I made more money when I stopped touching things

Which brings me to the part of this week that made me laugh at myself. I just had what is probably my best week trading. I basically didn’t trade.

It started when I found $PRISM in 404 at $2.4M market cap (shoutout to 404). If you’ve read anything I’ve written recently, you know exactly why it caught my attention. RWA, Robinhood Chain, but hey more specifically, distribution.

I don’t think the difficult part of the next wave of tokenized assets is simply putting them onchain. We’re going to have thousands of things tokenized. Someone still needs to make people actually use them.

I liked how Prism Assets was approaching that problem, I liked the dev, and I entered with size through phantom. Shoutout to our partners! Best wallet and happy to collaborate with them through La Sobremesa too.

PRISM eventually reached a $7M market cap. I took some profit, enough to recover part of my entry, but I didn’t properly exit. Then it started going the wrong way.

Eventually I was staring at approximately $1.4M market cap, wondering whether I had managed to round trip another great trade. There is a specific type of pain in watching a position give back almost everything while knowing you had multiple opportunities to press sell.

You don’t even need somebody on CT to call you an idiot. So I went back through why I bought it. And instead of finding a reason to leave, I found myself more convinced. At $1.8M, I added.

Then came the genius strategy responsible for the rest of my week:

I did absolutely fucking nothing. I didn’t rotate because another token was trending. I didn’t reduce the position because somebody posted a bearish chart. I didn’t turn one thesis I understood into five positions I barely understood because my timeline made me feel like everyone else was making money somewhere else.

I waited. And PRISM became one of my best trades. I’ve made the opposite mistake enough times now to finally recognize it.. I trade too much.

There have been weeks where I’ve been right on the main idea and still managed to make less money because I needed to participate in everything around it.

You make $10K on something you understand, lose $2K here, $3K there, get bored and ape another ticker, sell something too early to fund the next trade and somehow turn being right into an exhausting week.

I’ve started preferring something much simpler: when I genuinely have conviction, I’d rather have meaningful size in one play than meaningless size in ten. That obviously makes being wrong more expensive, which is why conviction without research is just another word people use for gambling.

But there’s a difference between concentrating because you’re emotional and concentrating because you’ve spent enough time with a thesis to know exactly why you’re there (I’m still holding a large PRISM bag btw). I’ve taken my initial investment out and realized additional profit.

The rest stays. I want the six-figure PnL screenshot.