk management, especially for non "safe" plays. I always limit the downside where possible.
Having said that, my risk management rules get bent a lot if I have super high conviction to the extent where I am basically sure of it playing out. For example, I was 80% in AVAX ecosystem at one point and more than that into defikingdoms at 6$.
What’s the best trading advice you’ve been given?
“Always vibe” - @stunlikes
You always want to be comfortable when trading/investing. If a position makes you uncomfortable, it's time to adjust.
It sounds like you’ve had quite a year, tell us about it.
I made okay money from January to April/May, but I lost almost all of it due to oversized leverage bets and then revenge trading for a month or so. I was down bad for weeks and considered quitting crypto and just going back to university. Then, I discovered my strengths thanks to the help of friends (shoutout hentai avenger, stun, godofcoins, messi, peach, and many others).
I shifted most, if not all, of my trades to on-chain stuff and being early. My biggest wins have been AVAX from ~$40, JOE from ~$0.25, TIME from $25M market cap and JEWEL from $1.
My biggest learning ever since the summer is that you need a group of people to share plays with, multiple pairs of eyes will always see more than one, and it will keep you level headed at all times. Winning also feels way better together (shoutout WAGMI Planet and Hovengers).
Have you had any “trauma“ effects from losing so much of your stack?
Yeah. Once you go to zero once you never want to go there again. I’m pretty comfortable with risk-taking still, but I never allow myself to go that low again. I have cashed out multiples of that amount at this point which will probably never touch crypto again.
What's the most important quality in a trader?
I think it's remaining fluid in their approach/bias. I've seen many people hold onto old techniques which got massively outperformed by newer ideas.
Why do you think you have success trading?
I'm pretty good at spotting narratives early, good at taking profits, good at networking to learn about opportunities early.
Would you share with us your most memorable trade?
Long various DEFI coins in the May nuke, I couldn't sleep that night until like 4 am as I watched my net worth crumble. I woke up poor but kept adding margin because I was in massive disbelief. It snowballed out of control and cost me a large part of my stack.
“I KEPT ADDING MARGIN BECAUSE I WAS IN MASSIVE DISBELIEF”
How do you allocate your portfolio?
I basically just allocate in things I believe in and where I see potential, I don’t rebalance that often. In the last few weeks just been riding out JEWEL for the most part but it’s a more special one. Usually I just always want to be heavy in the L1 token of the ecosystem I’m mostly exposed to and in which I see the best returns, I also don’t chase every single new pump and often hold investments for more than a month (different for short term shitcoin trades of course).
How do you manage the feeling of narrowly missing a perfect set-up or exit?
I have found that if you believe in something the entry is often not that important. For most of my plays, I have no idea what my exact entry point is because I keep allocating more into it not all at once. I similarly don’t have fixed rules or a system for when to take profit, it all really depends on the Token and what part of the cycle we are in.
What's something you've learned in the last 6 months that has made you a better trader?
Compounding wins is the way to get rich. By that, I mean don’t hold onto bags forever due to strong beliefs.
What's the mistake you find hardest to avoid when trading?
Being patient and watching my trade play out. A good way of avoiding that is letting other people (or my trading journal) know why I hold conviction in the trade. I find that if I explain it to someone else, it strengthens my conviction.
If you could give someone starting trading tomorrow one piece of advice what would it be?
Make friends and grow together. Always prioritize your and your friends' opinions over the ones of Twitter traders. Never stop learning. Always be curious.