My crypto journey is a standard path that every new player must go through. I hope everyone can patiently read it and learn some tricks from my experiences, thus avoiding some detours.
1. The dream stage of wanting to get rich quickly.
In the early days of entering the market, everyone generally wouldn’t choose Bitcoin or Ethereum because they felt the price was too high and the volatility was too slow. So I chose the relatively popular HC (a top ICO project in 2017) at that time. However, because I was new to the market and had limited information, and I didn't dare to operate, HC continued to decline, and I ultimately lost 90% and chose to cut my losses. Here I want to tell everyone: just because a coin is cheap doesn’t mean it will have a high increase; cheap coins can also drop crazily.
2. After losing on spot trading, I began my contract journey.
After suffering huge losses in HC, I gradually learned the basic knowledge of the crypto world, so I continued trading in Bitcoin and Ethereum. Before long, I felt that the volatility of spot trading was too slow, and I didn’t know when I would get rich. So I started my 100X contract journey. In the future with the 100X contracts, I suffered a blood loss of 2 million.
During the contract trading process, I happened to catch the bull market that started in March-April 2019. In the early stages of the bull market, the floating profits were very considerable, so I became extremely inflated, feeling like I was just picking up money (self-righteous). I posted my profit screenshots everywhere in many communities, but then in June, with a wave of correction in Bitcoin, I directly blew up my account.
After blowing up my account, my mentality was still very inflated. After all, I had made money easily before, which filled me with confidence, so I kept opening and closing positions; the interim profits and losses aside, it wasn’t until all my bank cards had insufficient balance that I suddenly realized. Initially, I played with 100 USDT, and the more I played, the bigger I got. I started with 100 USDT at 100X, and later moved to 2000 USDT-5000 USDT directly at 125X. Many times the number of contracts I placed took a long time to be filled. But at that time, I didn’t understand depth support and resistance levels, I purely went in when I saw an opportunity!
3. After losing on contracts, being brainwashed into CX trading
I encountered the biggest setback of my life in contracts, but at the same time, I also encountered the beginning of my second setback. Under the persuasion and enthusiastic reception of a certain community's leader, I thought I had entered the mining industry, but in fact, I had entered a CX market! I invested a total of 440,000 in the Bell chain and EGT; Bell ran away in less than a month, and EGT ran away in three months, without even having time to cash out!
4. After losing on the market, going to buy air coins again.
After encountering setbacks in CX trading, many people in the community added me as a friend, so I was pulled into another community by these friends, starting my journey of gambling on altcoins! I bought countless air coins, some profits and some losses, but since I didn’t have much money left, the profits and losses weren’t significant. It was also during this period that I began to have a true systematic understanding of the crypto world and recognized the different schools within it.
5. After losing on air coins, the shills appear.
With a relatively systematic understanding of the crypto world, the dog coins also kicked off their first year! There were countless thousand-fold and ten-thousand-fold dog coins everywhere. At that time, I felt that the heat of SHIB was very high, so I followed the community big shots to invest in the SHIB market, and it was SHIB that made me suffer a huge loss. While SHIB was constantly being listed on new exchanges, during the last wave on a certain exchange, I chose to cash out directly. Because when playing the market, I knew that once a project reaches unprecedented heat, it is definitely not far from collapse. Although it rose more than double after listing on a certain exchange, I felt that among many SHIB players, I was one of the very few who cashed out safely.
What’s very interesting here is that I resisted my greed for the first time in the crypto world and chose to cash out! In fact, I was very conflicted when I cashed out because almost all the crypto communities were constantly hyping CX. Under that unprecedented nationwide CX, although I had already realized that the project party was very likely to run away, I still wanted to wait a little longer since I was still in profit. I am very grateful to a big guy in the community; at that time, he woke me up and told me: No one can get in at the bottom and jump off at the top, it’s better to take profits.
In fact, the recent dog coins on the SOL chain are the same; when the heat is highest, it is also when the cuts are the deepest.
6. Stopping trading and continuously learning experiences to improve understanding.
After experiencing the journey of huge losses in the early stage to breaking even in the later stage, I chose to stop and seriously learn from experiences to enhance my understanding of the crypto world. Because this circle is filled with 'plunder', every person in the crypto world wants to extract value from another person. During the time I stopped trading, I learned to reflect.
7. Doing my own community, I am the only one who lost money in community management.
At the beginning of 2020, I also tried to start my own community. My original intention was that the crypto community was too chaotic, filled with all sorts of promotions and recruitment. I thought I could set a good example, not recommending projects, not leading trades, etc., just like many Weibo users write in their personal profiles. Do you think I am advertising for myself? Please continue reading!
I really didn’t expect that I could also lose money in community management; many group friends had a very good relationship with me at the time. Sometimes when they lacked USDT, they would borrow it very easily. In short, we mingled like good brothers. During the day, we would chat in the group, and at night we played LOL and Teamfight Tactics together! It was quite fun.
The exciting part came: two or three friends who were very close to me recommended a certain project to me at the same time. Out of trust (seeing them making money), I didn’t do any research or due diligence and directly jumped in. Because these friends were doing well, they probably knew how much capital I had. At first, I put in 500,000, and then they kept persuading me to add to my position until it reached 1.5 million. The market was very accommodating to me, rising a little each day; however, one morning I woke up and saw that my 1.5 million position was worth only 200 USDT, and I suddenly realized. When I asked in the group if anyone had also invested in this project, oh my god! More than half of the group friends had jumped in! In the end, I estimated that the whole group had invested tens of millions.
Many group friends reached out to me, asking for an explanation! I didn't understand at the time. I didn't promote any projects to them, and I wrote very clearly in the group announcement to be wary of people recruiting others for profit, not to privately add friends, and not to buy any projects recommended by anyone, etc.! But looking back, I fell into the trap too, let alone them. Later, I found out that while playing games with me, they recorded many videos and audios, casually chatting with many group friends to show that I was a good brother and that our relationship was very close, using this as a credit endorsement.
After that, I went to a few big players' cities, accompanied several big losers to make statements, provided all the chat records and group records, but in the end, it all came to nothing. I was also reprimanded by the uncle, who deleted all the apps related to the crypto world in front of me... quite embarrassing!
8. Returning to my original intention, becoming a lone wolf.
After experiencing so many pitfalls in the crypto world, I still choose to quietly be a lone wolf. In fact, I have joined many communities, but I rarely speak up. Most of the time, I just look for new information and have become accustomed to many actors in the communities, with shills stirring up drama!
I have also learned to be humble (timid), no longer exposing my positions and capital to anyone. Many shills also pretend to be novices to get close to me, and within a few sentences, I know what they are up to.
During this phase of being a lone wolf, I explored building positions and closing positions, starting to consider capital allocation and information channels more, gradually improving myself. It is only now that I can barely live a laid-back life.
Summary
Many crypto friends will experience a journey like mine, from initial confusion to later arrogance, and then to reflection, finally calming down and taking it slow. Those who enter the market at first do so to get rich quickly, but gradually come to understand through losses and being tricked that any industry requires taking one step at a time. Without absolute ability, getting rich is not possible. Some may ask indignantly: what about luck?
I have also relied on luck to make astronomical numbers, but luck will not always be by your side. Today is a good day, but what if tomorrow is bad luck? The bull market can be seen as luck! During the bull market of 20-21, I had a floating profit of nine figures at my peak, but by the end of 21, it had retraced to eight figures. Money made by luck is almost all lost by strength. The more you think you are smart, the more you lose. The crypto world has never lacked smart people, but they are all self-righteous.
In the crypto world, never deceive yourself. Try to fear the market as much as possible; it’s better to earn less or not earn at all, and do everything possible to minimize losses. Because every loss will have a certain impact on dignity and mentality, if you haven’t experienced many fluctuations of profits and losses, it’s very easy to make impulsive decisions.
Welcome everyone to consult me for learning crypto experiences; I will freely help everyone clarify doubts in my spare time.
The crypto world is a place that requires patience; it is not a place where you can close your eyes and think you can turn three thousand into millions.
The crypto world requires long-term dormancy, extensive trading training, experience in judging information, as well as experience in market trends.
No one in any industry can easily make money without effort and learning.
Don’t immerse yourself in stories of overnight wealth every day, dreaming that you could be the protagonist. In fact, we are all just supporting characters in the protagonist's story.
