I have accumulated about 40 million from cryptocurrency trading, starting with less than 100,000 in capital. I have not sought another job in 9 years and have traded cryptocurrencies full-time, experiencing drastic market fluctuations but crucially seizing opportunities in several bull markets.
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If your available funds do not exceed 500,000 and you wish to quickly stand out in the cryptocurrency field through short-term trading, then please pay close attention to the following content. After reading it, you may gain a clear understanding of the essence of short-term trading!
Having passed the age of thirty, I have spent a decade in the investment world, of which six years have been dedicated to trading cryptocurrencies to support my family. Not having entered the finance profession has always been a regret in my academic career. Since the beginning of college, I developed a strong interest in stocks, finance, foreign exchange, and other fields through the online world. The interlaced red and green screens are like a color palette of life, which fascinates me. With infinite aspirations for the market, in my second year, I resolutely opened an investment account and gradually entered the cryptocurrency space, with Bitcoin and other digital currencies coming into my view. With the recommendation of a classmate, I gained a deeper understanding of this field, and my interest grew stronger, thus embarking on my investment journey.
When I first entered the cryptocurrency space, like many newcomers, I was obsessed with technical indicators, constantly backtracking historical data in an attempt to find patterns; I was keen on investing in low-priced coins or coins that had significantly pulled back, thinking they were safer. However, these perceptions of the market were one-sided and incorrect.
Through trials and tribulations, I gradually realized that to quickly achieve profits in the market, short-term trading is the way to go. Of course, the compounding effect of medium- to long-term trading should not be overlooked and needs to complement short-term trading.
My experience tells me: never let temporary profits cloud your judgment. It is important to know that sustaining profits is the most difficult challenge in the investment world. We must conduct thorough reviews and analyze the successes and failures of each trade, whether it was due to luck or skill. Only by establishing a stable and suitable trading system can we unlock the golden key to sustained profits.
There is a saying that I have always remembered: "If you do not occupy the ideological position, it will be occupied by others."
Today, I am willing to selflessly share with everyone the valuable insights I have accumulated during my cryptocurrency trading career. These insights are the essence of my ability to stand firm in the market for the long term. As long as you study seriously, you will definitely reap rewards, and your understanding of cryptocurrency trading will undergo a transformative change!
Many people do not know how to trade contracts and often face liquidation; I have summarized my thoughts and insights on contract trading after over 10 years of cryptocurrency trading.
1. A contract is essentially just a tool.
Before I started engaging with contracts, I heard various opinions. Some people think contracts are like a flood beast, while others believe they are a machine for making the wealthy. But in reality, it is just a tool, and the key lies in how to use it. Typically, large funds use it for asset hedging, which is risk management, yet many treat it as a path to wealth (I initially thought so too). It is a zero-sum market where someone profits while others inevitably incur losses. Coupled with the trading platform's commissions and possible market manipulation by speculators, retail investors find themselves in a difficult situation. Saying that contracts are like a meat grinder is not an exaggeration. If you want to survive in this field, you must master the survival rules; only the fittest can survive.
2. When opening a position, be sure to set a stop-loss (please silently repeat this three times).
The stop-loss range can be set between 1 to 100 points, which should be determined based on the position size.
3. The so-called "eternal profit method."
Set the stop-loss at the original price, first use one-tenth of the position for a trial trade. If the trend judgment is correct, continue to add to the position and then take profits during a pullback. It sounds good, but the reality is very cruel. First, trend judgment is extremely difficult, and the market primarily moves in oscillations, with very few opportunities to capture a one-way trend. Second, even if the judgment is correct, continuing to add positions will raise the original opening price, and once a small pullback occurs, it may trigger the original stop-loss. Frequent trading fees can also be astonishingly high. Although making the right move once can multiply the capital several times or even hundreds to thousands of times, doing this long-term will ultimately just be working for the trading platform, as it has no sustainability unless you make a profit and leave immediately.
4. Newcomers often do not like to set stop-losses.
I have also gone through this stage. Once the emotion of loss aversion is magnified, it can lead to frantic trading, thus expanding the risk infinitely. Once the capital chain breaks, you can only watch helplessly as your position is liquidated, often without realizing it until it is too late. Initially, I just wanted to earn one-tenth of the profit, but ended up losing my entire capital.
5. There are methods to profit eternally in contracts, but they are definitely not something that newcomers to this field can master.
Many people participate in contract trading to make big money with small capital, and to earn big money, there are only two paths: one is to win with position size, i.e., heavy positions; the other is to win with amplitude, such as large declines like 312 or 519, or significant rises like from 10K to 60K. To seize such amplitude trends, any analysis may be useless; there is only one method: do not take profits. The best way to take profits is not to take them at all, but this is extremely counterintuitive. Even 90 or 100 times, you may incur losses or break even, which I cannot achieve. If the position is small, even if the amplitude is large, you cannot make big money; if the position is large and the amplitude is small, it is useless and also increases the likelihood of liquidation. All those who have made big money are experts at balancing position size and amplitude.
6. The market is unpredictable, just like there are no constant forces in warfare and no constant shapes in water.
The market always develops in the direction of least resistance; betting on trends and guessing sizes are essentially no different. No matter how much technical analysis you learn, it may still be useless. Being able to read K-lines and some basic concepts is generally sufficient. Technical analysis is not difficult; just remember this: if the trend is upward, it will continue to rise; if the trend is downward, it will continue to fall; if it has risen a lot but pulled back little, it will rise even higher; if it has fallen a lot but only rebounded slightly, it will continue to fall. The larger the cycle, the more effective this rule is. Understanding these principles means mastering the core principles of technical analysis.
7. The only way to make big money is to be in the trend.
Engaging in rolling positions in a trend is fine; trading with small positions during oscillation markets is also acceptable. However, if this trading habit is formed, it will be very difficult to hope for sudden wealth in a lifetime. Short-term trading can yield quick profits, but losses can also come quickly. Over time, you may end up paying more in fees than you earn. If you think you are destined for greatness, then go ahead and try, but know that losses often begin with winning.
8. The timing of entry is crucial; many losses stem from the fear of missing out.
When there is no position, during a decline, wait for a rebound before opening a short position; remember not to chase the decline. The same goes for an upward trend; wait for a pullback before entering, do not chase the rise. Doing so may cause you to miss some strong trend opportunities, but most of the time, it is safer. However, many people only see profits and not risks, and in the end, blame others for their missed opportunities.
9. Do not be afraid.
Many people have suffered losses in the futures market and are now afraid to open positions, becoming indecisive and hesitant when they trade again. Losses can lead to an overly strong sense of purpose, excessive desire for results, always thinking about making profits, and wanting to avoid losses, wanting to do everything right; this mindset is impossible to profit from. The ancients said, "Do not rejoice at gain, nor grieve at loss." In trading, this can be understood as: do not rejoice at profits, nor be saddened by losses. When your heart is calm enough, you will achieve something. Trade with the same enthusiasm and passion as you had on your first day in futures; do not be afraid of wolves in front and tigers behind. If you are wrong, set a stop-loss; if you are right, hold on. Do not be in a hurry to exit before the trend reverses; otherwise, you will only be left behind.
10. Enthusiasm.
No matter what you have experienced, maintain enthusiasm and passion, harboring beautiful aspirations for life. Approach work with the same fighting spirit as your first job, and love boldly like your first romance. Many things in life are like this; whether in career or relationships, there may not always be a result, and the probability is mostly that there will be no result. However, if you do not strive and do not give, there will certainly be no result. Just focus on doing what needs to be done and do not worry excessively about the outcome.
11. Many people think about opening positions at every moment, even operating at full capacity; for them, being in cash is more uncomfortable than losing money.
In fact, trend periods are often short, and controlling drawdowns is the most important. How to control drawdowns? Staying in cash and resting is the best method. Do not always think about capturing every market movement; catching one or two opportunities in a year is enough. Missing out is very normal, and there is no need to regret it. As long as you are still in this market and live long enough, there will be plenty of opportunities in the future. Time is the only code for retail investors; maintain a calm mindset, patiently wait, and making money is just a by-product; enjoying life is fundamental.
12. The mindset and insights of trading.
In trading, what matters more is the mindset; knowledge is like techniques, while the mindset is the internal strength. Just like Qiao Feng using the Taizu Changquan can easily defeat several Shaolin monks, it is because he has profound internal strength. Being able to see clearly does not have much use. The important thing is how to act after seeing clearly, how to react after making a mistake, how to maintain composure in holding positions, how to have a good mindset, how to not fear missing out, how to not fear drawdowns... If you always hold a mindset of wanting to win and fearing loss, it is very difficult to make money in this market. Some things may take newcomers a while to understand, but as time goes on in this market, they will realize these truths.
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