Financial freedom at 38! Entered the cryptocurrency world at 25++, earning an 8-figure sum in 10 years.
Blood and tears warning: 99% of people fail due to 'mindset,' not skill!
"At 25, I entered the cryptocurrency world with my entire fortune of 50,000: at 38, I earned enough money for a lifetime through trading cryptocurrencies, with assets exceeding 10 million without a team."
No insider information, not even working a day – now I wake up naturally every day, walk the dog, drink tea, and watch K-lines. Worries? Nonexistent.
But if you think this is a 'feel-good' article, you can scroll past now.
The truth I want to share may send chills down the spines of 80% of people in the cryptocurrency world.
Earning 10 million does not require extraordinary abilities, just a clear understanding of the principles of making money.
First, you need a catalyst, which is the cash flow from your off-market income. For example, 50,000 to 100,000 a year. This ensures you don't have to sell assets and miss opportunities.
Second, when faced with good opportunities, such as a bull market in cryptocurrencies, do not over-invest. This over-investment does not mean you can't have a large position, but you must not let joy cloud your judgment and lead you to take excessive actions or use various leverage and borrowing.
Having achieved these two points, for the third point, you need a bubble opportunity. A bubble opportunity refers to when everyone's assets are soaring, and when playing the same asset, everyone is wealthy. At this time, you must sell, turning the bubble into art. The market may allow everyone to have floating profits, but it is impossible for everyone to make money. When everyone has floating profits, it is a bubble opportunity; sell decisively.
Moreover, you need to have gone through 1-3 bubble opportunities, mastering the methodology to navigate bubbles, and the money you earn should not be used for anything until you can buy in when there are no more bubbles.
If you simply hold, you likely won't hold on. You must actively apply methodologies, not just hold blindly. If you have a lot of money, you can hold it blindly; if you have little, you must give up some sense of security to take risks in market cycles.
When everyone advises you not to buy, there's usually a huge cognitive gap hidden within.
They are the source of your proximity to bubbles. If they all say it’s good, then you will definitely be dragged down with them; there are no opportunities.
Bubble-exploding asset types should not be scam coins or air coins; if you sense they might die, don't choose them.
You must have crossed two cycles and continue to rise; only BTC is certain.
Another aspect is mindset.
There's a contradiction I've always faced: if I live frugally my whole life without getting married or having children to become wealthy, then when I grow old, having developed a frugal habit without heirs to inherit my wealth, isn't that quite sad? But if I don't do this, I'll also grow old without money, which is equally sad.
Rest assured, even if you live frugally, you won't become a wealthy person. If the process of making money doesn't spark your interest to the point of sleeplessness, and if there’s no intrinsic motivation beyond making money itself, you won't get rich, and there won't be anything for someone to inherit.
You must spend when necessary. Live a normal life. I once walked the path of frugality, which was a madman's behavior. I now understand that it was wrong. Most people can't manage that. In the end, it leads to mental breakdown.
After earning 10 million, how do you preserve that 10 million?
1. Some assets are opportunities of the times, and the next one will take time to wait for: Beyond BTC, there will be such assets in the future. But you have to wait.
Targets may change, but human nature does not.
2. Can you maintain the same consumption level after achieving 10 million in net assets? It's not about saving; it's about maintaining the same level as before. This is key.
3. It is essential not to inflate or waste; once you have money, if you start overspending, it is a sign of decline.
4. Break free from the cognitive pressure imposed by various social relationships. For example, when others ask you to lend money or invest, emotionally blackmailing you. Some will be manipulated by women, others by friends. When you have money, there will always be someone trying to get money from you. You are the customer of everyone around you; you must be vigilant, as most people can't get through this barrier.
Those who push through will lose much and gain solitude.
Survival Rules in Currency Nation: 15 Iron Laws to Navigate Market Volatility
In the unpredictable world of cryptocurrencies, survival is the ultimate victory. There are no celebrations for the lucky, only long-term winners who strictly adhere to the rules. The following 15 survival rules are key guides for navigating market cycles:
1. Capital comes first: Prioritize safety; it's better to miss out than to take unnecessary risks. Ignoring the risks of ambition will eventually backfire on all gains.
2. Curb greed and seek stability: Give up fantasies of getting rich quickly; gradual profit accumulation is better than high-stakes gambling. Restrain your desires to seize true opportunities.
3. Diversify to Hedge: Use an asset portfolio to spread risks and keep over 20% in cash. Liquidity is a lifesaver during market reversals. 4. Strictly Adhere to Discipline: Stay away from downward trend currencies, refuse to chase highs and panic sell. Impulsive trading only results in 'tuition fees' paid to the market.
5. Know how to enter and exit: Accumulate positions in phases during sideways markets, and decisively take profits when targets are reached. Avoid greed and emotional attachments to see the truth.
6. Respect risks: There is no end to the money to be made in the market, but your balance could go to zero. Take profits when they are available to ensure you can smile in the end.
7. Decisively cut losses: When fundamentals deteriorate, act swiftly. Hesitation can turn small losses into deep pitfalls; preserving your capital is key to the future.
8. Go with the Trend: For long-term views, look at weekly charts; for ultra-long-term, look at monthly charts. When trends reverse, take profits promptly without stubbornness.
9. Beware of extremes: Reversals often occur after dramatic rises or falls. Always remain clear-headed about 'irrational exuberance.'
10. Better to have less than excess: 90% of market movements are noise. Learn to stay in cash and wait. Missing out is not regrettable; making mistakes is fatal. 11. Patience wins: Instead of blindly seeking opportunities, it's better to wait for the trend to become clear. Top trading wins by waiting.
12. Know when to stop: Set profit targets and take breaks upon reaching them. Maintaining rationality is more important than pursuing extremes. 13. Stop Loss is Key: Stopping loss is the bottom line, while profits depend on the market. Don’t confuse luck with skill; relying on luck can ruin your plans.
14. Time compounding: Frequent trading depletes your capital. Stick to the trend, endure loneliness to preserve prosperity.
15. Unity of knowledge and action: No matter how perfect the strategy is, without execution, it is mere talk. Use discipline to combat psychological demons and let rationality guide trading. These rules condense countless painful lessons. Only by ingraining the rules into your bones can you become a true survivor and victor in the turbulent cryptocurrency market.
Iron laws of trading cryptocurrencies:
First, for those currencies with complex situations that you cannot clearly see, never rashly enter. Pick the softest fruit first; trading is the same.
Second, do not invest all your money in one currency at once, even if you are very optimistic about it. Even if you are proven right later, do not invest all at once. Because the market is volatile, no one knows what tomorrow will bring.
Third, if you mistakenly buy a currency in a downward trend, be sure to sell it quickly to avoid amplifying losses.
Fourth, if the currency you've bought hasn't incurred losses yet but is already in a downward trend, exit and observe.
Fifth, for currencies that are not in an upward trend, it's advisable to pay less attention. Regardless of what happens in the future, don't accompany the main forces to build positions. Retail investors don't have time to waste with them.
Sixth, don't fantasize about making money while constantly trading short-term; going in and out daily can give you a thrill, but will cause you to lose a lot of money. The only ones benefiting are the exchanges, and you won't reach that high level; you are not the market maker. Do not buy too many currencies; it's best not to exceed 10. You don't have the energy to monitor them all. It's like wanting to marry five wives; even if you're fit enough, you can't satisfy them all. The story of Wei Xiaobao only happens in novels.
Seventh, just because a currency is cheap and has dropped significantly does not mean it's a reason to buy. It could become even cheaper! Eighth, just because a currency is expensive and has risen significantly does not mean it's a reason to refuse to buy or sell. It could rise even higher!
Advice
1. Never casually throw away a bull currency; prioritize bull currencies. Engage in both hot spots and strong currencies, balancing investment and speculation.
2. The most important thing for a trader is adaptability in the market.
3. Qualitative assessment is a must. Long-term trend qualitative assessment, weekly selection of currencies, monthly identification, daily tracking.
4. Follow the rules; use Bollinger Bands or moving averages that you find effective to analyze market trends.
5. Skills are taught not by theory, but by technical proficiency. Repeat successful experiences to make earning money a habit; earning steadily is more important than making a windfall.
One cannot sail alone; a lonely sail does not go far! In the cryptocurrency circle, if you don't have a good network and first-hand information, I suggest you follow me to get to safety. Welcome to join the team!
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