1. The gambler's start: the path to zeroing out 800,000 capital

In 2018, with experience in stock index futures and options trading, I ventured into the contract market, confidently believing I could make money year-round without a break. Reality, however, dealt me a heavy blow: every month in the first half of the year, I was promptly liquidated, with 800,000 capital evaporating in high-frequency trading, losing 15 kilograms, staring at K-lines until dawn, and my mental state on the verge of collapse.


The most absurd part is the reverse operation experiment: if I had done the opposite for the first half of the year, I could have made 120,000 USDT — this number hit me like a slap: the contract market is not a technical battle, but a battlefield of human nature. Holding positions against the trend, leveraging after profits, emotional trading... these fatal errors turned me into a 'mobile ATM' for the exchange.

2. Two iron rules learned from heavy losses

1. Risk control > all technicals

The liquidation list hides the truth: 78% of losses come from 'averaging down against the trend', and 15% stem from 'leveraging after profits'. When reflecting during the market halt in 2019, I wrote down three principles of risk:


  • Position rules: single position ≤ 5% of total capital, 100 times leverage is effectively only using 20 times;

  • Time red line: no overnight trades, mandatory halt after 2 AM;

  • Emotional circuit breaker: if daily losses exceed 10%, immediately exit the trading software.

2. Trading intuition is not a talent, but a data-driven training

After reviewing 1000 historical trades over 3 months, I discovered:


  • BTC's support level at $105,000 has an accuracy rate of 72%;

  • ETH has a probability of over 65% to rise in the 3 months before each halving cycle;

  • The probability of mainstream coins continuing the trend the next day after a single-day fluctuation of over 8% is only 31%.
    I wrote these data into a trading manual, replacing the past practice of 'feeling the trades'.

3. The turning year from explosive profits to stability

2020 was a critical turning point. When ETH started at $200, I used a three-phase strategy to turn the tables:


  1. Position building period: buying in 5 times, each time 10% position, average price $230;

  2. Position increase period: after breaking $300, use 30% of profits to increase position;

  3. Profit-taking period: set a 50% retracement profit-taking, ultimately clearing at $680.


This wave of market not only recouped losses but more importantly formed a trading system of 'intraday swings + hedging to take profits':

  • Only trade 4-hour K-line trends, avoiding minute lines that tempt false breaks;

  • Withdraw 50% of every profit as cash, forcibly cutting off the gambler cycle of 'reinvesting profits';

  • Hedge spot risks with USDT perpetual contracts, keeping leverage within 5 times.

4. The transformation of mindset after full-time trading

On today's trading desk, there are always two pieces of paper:


  • On the left side is the 'profit list': recording the logic and execution of each trade;

  • On the right side is the 'loss diary': marking moments of emotional loss of control with a red pen.


Full-time trading does not lead to instant wealth, but to cognitive upgrades:

  • Understanding that 'earning small money' is more realistic than 'betting a hundred times' — a stable 20% monthly return now feels more solid than making 15 times overnight back then;

  • Learn to coexist with loneliness: when family doesn't understand, use trading records to prove 'this is not gambling';

  • Respect the randomness of the market: the crash of LUNA in 2022 made me realize that even the perfect system needs a 'black swan plan'.

5. A survival guide for newcomers

  1. Capital management formula:
    Investable capital = (annual income - annual expenditure) × 20%, and single trade loss ≤ 1% of this capital

  2. Emotional management tools:

    • Take 3 deep breaths before trading; if heart rate exceeds 80 beats/minute, refrain from placing orders;

    • Use 'if this were someone else's money' to overcome greed;

    • Set a 'cooling-off period' for trading: intervals between each trade ≥ 15 minutes.

  3. Anti-human nature trading rules:

    • After a 50% profit, immediately withdraw 30% of the capital;

    • After 3 consecutive profitable trades, force a 1-day break;

    • During a market crash, ask yourself: 'If I had no positions, would I buy now?'


Conclusion: After seven years in the crypto world, I have seen the myth of 100 times leverage and witnessed the zeroing of millions in assets. I finally understand: trading is not about fighting the market, but reconciling with oneself. When you can stay clear-headed during profits and learn to reflect after losses, this path, even if lonely, will eventually lead to the freedom you desire.

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