Actually, the most important thing is capital management and emotional control. Strategies are always changing, but emotional and capital management are things that need to be honed by oneself. This is extremely important. Of course, luck is also one of the indispensable elements of success.
It took me nearly 2 years to truly earn my first bucket of gold in the crypto world. I got involved in crypto futures trading in 2018, and at that time, I was fearless. With my own strength, I lost over 800,000 in just half a year. I was still working at that time. Although most of it was my savings, I didn’t dare let my family know because they didn’t understand or support my involvement in this at the beginning. I felt that the most painful part was not how much I lost, but the feeling of loss, the negative emotions under long-term pressure left me feeling gloomy.
In the following year and more, I continued to earn and lose, but I became more familiar with Ethereum's trends, slowly forming my own market sense and trading rhythm. Perhaps due to good luck, in the bull market of 2020, with Ethereum's surge, my trading system matured, and my intraday swing trading points became more precise, with emotional control significantly improved. This year, I not only recouped previous losses but also earned an additional nearly 800,000 U. Until now, my trading strategy has been to trade with 30,000 U, withdraw when I double it, and continue trading after adjusting post-liquidation. This is also a way of capital risk control. I only trade intraday, resolutely avoid overnight positions, and firmly do not hold losing trades to prevent being caught in extreme market movements.
After full-time trading in 2020, I gained more insights into this market. The crypto world feels like a day is equivalent to a year in the human world. The market oscillates between long and short; as long as there is volatility, making certain swings can be profitable regardless of the direction. Sometimes, you need to avoid letting your subjective judgment interfere with the market's objective trends because too much subjective judgment can lead to holding losing trades when the market moves against you. Therefore, you should just trade in the direction of the market.
Futures trading is a testing ground for human nature. After multiple operations and consecutive losses, it’s easy to become overconfident and take on heavy positions or fight against the market. These mistakes arise from human nature.
Trading is often contrary to human nature, and full-time trading requires overcoming more pain, misunderstanding, and loneliness. Also, never self-deny; slowly find your own trading rhythm. When things are going well, don’t be overly ambitious, and when things are going poorly, don’t be too hard on yourself.
When you understand that you are speculating, you also have to realize that holding positions and trading are two different things. Trading is a verb, an action that is often done intentionally and frequently. When you can better understand what trading is, your speculating ability will become more flexible, and there’s a good chance you can make money in a capricious market.
The last point, and the most important one, is that you need to know that surviving in this market is not easy, and your trump card is your own trading rhythm. It can protect your fundamental speculation—your capital. It's like playing basketball; when you have your rhythm, you can almost hit every shot. When your trading rhythm is right, you can make money on almost every trade; it's the same principle.
In the blink of an eye, I’ve been in the crypto world for over five years. I am still trading, and I have some profits. However, my mindset has changed; I have let go of many things and have grown to love life and enjoy simplicity.
Finally, I wish you fewer constraints on your trading journey and a smooth path to wealth. I also welcome communication on my homepage, as I write on Zhihu more to find like-minded people to move forward together. The trading journey can be very lonely, and having someone to accompany you and communicate with is a very happy thing. I hope you take fewer detours on your path to riches.
