Hold or sell?

This has probably been one of the biggest changes in my trading this year.

I’ve spent the last few weeks trading almost exclusively on Robinhood Chain and somehow I’ve ended up trading less because of it.

There are new tokens every day. New launchpads (quite a lot actually). New narratives (I’m tired). New people telling you that the token launched 17 minutes ago is generational (not true). My best trade came from doing almost the opposite.

I found $PRISM around the $1M-$3M market-cap range while researching RWA infrastructure on Robinhood Chain, shoutout my guys from 404.

I understood what they were trying to build, so I entered with size through Phantom and waited. The token eventually ran toward $7M, retraced brutally, and at one point went all the way toward $1.4M.

I didn’t panic out.

At $1.4M I actually increased my position because the reason I bought it hadn’t changed. And that trade taught me something embarrassingly simple: sometimes understanding one ecosystem deeply is worth more than discovering 50 tokens every morning. Robinhood Chain is still incredibly early.

That rabbit hole gave me an actual thesis instead of another ticker, and when I have that, I’m increasingly comfortable holding through volatility. But this week has also been a perfect reminder of the other side of that strategy.

You still have to take fucking profits.

The market has been ridiculously unstable, positions can look incredible in the morning and give back a disgusting amount of the move before dinner. Holding with conviction worked extremely well for me with PRISM because I understood why I owned it.

Round-tripping every winner because “higher” became your entire exit strategy is something completely different. I recovered my initial investment in PRISM and took additional profit while keeping a large bag.

That’s the balance I’m trying to get better at. I want enough size that a good thesis actually matters. I want enough patience to let it develop.

And when the market gives me money, I want to actually keep some of it. A screenshot of a six-figure PNL that disappears three days later doesn’t pay my bills.

▶ This chapter includes a video. Watch it in the original edition.

I’ve been doing most of this trading through Phantom, happy to have them as our partners for this newsletter.

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