A Must-Read for Newbies in the Crypto Space! The Blood and Tears Ten Commandments of Old Hands!
Want to borrow money to recover losses? That's no different from entering a gunpowder store with a torch. I've seen brothers liquidated at three in the morning, mortgaging their wedding homes while still owing a mountain of debt, now delivering food to pay it off.
Big platforms like Binance and OK have some shame, but small exchanges run away faster than flipping a page. Last month, a certain shady exchange pulled the plug, turning three hundred thousand in capital into a digital tombstone in an instant, and the victims are still crying in the rights protection group.
Don’t be envious of altcoins doubling in a day; those are just bait set by the big players. Last year, a colleague went all-in on a certain animal coin, rejoiced for three days as it skyrocketed, then on the fourth day it went to zero, now he gets PTSD just seeing dogs.
It’s fine to use money meant for groceries or mahjong, but never touch your house down payment. My neighbor secretly took his wife's betrothal money to trade crypto, now he’s divorced with two kids living under a bridge, constantly lamenting, "I should have listened to the advice back then."
Even when you see a good opportunity, don’t go all in; enter in three batches. Last week ETH dropped to 2800, I averaged down in three stages, now my average price is 2900 and I’m quite pleased, those who went all in at 2900 are now facing tall grass on their graves.
If you’re up over 20%, cash out quickly, leave some soup for others. I was greedy last year and didn’t sell SHIB during the bull market, and it went from 0.00008 back to 0.00002, costing me a BMW.
Those in the group shouting about "hundred-fold coins" are 99% likely running a scam. I joined a certain "teacher"’s trading group, made five thousand after three trades, but got buried on the fourth, and three hundred people in the group went completely dark.
Don’t chase after a surge and don’t panic during a drop. Last month, a certain AI coin surged 80% in a day, and three days later it plummeted 120%, those who chased the rise are still queuing on the rooftop.
The crypto space is more competitive than college entrance exams; if you don’t study, you’re just a noob. I now diligently study on-chain data for an hour every day, last week I monitored a whale transfer and managed to exit a dog coin that was about to go to zero, saving myself a hundred thousand.
Lessons learned from real money are valuable; surviving in the crypto space is more important than making money. I've seen too many people make a million in three days and then lose it all and jump off; the big players understand human nature better than you do, and all stories of sudden wealth are survivor bias.
The market changes every day, keep your mindset steady. If you always feel like you’re a step behind, or if market noise is bothering you, feel free to chat with me.