From the Dream of Getting Rich to Blood and Tears: The Heartfelt Words of an Old Investor
Once, I had 5 million in my account, and I felt like the chosen one in the cryptocurrency world.
Looking back now, it was nothing but an illusion created by the market. Today, I won’t preach; I’ll just share how I turned that 5 million into 500,000, hoping to help you avoid some detours.
When I first started making money, I was on cloud nine. After making my first bucket of money on SOL, I thought I had mastered the wealth code. I began to disdain mainstream coins for their slow growth, spending all day in Telegram groups looking for the "next hundredfold coin." The result? Those projects that were hyped up now can’t even be found by their contract addresses.
The worst was when I believed a "big shot"’s suggestion to buy the dip. A certain coin dropped 60% from its peak, and everyone in the group was shouting "a once-in-a-lifetime buying opportunity." I believed it, and ended up buying halfway down, watching it drop another 95%. I now understand that the louder the calls for "buying the dip" are in the market, the stronger the intention of the whales to offload their holdings.
The stupidest thing was when I made money but didn’t know when to stop. Initially, I could have withdrawn half of the 10,000 profit and still lived comfortably. But I insisted that "making money with money" was the way to go, reinvesting all my profits to increase my position.
As a result, during a round of sharp decline, not only did my profits evaporate, but I also lost a large portion of my principal. Now I’ve learned: for any coin, once I make 200%, I pull back my principal, and the rest can be played with however I want.
To be honest, the most expensive thing in the cryptocurrency world has never been Bitcoin, but the tuition we pay. The lessons I've learned can now be heard for free by you.
Remember, in this market, surviving is more important than anything else. Now I only do three things:
I don’t play with new coins for more than three days, I only buy mainstream coins that are clearly supported by exchanges,
And I always keep 30% cash in my account for market crashes.
If you think this makes sense, you might as well give it a try. If you think I’m talking nonsense, then just consider it a joke. Anyway, the market will educate everyone; it’s just that the tuition varies.
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