I've been following the old demon for 3 months and witnessed most of his journey to profit over 30 million. At first, I saw that he had a large position (almost all of his funds in each trade) and was aggressively leveraged, which made me feel the risk was high and he might blow up his account. Here are two of his biggest profitable trades that I followed from start to finish:

【March 3 - March 11, Ethereum short position profit of $1.37 million】On March 3, he opened a large Ethereum short position and quickly made a profit of $500,000. After exceeding a 100% return, he still did not take profit, which I found incredible. Later, Ethereum retraced, and his floating profit dropped from $500,000 to a floating loss of $300,000, yet he did not cut losses but firmly waited for the market. This position was held for 10 days and then closed with a profit of $1.37 million. At that moment, I truly felt he was a master.

【March 19 - April 7, Ethereum short position profit of $1 million】

This trade followed a similar storyline, first making $500,000 and not taking profits. Two major retracements in Ethereum led him from a floating profit to a floating loss without cutting losses. He waited until early yesterday morning, when Ethereum collapsed, capturing $1 million in profit. If it were me, I definitely wouldn't have held on.

From this, it can be seen that although the old demon has a large position and high leverage, which are generally opposed by traditional trading theories, his position size was quite significant when viewed from December of last year. (The margin for one trade accounted for 10%-20% of his total personal assets.) Now, due to significant profits, the proportion of his position has decreased. However, he has shown a firm execution of his trading strategy. Facing a floating fluctuation of a million dollars (the floating of his March 3 trade went from a negative $500,000 to a positive $1.37 million, a fluctuation of $1.9 million which was about 1/3 of his total personal assets at that time), he remained unfazed. Therefore, the key to trading is to build your own trading system and execute it firmly.

The old demon is not a rich second generation; he has been trading cryptocurrencies full-time since around 2019, and he has also experienced blow-ups and debt in between. He kept losing money until 2021 when he finally broke even, and it wasn't until 2024 that he started making big money, around 10 to 20 million. About 70% of his career profits were made in the last 3 months. It took him six years to hone his skills, and the profit curves of successful traders in the crypto space are somewhat similar.