"In this bull market, I operated and earned over 100 million."
Over 100 million yuan in assets is indeed the most I have ever profited from in the crypto asset futures market. Although my assets in it were only over 10 million, for a professional trader, this is a small achievement and a measure of my value.
What the outside world sees is wealth, but behind it is the price I pay every night for sleeplessness, always worried about sudden market fluctuations, occasionally checking the market at night. After all, I manage over 100 million yuan in assets, and because it is not entirely mine, it adds a sense of responsibility. Recently, I had to rely on medication to sleep.
In that account with over 100 million yuan in assets, the initial capital was only 5 million yuan. In July and August of this year, when Bitcoin (BTC) was between 11,000 and 12,000 dollars, I earned a lot of coin assets for that account through the futures market, mainly ETH (Ethereum) and BTC, later converting all ETH into BTC, accumulating about 400 BTC.
Later, I took a break for a while, but unexpectedly, BTC rose. Even though my friend withdrew some when BTC was over 10,000 dollars, the remaining BTC was enough for me to go long, and I accumulated more and more Bitcoin, reaching over 20 million yuan in my account.
In the past two months, the price of BTC in the spot market surged from over 10,000 dollars to 40,000 dollars. In fiat currency terms, the amount also increased, and my spot assets quadrupled, with my account nearing 100 million yuan. I later added a little leverage, ultimately breaking the 100 million profit mark.
Looking back, my operations in this bull market this year were still very cautious; the idea was still to increase my asset holdings, but I did not go long at the start of the uptrend. If I had done that, my spot holdings would have yielded even higher returns now.
But there are no 'what ifs' in this market; I never expected the market to change so quickly, and I do not regret being 'too cautious.' Because the larger your capital, the more cautious you need to be; do not increase leverage excessively, as returns and risks are positively correlated.
As assets accumulate to a certain level, risk awareness should be stronger. This is also the experience and lessons I learned from the last bull market.
"Trading crypto assets allowed me to turn tens of thousands into tens of millions."
My introduction to Bitcoin really started from the news. In 2017, there was a very famous ransomware event where the hackers demanded ransom in Bitcoin. This event made many people aware of its existence.
I started trading stocks in 2015 but later dropped out of high school because I didn't want to attend a closed management school after finishing my first year. My family urged me to find a future direction, which led to a bit of depression. The emergence of Bitcoin made me want to try this emerging market.
I had known about the price market of Bitcoin before; after the news of the ransomware virus, Bitcoin became more famous. I judged that more people would know about it, and its price would rise.
In May 2017, I registered an exchange account and bought Dogecoin (DOGE) first, which shot up 70% the next day. I took out 20,000 to 30,000 yuan from the stock market to buy a bit of Bitcoin and continually traded spot short-term, earning about 50%, bringing my account to over 40,000 yuan. Later, the market plunged, and within a month, the profits were lost, leaving me with only 2,000 or 3,000 bucks.
The first 100,000 yuan I earned was from investing in EOS, buying in at 6 yuan, and a few days later it rose to over 30 yuan. My over 30,000 yuan account surged to over 100,000 yuan at one point, igniting my desire to make money.
At that time, my mother was caught up in a pyramid scheme, and it was clear that the over 1 million yuan she invested would ultimately be wasted; no matter how I tried to persuade her, it was futile. At that time, my girlfriend was going to study in the United States and broke up with me.
I moved out of my home, and various life changes made me see the future clearly, although it was not beautiful at all. I wanted to gamble for my future and planned to go to the United States to find my ex-girlfriend and study together, with the prerequisite of having money.
I discussed with my parents, mortgaged our old house, and with additional funds from family, I raised around five to six hundred thousand yuan to invest in the crypto asset market, earning nearly 200,000. Then the '9·4' incident happened, banning ICOs and domestic exchanges began expelling users, and all my profits were wiped out.
At the moment, I was in a panic, always calculating in my mind whether to bottom-fish or completely leave the crypto circle. Ironically, the chaos in the crypto circle at that time gave me time to research the value of Bitcoin and altcoins. I knew that public chains must have tokens; that’s what their incentive mechanisms dictate. Bitcoin is a global market, and China’s ban on exchanges has made the Bitcoin market increasingly de-China-ized.
I decided to go against the trend and bought Bitcoin and some altcoins. The small tokens in the market did not rise, but Litecoin (LTC) did, and BTC also increased. Because I was afraid the exchange would shut down completely, I transferred the altcoins to my wallet and continuously read books on blockchain and finance.
In December 2017, BTC surged, hitting 20,000 dollars at one point, and altcoins were also stirring. I had spot assets worth five to six hundred thousand, and I started to take 5,000 and 10,000 to try shorting in the futures market as a hedge.
In the second half of that year and early 2018, many major events truly occurred in the crypto market, and the market was very crazy.
I went long with 200,000 yuan worth of ETH for the first time, using 2x leverage, and earned 400,000 yuan. Altcoins also started to surge, and many in the trading groups I joined saw their coins rise over 10 times. My account assets also grew from over 500,000 to over 4 million yuan.
When I brought home my first million, my parents always found it hard to believe, thinking it was just a number that couldn't be turned into money. For me, not receiving recognition from my family was frustrating. But the crypto market remains crazy, and whatever project I invest in can yield dozens of times.
I felt it was too crazy, and by January 2018, I liquidated my altcoins and began shorting Ethereum (ETH). It was also at that time that I met a 'friend' in the group. I put in 1.5 million, he put in 3.5 million, totaling 5 million yuan to short ETH, netting over 10 million yuan. We then took advantage of the ETH rebound to go long, increasing our account to over 20 million, and the other party withdrew a portion.
This is also the first 'ten million' I've earned since entering the crypto market, which means that after joining the crypto circle, I saw wealth in millions and tens of millions that I had never imagined before.
I just felt this market was insane. I, on the other hand, did not become arrogant and did not use this money for material satisfaction; at most, I bought a slightly better computer to facilitate my trading. I also enrolled in a TOEFL class, planning to go abroad.
"In the last bull market, liquidation and being scammed led me to bankruptcy."
I started trading futures contracts on OKEx in 2017, and by 2018, I was already a VIP big player on the platform. At that time, the top ten positions in BTC holdings, so-called big players, had no less than 100,000 contracts, while for ETH, it had to be over 300,000 contracts. Later, my ETH contract order volume exceeded 3 million contracts.
But this big player of mine disappeared from OKEx in February 2018 because I believed a friend's prediction that Bitcoin would plummet, shorted BTC, and ended up getting liquidated.
In just five to six days, two to three million yuan disappeared, and my plan to study abroad completely fell apart. Even more frustrating things followed.
During the bull market in 2018, I invested the ETH I earned in that 'friend's' project, totaling about two to three million yuan. The other party told me that a project could easily multiply tenfold. I also borrowed over 800,000 yuan from classmates to invest in the project, accumulating over 1 million yuan in total debt, promising to give them a 10% return when repaying.
As a result, that 'friend' ran away with the money, and I was essentially scammed. I reported him to the police and also sued him in court, but due to insufficient evidence, I could not get support.
The so-called 'friend' was actually a social media acquaintance in the crypto circle. We had met before, and later traded contracts together with a certain level of trust. He was ten years older than me and, in my eyes, an adult. I didn't expect him to deceive me; he later simply blocked me and disappeared completely.
Just like that, in the days leading up to the Spring Festival in 2018, I, not yet 20 years old, went completely bankrupt, carrying over 1 million yuan in debt. My classmate later sued me, and I became the defendant.
That was the most desperate time for me; I even considered suicide. Just then, a friend introduced me to work at an investment fund where the fund manager had over 10 million yuan in capital and hired two traders, one of whom was me, and I became a professional trader.
There, meals and accommodation were provided, but there was no salary, only commissions. Initially, I was just monitoring the market. However, I took 10,000 yuan given by my family and managed to turn it into eight times that in two weeks from the futures market. The boss, seeing my ability, gave me 10,000 EOS, and I doubled my earnings. After that, he started giving me large amounts of funds, 50,000 EOS, worth over 900,000 yuan. In just over three months, I made over 2 million.
I could have taken out over 200,000 yuan from the profits, but the boss, due to other business issues and contract liquidations, the fund no longer exists. I wanted to retrieve the salary I deserved, but the other party sent me away, and I didn't receive that money.
In 2018, I experienced liquidation, being scammed, unpaid wages, and being sued; that year was only my second year in the crypto circle. In less than two years, I went from an investment of 20,000 to 50,000 or 60,000 yuan, gradually making over 10 million, but also returned to zero at the craziest point of the bull market. My family did not believe me; they didn’t believe me when I was making money, and after going bankrupt, it was even less so.
"The market is crazy, but it has also made me increasingly cautious."
However, while working at that fund, I also reviewed my trading experiences, including how I made money in 2017 and how I went bankrupt the following year. I have doubted whether it was all luck or my own ability.
After losing my job, I dug out all the screenshots of my trades, combined with my experiences, and posted them on Weibo, hoping to connect with more people with funds or trading experience. Honestly, I really wanted to see if anyone was willing to fund me for trading. Beyond wanting to make a comeback, I wanted to prove myself and understand whether trading in this market relies on luck or ability.
After writing around 20,000 to 30,000 words on Weibo, a couple of people really funded me, marking a turning point in my mindset.
They were all online acquaintances I had never met, and they collectively gave me around 300,000 yuan, one of whom was even abroad. The amount was small, but I felt trusted. I had been scammed before, so I knew how it felt, which is why I wouldn’t take people's money. I’m still young and certainly don’t want to live by deceiving others. Moreover, I operated with this small amount of money and indeed earned profits for the investors. It should be noted that from 2018 to 2019, the market transitioned from a bull market to a bear market, and I successfully profited from my abilities during the downturn, even as prices fell, I earned coins. I didn’t take a cut from it, but my confidence returned; I viewed it as a training experience.
My Weibo gained followers, allowing me to have a paid group. I primarily provide operational strategies in the group and charge a membership fee. This group laid the groundwork for my later comeback.
In a group, there was a big player with 5 million yuan in funds. During one market movement, he wanted to short BTC. I said, 'Don't short,' persuading him to go long instead. A few days later, BTC surged, breaking 10,000 dollars and rising to over 11,000 dollars, which was the liquidation price he initially wanted to short.
My persuasion and advice saved him, and we became friends. He gifted me a BTC. This Bitcoin, plus my salary from work, became my capital for a comeback, and I made over 10 million relying on this money. I repaid my classmate and paid them a 20% interest for two years.
The friend who gifted me Bitcoin trusted me more after a few operations and allowed me to trade directly on his account, paying me a commission.
We all participated in the bull market of 2020; my friend and I traded on OKEx, and I became a VIP customer on the platform again, restoring my personal assets to over 30 million yuan.
Now, with over 100 million yuan in assets in my hands, I have become even more cautious. Over the years of trading on OKEx, I often receive platform warnings about leverage and risk control, coupled with my own rollercoaster experiences, which have made me increasingly respect the market. I will continue to fill in the gaps in my financial knowledge.
Making money in the crypto asset market requires the right timing, location, and people; every factor must be considered. If you are not sure, do not recklessly increase leverage. Ordinary people should stay away from leverage and futures. My view on wealth has not changed; I never wanted to over-consume. Compared to money, being a trader gives me more value because, in this industry, many traders handle larger amounts of capital, which further tests their abilities.
I believe in the future of Bitcoin, especially this year, as more and more traditional institutions and enterprises enter the market. In this market, I have a small goal, hoping to have my own 100 million. But I will gradually withdraw some funds from it and invest in my life, such as buying a house. Looking back, my initial intention of making money was to give my family a better life and to fight for a better future for myself.
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