I started my third crypto strategy last week whilst in Albania with my nephew.
I had decided to to some paper trades the week earlier, but the market moves so fast the paper trading data was inconclusive. Combining slippage with network fees, the data on the first 20 paper trades was next to useless, and could be wildly misrepresentative of reality.
I decided to limit the first few trials to $10 per trade. Below is an example of what was a failed trade, entered about 12 hours before my flight. After 20 minutes it was up 30% then after 2 hours it proceeded to drop to about a 56% loss. In keeping with the (changing) rules for entry, laddering and exit, we agreed to log it as a 100% loss and leave the remaining $4 or so there until it completed its expected rug pull end.
We had a session yesterday via WhatsApp call and had a laugh when its value was showing as $16.50. Whilst this is by no means any indication of its likelihood of survival, I did note that if we had either checked it live or found a way to set up an automatic notification, according to our plan we should have sold half the holding when the price doubled to around 0.0000001430, and kept the remainder 68 million tokens with a net entry cost of zero. We certainly not bored in the two hours or so that we observed some newly created meme tokens. The names of some are bonkers. Having made some gains with BONK last week, we tried to buy BONK 2.0 but we are probably too early. Most of the activity is on the Raydium exchange. At this point we are only looking at SOL network meme coins. No doubt this will be either another new market, or like NFTs in 2021, fizzle out to be a none-entity. But never say never. Onwards and upwards. If you are bored waiting for Forex volatility, step up to Warp factor 10 and check out Dexscreener https://dexscreener.com/
Update on the two $10 trades. Able to rapidly test some of the rules of the new meme token sniping strategy, and I can now see at least 3 variants that have different objectives. Need to stick to the trials and prove an edge before I get too far ahead of myself here.
Green line was entry on 11Mar24 around 19:00 hrs UK time. Red line is first TP target at which to sell half the tokens so the rest costs nothing, then rinse and repeat with a plan yet to be developed. It is like selling half a Forex trade at 1.0R, except there is no stop loss associated with crypto. Sure the values can go to zero, but they can also do a 1000X. From my point of view, and limited results in 2023, the reward / risk ratio is far superior to any Forex trades I ever committed to since 15 years ago.
Sorry to be terribly off-topic, with the first reply, but this sentence really interested me! Did you go there on vacation with him, or does he actually live there? Interesting (and most unusual?!) either way …
Not a problem. It is not off topic. My nephew has lived in Albania for 10 years and did his MBA degree there. Long ago (1997) I visited Albania with his grandfather, who sadly passed away last year. As a country, it has a fascinating history and a geographical location that is exceptional. He trades crypto on his own account and has a few friends and some family members who have been in crypto since 2014. I know of nobody in the entire UK who has any interest in this topic at all, and on my first recent visit last November, in just 3 days of conversation, we discovered that our combined knowledge and experience in crypto was too good an opportunity to let go so I agreed to visit as frequently as I can, and I have now reached the stage where I can travel with just a backpack. I have a dedicated room in a flat I have rented with his Auntie and Uncle, and have left sufficient clothes over there to be able to commute and travel light. This is something I did when I moved to the UK from Syria in 1999, and it is so cool to not wait for baggage arriving at an airport. For me, it is vacation. For my cousin, it is an opportunity to expand his passion and together we have more strategies and plans than you can poke a stick at. The last all in trip cost ÂŁ200 door to door, and I expect the next one to be less than that. We have Ryanair to thank for that. They open up hundreds of holiday destinations at cut throat air fares. Amazing.
Hi, yes we were looking at that 24 hours ago but cannot connect the phantom wallet to the Raydium exchange on this one. we gave up after trying on and off for 4 hours yesterday. This happens frequently, and we are not sure it is our settings or a the other end for the new meme coins. Thanks for heads up
If you’re just looking to swap with existing assets, use Phantom’s swap feature. It’s easier than launching the DEX and connecting your wallet. Even easier, use the app explorer in the wallet itself, launch Raydium or Jupiter, click connect to connect your Phantom wallet (which you’re already in), and you should be good to go.
Jupiter has limit orders. I don’t believe that’s possible on Raydium.
thanks for the heads up. It is my nephew who is managing the Phantom wallet. I am yet to get up to speed with that stuff. I have only just moved all my crypto from 2 exchanges that just cannot comply with the new UK FCA directives, and I had no choice other than to go all off-exchange and relearn what I had got used to three years ago. I was so used to Bittrex - the excellent product interface, the use of limit orders and other features. I am so peed off with knee jerk legislation changes, some retrospective, and the negative impact it has had on many crypto hopefuls. I close relative has just had enough of all these “democratic” antics and has left this investment type forever. For him, it was insult to injury, but at least he knows who the real thieves are - same as same as for the last 5,000 years. Those in charge of printing currency.
Totally understandable given the circumstances. I have a small “bag” locked up in the Gemini Earn/Genesis bankruptcy debacle, that I’ve just been informed should be returned at 100%.
