🧘♂️ALERT: Most Important Trend
Market Meditations | November 2, 2021
DON’T Sleep On These 3 Cryptos
Markets are pumping and one new trend in particular has caught our attention. And remember, with more money, interest and hype comes more scams.
? Metaverse Deep Dive
? Hot Project Tips
? Trading Psychology Quiz
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Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
? Hot New Trend
Facebook recently announced that they are changing their name to Meta as part of the company’s effort to rebrand from a social media company to a metaversal company.
It’s likely that more and more tech giants will turn their attention to this hot new trend. And where the giants go, the money follows:
It is therefore unsurprising that we have seen a large uptick in Metaversal projects and Metaversal cryptos.
In this context, Metaverse refers to a project or coin that is either building or helping to build a virtual world. Consider these 3 Metaverse coins?
Still bullish MANA.
Had a big pump and now some sideways action.
Long term accumulation here seems more beneficial compared to short term plays.
Continuing to perform well and get funding.
As long as the crypto bull market continues, this seems like one of the safer bets; as one of the most well known metaverse projects.
Big breakout right into resistance.
Hasn’t broken ATH yet so has potential for a pump and explosive move up.
Potential level to be reclaimed for breakout: $3.5
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❗ Trading Dangers
In The Behavioural Investor, Daniel Crosby draws our attention to 4 trading dangers that, if we do not address, may destroy our trading and investing returns.
Can you tell which of these “dangers” is the odd one out that Crosby did NOT actually write about?
Ego – A person’s sense of self-importance
Conservatism – Wanting to play it safe and stick with what you know
Attention – Only paying attention to those with the loudest voice
Using Emotion – To help your judgement
? Project DD… Continued
How do you screen out the good from the bad, the launch-ready from the already-pumped?
Here are a few quick screening tips:
1️⃣ 24h Vol / Market Cap
This ratio represents the trading ‘churn’. Ratios between 0.1 – 1.0 are a good first screen for low-caps. Much lower and they’ve not got a lot of traction yet or the price is over-heated. Much higher and there is a lot of trading action going on (perhaps less hodlers) or the coin is established and has reached equilibrium.
2️⃣ Watchlist vs Twitter Followers
The latter can be bought so you don’t know if an early project is bot-heavy or not. It’s more difficult to fake watchlists as they are linked to user accounts. Coins with high watchlist numbers may pump harder and longer on a break of resistance.
3️⃣ Response to Shills
Influencers can cause a price impulse to projects through a single tweet – the response to that move though is indicative of the true strength of the coin. Check on the daily timeframe whether the coin consolidates higher up or returns back down to pre-shill levels. Consolidation suggests the market makers are prepared to let the price continue to rise.
4️⃣ Token Unlock Schedules
Make sure you know how many days there are until the next token unlock and by how much. Find the details in the whitepaper, litepaper or launchpad/IDO. If you don’t, it’s a red flag.
Chasing pumping projects can be a risky business, so make sure you know what type of project you’re getting into. To read a bit more about screening projects using fundamentals, check out last Friday’s Market Meditation.
4. Using Emotion To Help Your Judgement
This last one is actually the exact opposite of what Crosby was saying. His fourth and final “danger” is that one might bring too much of their emotions into their trading.
Trading and investing require logic, rigorous structure and attention to detail. If your emotions become too strong and start dictating your actions, you may decide to disregard that carefully selected stop loss.
Don’t let your emotions drag you down when you’re hungry, tired or upset. We recommend 10 minutes of meditation a day to help improve your awareness and reduce or eliminate making trading decisions whilst in that state.
If you want to find out more tips on how to avoid the other trading dangers listed check out our review of The Behavioural Investor by Daniel Crosby.
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