People often say “focus on your domain.”

But in narrative trading, your execution zone - when you enter, is just as important as what you trade.

Every new project or narrative has 3 clear legs:

1) The quiet leg: Before the crowd.

Still under the radar: low volume, little attention. This leg is about forming early conviction based on incomplete signals - acting before the narrative is obvious.

It rewards vision, patience, and conviction. You buy when it feels uncomfortable.

2) The expansion leg: The story starts to spread.

The story catches on. Volume picks up, price accelerates.

This leg rewards timing and momentum. You’re no longer early and once you spot it, you have to move.

Position sizing and execution matter. You’re riding the wave with others, so hesitation costs.

3) The saturation leg: Everyone’s watching.

Most know. The trade is crowded, and edge shifts to speed and precision.

Narrative proliferation means reactions are stronger - price moves faster on news, tweets, and rotations. But with more eyes on it, competition is fierce.

At this stage, it’s less about having the best thesis, more about reacting better and faster than others.

You don’t need to trade every part.

Figure out which leg fits your style and lean into it.

Your edge isn’t in doing more. It’s in knowing when you’re most effective.