Legendary trader James Wynn has finally come to an end. The over 80 million dollars in profits he made through high leverage have all been lost. Starting yesterday, he lost over 10 million of his principal and now has only 4 million left. Can he make a comeback? I think his only path is to keep gambling. I always hoped he could make money, just like when I watched prize challenge shows as a child, always hoping that the challengers would win the grand prize. But I know that prize challenges have an endpoint, while leveraged contract gambling has no end. If one does not withdraw in time, they will eventually become fuel for the market. His obsession is to earn 100 million dollars; what difference does it make between 80 million and 100 million? You can't spend it all anyway. It is hard for ordinary people to understand the obsession in his heart. The holy grail of speculation is not so easy to obtain.
"Wanting to get rich" and "thinking about getting rich" are two completely different states.
"Wanting to get rich" is a common desire, which is the wish to become wealthy through legitimate means.
"Thinking about getting rich" is a behavioral pattern that attempts to get rich quickly through various means.
A single word difference can lead to vastly different outcomes.
"Thinking about getting rich" cannot be achieved purely through effort; one must wait for the perfect alignment of market conditions, investment targets, and trading strategies. In this process, effort is completely useless; in fact, the harder you try, the worse the results may be.
Most people lose money because they are "thinking about getting rich," always wanting to seize opportunities from market black swan events. But the positive black swans that belong to you are random events, and each active pursuit comes with enormous costs that will quickly deplete your capital. It’s better to patiently wait for opportunities.
This is called "doing your part and leaving the rest to fate." Fate is beyond your control; if the opportunity doesn’t come this time, you can only wait for the next time, but you must keep your eligibility to participate.
"Wanting to get rich" is achieved through continuous positive accumulation, each time requiring patience to wait:
For example, dollar-cost averaging bitcoin for four years. Normally, the market makers won't take you for a ride; you only have a chance to dance with them in the final stage and calmly take profits. One cycle may earn about three times.
For example, dollar-cost averaging leading altcoins must be done gradually during market lulls, waiting for a small market peak to take profits of 50-100%, or holding until the peak of a bull market to exit with a fivefold profit.
The current ways to make money in the crypto world can be divided into two categories:
Non-gambling types: DeFi mining, initial exchange offerings, on-chain arbitrage, airdrop harvesting, etc.
Gambling types: trading (grid, swing, trend, etc.)
Making money is a process of accumulation. It seems very slow, and many people look down on it, but the accumulation can be quite impressive. Even with only 100,000 as principal, if you rationally utilize every bit of capital, you might have 500,000 after a year.
For example, the first event of Virtual, turning 10,000 into 2 million really exists (although I missed it myself).
For example, UniChain's early activities had an annualized return of 2000%, and now it is at 70%. If you have U, you can earn low-risk liquidity rewards. These are all simple and easy ways to make money; you'll understand after practicing a few times. If you don't know how, just pay to consult a professional.
Regarding the payment issue, someone commented yesterday:
"There’s no need to pay; just use a ladder to access X, there are plenty of free tutorials that almost teach you step by step."
He is right; the knowledge to make money in the crypto world can be found online. Broadly speaking, all human knowledge is public, even papers on building planes and rockets can be downloaded.
But I want to say: knowledge itself is not valuable; it is the ability to monetize knowledge that is valuable. Those with monetization experience, their time is valuable because they can replicate successful experiences. This is a matter of values:
I believe paying is finding a bargain.
Some people think paying means being taken advantage of.
Others feel that if they pay, they must make money; otherwise, it is being taken advantage of.
Finally, this way of thinking is not suitable for the crypto world; it’s a worker's mindset—"I must get paid today for my work." But investing is different; investing time and money may lead to total loss. The differences in fundamental thinking lead to differences in values.
If you have no money, spend more time honing your skills; if you have money, spend it wisely to gain experience. Even if you might take a loss, you will still gain some experience, which would cost more if you figured it out on your own. For example, I spent 20,000 to learn about dollar-cost averaging. Many people say anyone can do it, but when I teach those around me for free, none have succeeded. But I did it, probably because I foolishly spent 20,000 to learn about it. Being foolish is not important; getting results is what matters. I am results-oriented and do not care if others are cutting me or making money off me; I am not swayed by emotions and focus solely on my goals.
Last time I shared resources with someone, their first reaction was: "You just want me to use your invitation code; you have an agenda." I had no words. Adults should think more about benefits and less about emotions. When you start considering your own interests, your mind opens up and matures.
If the paid courses are too expensive, can we group buy? Would that be unethical? I don't have these empty thoughts; I only care about whether the goals can be achieved. The effectiveness is what matters most. If the results are poor, then my thinking is the problem, and it needs correction. This is how I think.
In the crypto world:
"Thinking about getting rich" is very difficult to succeed.
"Wanting to get rich" through gradual accumulation can definitely lead to sustained profits.
Finally, thank you for watching, and follow Yan for more insights! I hope to use the experience and lessons I've accumulated over the years in the crypto world to help you avoid detours and double your assets!
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