That hot summer, I huddled in a small, dark rental room in the urban village, eating instant noodles while casually scrolling through my phone. Suddenly, a push notification caught my eye: 'Bitcoin breaks $20,000!' At that time, I had a vague understanding of financial knowledge, and looking at the constantly fluctuating K-line chart on the screen felt fascinating. I had no idea that this chance encounter would be like a stone thrown into a calm lake, completely rewriting my life trajectory.
At that time, I worked in a small company with a meager salary of four thousand per month, living a predictable and mundane life. Every day, I traveled from my rental room to the office, leading a life as plain as water. The balance in my bank account was pitifully low; even buying a decent gift for my then-girlfriend required careful consideration. The news of Bitcoin's price surge felt like a ray of light breaking into my dark life, igniting a flicker of hope for wealth in my heart.
With a mindset of 'let's give it a try,' I gritted my teeth and converted my hard-earned two-month salary of twenty thousand into Bitcoin. In the days following the purchase, I was filled with anticipation, but reality struck hard. On the third day, Bitcoin's price fell by 15% without warning. Watching the shrinking numbers in my account, my heart raced, and I panicked, anxious and sleepless. Those days were a blur; I kept agonizing over whether to cut my losses, each glance at my account tightening my heart.
Fortunately, just as I was about to be consumed by fear and prepare to cut my losses, a chance encounter changed my situation. I inadvertently joined a cryptocurrency community. At first, I was baffled by the professional jargon and lively discussions, only able to silently observe. But a big shot with the ID 'Chain Prophet' often shared in-depth analyses. He explained smart contracts and developer ecosystems in simple terms, gradually making me realize the immense potential of blockchain technology, opening a new cognitive door for me.
Under the influence of 'Chain Prophet,' I stopped panicking blindly and began to study calmly. After learning, I focused my attention on Ethereum. At that time, Ethereum's smart contract technology was unique, and its ecosystem was continually growing. The more I studied, the more I felt the promising outlook. Ultimately, I took a deep breath, hid it from my family, and not only staked my remaining savings but also borrowed fifty thousand, betting everything on this adventure.
It seemed that fate began to favor me at that moment. At the end of 2017, the crypto world experienced a frenzied bull market. Bitcoin surged to $20,000, while Ethereum, in which I was heavily invested, skyrocketed like it was on a rocket, multiplying its price tenfold in just three months. When I logged into my account and saw my assets surpassing a million, I stood frozen in disbelief. Then, an uncontrollable joy surged within me, and I laughed out loud in my tiny rental room, staring at the screen.
Since then, my friends began to call me a 'crypto master.' But I knew in my heart that it was just luck. I was not blinded by wealth but worked even harder to study, spending every day immersed in forums and communities, reading white papers, learning technical analysis, and studying market trends.
What truly allowed me to leap from one million to fifty million was the DeFi craze that swept the crypto world in 2020. The concept of decentralized finance emerged, igniting market enthusiasm, with various projects sprouting up like mushrooms after rain.
During the early days of DeFi, I quickly sensed a huge opportunity based on my accumulated experience and intuition. I devoted myself to studying every project's white paper—technical architecture, team background, economic model, application scenarios. After filtering potential projects, I acted decisively. For my first investment, I almost staked all my available funds; that was my boldest gamble. During that time, I was mentally strained, sleeping only three to four hours a night, with my eyes glued to the market.
Fortunately, my judgment was correct. Within a week of the project launch, the token price skyrocketed a hundredfold. Watching the numbers in my account climb, I was so excited that my hands trembled. At the price peak, I decisively cashed out, successfully pushing my account balance over fifty million. At that moment, I knew I had completely changed my destiny.
Reflecting on these years of ups and downs in the crypto world, I've summarized the following hard-earned lessons:
Fund management is a lifeline:
Only invest spare money: This is the survival bottom line. Essential living funds, mortgage, and car loans must never be invested in crypto.
Never go all-in: Always leave enough 'bullets' to handle risks. The market is unpredictable; being fully invested poses huge risks. I prefer to split my funds and only use a small part for each investment to avoid severe losses.
Strictly implement stop-loss and take-profit rules:
Cut losses to preserve capital: When the market contradicts expectations, promptly stop losses (I usually set it at 10%-15%), and regardless of how painful it is, execute decisively.
Take profits: When reaching preset targets (like 50%, 100%), exit decisively. Greed and fear are two great enemies; strictly following strategies is essential to preserve gains.
Deeply analyze the project's fundamentals:
Prioritize in-depth research before investing: Is the technology innovative and leading? Is the team professional and reliable? Is the market outlook broad? What are the competitive advantages?
The success of Ethereum lies in its groundbreaking smart contract technology and thriving ecosystem. Projects without real value, purely speculative, will eventually go to zero. Never blindly follow trends due to price increases or hype.
Go with the flow, be cautious when bottom-fishing:
Trends often continue once formed. In a bull market, firmly hold quality coins; pullbacks can be good opportunities to add positions.
Be cautious in bear markets and reduce trading. Bear market rebounds are often traps for the unsuspecting; blindly bottom-fishing can lead to significant losses. During the bear market of 2018, I chose to remain in cash, patiently waiting for clear bottom signals (such as prolonged sideways movement and extreme volume shrinkage) before gradually entering the market.
Think independently, stay away from the herd:
The crypto world is inundated with information; rumors and expert predictions are everywhere. It is essential to maintain independent thinking!
Do not blindly buy based on recommendations from influencers or community hype. Be wary of the profit motives behind information. Popular projects are often overly hyped in the early stages, leading to price overvaluation; blindly chasing high prices carries massive risks. No matter how enthusiastic the market is, stick to your investment principles.
Continue learning, embrace change:
The crypto world is ever-changing (NFTs, metaverse, etc.). To establish a long-term presence, continuous learning and updating knowledge is essential to keep up with changes.
I read industry news every day, study new technologies and projects, and participate in discussions. Only by continuously learning can I seize new opportunities and cope with new challenges.
Master emotions, trade rationally:
The market's massive volatility easily provokes greed and fear. Emotional trading is a major taboo, leading to buying high and selling low.
Before trading, establish a detailed plan (goals, risks, strategies) and strictly execute it during trading. When the market is in panic, calmly analyze the reasons: Is it short-term emotion or deteriorating fundamentals? The former may allow for holding/increasing positions, while the latter should consider exiting. Stay calm to make rational judgments.
Now, with the money I've earned in the crypto world, I live a stable and secure life. Reflecting on those crazy years, I have mixed feelings. The crypto world is an adventure full of excitement and challenges, allowing me to deeply experience the sudden increase and evaporation of wealth, and making me understand: In investing, rationality, learning, and strict risk control are all essential. That experience was like a magnificent and thrilling dream, shaping the person I am today. I know opportunities are hard to replicate, and the lessons learned through blood and tears have become my invaluable wealth for life, reminding me at all times: On the road ahead, I must always maintain caution and respect.
