Crypto Night of Terror: From 2 million to 500,000, how I rebounded from despair
On Christmas Eve 2017, in that small, dimly lit rental room in Shanghai, I stared intently at the trading interface, my fingers cold as if pricked by ice shards.
Three days ago, the 2 million in my account soared with Bitcoin's rise, the numbers skyrocketing like a rocket, filling my mind with dreams of a newly liberated life.
But fate's ruthless hand waved lightly, and a crash hit like a fierce tsunami, instantly swallowing all my profits, halving my principal to a lonely 500,000 lying in my account.
At that moment, I truly realized that the "paper wealth" in the crypto world is as fragile as a candle in the wind, unable to withstand even the slightest disturbance.
From then on, I fell into a dark abyss, clutching that 500,000, struggling step by step to climb back up to the million account peak.
In these ten years, I've tasted bitterness and shed tears, ultimately summarizing these three blood-soaked lessons.
Leverage is a double-edged sword; it seems to lift you up but hides deadly traps. I once used 20x leverage to earn 500,000 in a single day, the rush of money flowing in was addictive.
But when regulation issued a command, it sounded like thunder, almost wiping me out. Now, I lock my leverage at 3x during trading,
and I never exceed 5% of my position in a single coin, knowing that only by surviving can I wait for the next opportunity.
Mainstream coins are the anchor of the crypto world. I once bet 300,000 on "hundredfold altcoins," initially seeing a profit of 1.8 million, which made me so happy I lost my bearings.
But ultimately, the project team ran away, and the money vanished like flowing water. Now, I keep 85% of my funds in BTC and ETH, while 15% is in light positions for new coins, ensuring I can steer steadily through market storms.
Stop-loss is the life-saving talisman in the crypto world. I used to blindly average down after a 15% drop, resulting in losing half a house. Now, I set an 8% hard stop-loss on every trade, exiting as soon as I hit that line, because I know,
a pullback exceeding 8% means a judgment error, and recognizing mistakes in time is the only way to protect my principal.
The crypto world never lacks opportunities; what it lacks is the capital to endure until opportunities arise.
My million account is not glory, but the interest of adhering to rules, the "insurance" after enduring blood and tears.
The night is still long, and I have hung the light well, hoping this experience can illuminate more dreamers in the crypto world.
