My family background is average. Although I graduated from a 211 university, my work capability is average, and I had no financial planning. By 2018, I had saved less than 200,000.
I bought a house in 2015 for 830,000, with a down payment of 180,000. I sold it in May 2016 for 1.29 million, and after deducting various expenses, I had almost 800,000 at that time.
In 2017, when the stock market began to rise, I tried buying stocks, usually in thousands. Until one time, I believed a big influencer on Weibo (that person was quite remarkable, and my experiences later mirrored his) and bought 400,000 worth of Tonghuashun at a high point. Two months later, I lost 170,000 and cut my losses. Then I found another trader, agreeing on a 55-45 split. That month, I made 1.4 million, and at that time, I encountered Bitcoin. Initially, I just wanted to earn a few thousand a day, until a month later, my contract exploded, and I made 1.84 million.
From then on, I began to study trading techniques. I spent 199 to buy over 1,000 indicators from Coin World. Later, I excelled in the crypto world, turning the mere 200,000 I had into 980,000 in three months.
In 2019, when the pandemic broke out, I worked from home. Having learned from my previous painful lessons, I decided to only trade with 5,000, making about 50,000. At that time, many people were optimistic about a bull market. I sensed something was wrong and believed there would be a crash. So, I cleared my positions and posted on Weibo, gaining my first batch of followers.
Then, the explosion of 312 happened. It officially began my legendary life in the crypto world.
In April 2020, I invested 100,000. By August 2020, I reached 1.6 million. After a loss of 1 million, I clearly remember the next day when my mentor chatted with me. He was amazed at how I could lose 1 million and still be cheerful. I knew very well that a bull market was just ahead.
On October 3, 2020, through periodic calculations, I determined the bottom time for Bitcoin to be November 5, coinciding perfectly with the actual bottom time afterward. This was one of my proudest moments. A fan in the group invested 100,000 that day and made 10 million later.
Then the bull market arrived. By April 2021, I earned my first peak of 27 million. In terms of both time and amount, I had achieved my initial expectations. At that time, I also changed jobs, with an annual salary of about 400,000. I discovered a serious issue: almost all altcoins had structurally peaked, so I made a serious mistake—looking for low-lying areas, specifically choosing to invest in domestic projects that had relatively weak momentum in this bull market.
The 519 explosion occurred. By July, I had 26 million left from 18.5 million. I started trading contracts in July and reached 60 million by September 4. I submitted my resignation.
On September 4, I went out to look at houses, preparing to buy. On the way, I seemed to notice some structural issues, so I closed the Binance contract worth 5.6 million with one click. However, because I was also on OK, Huobi, and FTX +, Gate...
I opened over 100 contracts in total, but OK and Huobi couldn’t close all at once. Many coins still have single-order limits, and FTX requires you to return to your computer to operate. To make matters worse, it rained in Jinan that day, and traffic was non-stop. My phone ran out of battery, so when I got home that night, OK, Huobi, FTX, and Gate had all exploded.
At this point, I should have stopped, but thinking about the house I was preparing to buy for 4 million, with only over 5 million in hand, my gambling mindset surged, and I decided to go all in with 10x leverage with a very low target—just to double my investment.
Things started to get bad.
After the Mid-Autumn Festival in October 2021, I lost down to 43 million. A week later, I made back 5 million and withdrew 30 million from friends.
From then on, I started operating with small positions. By February 2022, I still had 400,000 in Binance.
From February to April 2022, 400,000 became 2 million. From June to August 2022, 2 million became 800,000, and I started to reduce again. From March to September 2023, 800,000 became 300,000, and I began to decrease again, leaving me with only 300,000. For me, this 300,000 would be the final bottom line in the upcoming small bull market. In October 2023, I realized a small bull market was coming and began trading, reaching 9 million by March 2024.
In May 2024, after clearing my positions, I traveled for several months. In September, I publicly bottom-fished on Weibo, and my assets reached 15 million.
In early December 2024, I cleared my positions. On Binance, my total assets in my Sesame account were 28 million. After bottom-fishing at the end of December, I have been holding ever since. This bull market is very difficult to play, and the experiences from the previous two bull markets are completely inapplicable here; the market is always changing, and so am I.
The story continues; I am back. I am waiting for an opportunity. However, this opportunity is like a star in the night, always elusive.
1. 60% main position, engage in large cycle long-term investments, the first year post-halving is suitable for Bitcoin, while later it's suitable for Ethereum. Currently, consider allocating less than 3x leverage for Ethereum + Solana. Any other investment logic may not withstand the test of time. Currently, only Ethereum + Solana seem to be the most certain.
2. Various long-term positions in old coins, VC coins, and sector coins have no cost-effectiveness. It's better to switch to leading coins in major sectors.
3. Currently, holding long positions with low leverage in Ethereum + Solana. Any other assets may ultimately not perform better, with a low win rate.
4. If you engage in short-term speculation, betting small to gain big, there is no cost-effectiveness with old coins, VC coins, leading coins, or sector coins. It’s better to look for strong meme coins. Whether it’s on-chain hundreds of millions or even billions, the explosive power and overall odds of popular leading meme coins are much better than the old mountain race coins.
Although most people do not like to heavily invest in SOL + + Eth, those who make a lot of money in the crypto world are generally those who use Bitcoin, Ethereum, and SOL as their main positions. This aligns with investment common sense and the current state and past patterns of the industry.
I patiently summarized my insights. The most important aspect of trading coins is having a good mindset; technique comes second.
1. Do not become attached to hot coins. When profits from altcoins reach a certain point, you need to switch. Trying to eat from start to finish is inevitably a lost cause. The reasoning is simple: altcoins cannot rise indefinitely. After trading, you need to switch; otherwise, if they drop back to their original point, your efforts will have been in vain, for instance, with FIL and LUNA from that year.
2. Prices at high levels may consolidate before breaking higher; seize the opportunity to prepare for a sell-off. Prices at low levels may hit new lows, which is likely to present good opportunities. When the coin price consolidates at a high level and then creates a new high, be wary of the main force trying to lure buyers. When it’s time to reduce positions or exit, don’t hesitate. Conversely, when the price consolidates at a low level and then creates a new low, but quickly rebounds, it is likely the main force's last shakeout. At this moment, you should remain firm in your convictions.
3. When the market environment is poor, and prices move sideways against the trend, it will rise; small increases against the trend may lead to significant rises. When the market environment is good, sideways movements against the trend will lead to small declines, and small declines against the trend may lead to significant drops.
4. Only increase your position when making money, and don’t average down when losing. This might break many people's preconceived notions. Our positions should be increased when the coin price breaks above the previous high, not when it keeps falling. Otherwise, the more you average down, the more you will lose, ultimately becoming immobile. You must cut losses and let profits run.
5. As long as you identify the bottom price, there is usually an increase of two steps forward and one step back. At this point, don’t doubt, as it generally follows with great surprises, especially during an upward trending market where prices rise and consolidate at the same time. Don't exit lightly.
6. Top players first look at the sector, second-tier players only look at individual coins, third-tier players look at indicators, and non-tier players only gamble. This means that when we want to buy a coin, we should first look at the sector. Only by engaging in popular sectors can we have higher popularity and win rates. Next, we look at the tokens. Only looking at indicators is for beginners; those who look at everything are just gamblers.
7. Indicators change with volume and price, so volume and price are the roots of indicators. If you don't look at volume and price but trust indicators, trading coins will only lead to frowns. All indicators are calculated based on coin prices and trading volumes, so true technical analysis requires looking at volume and price; price increases need substantial capital to drive them.
8. In an upward trend, look for support; in a downward trend, look for resistance. When the coin price is rising, operating based on support lines has a high success rate and offers opportunities for low buy-backs. In a downward trend, operating based on resistance lines has a high chance of success, allowing for shorting or exiting opportunities.
