At three in the morning, the computer screen glows coldly. I stare at the remaining 200 USDT in my account, my fingertips still numb from frantically clicking the close position button. This is the third time in three months that I’ve faced liquidation, with my account balance shrinking from an initial 50,000 to not even enough for a decimal point. The cigarette butts in the ashtray have piled up like a small mountain, each corresponding to the thrilling fluctuations on the K-line chart.

When I first entered the cryptocurrency market, I always felt like the chosen one. Watching the big shots in the group flaunt their trading slips, the prospect of doubling profits made my blood boil. My first contract brought me sweet rewards; with 10x leverage, I earned half a month’s salary in just half an hour. At that time, I still didn’t know this was just bait set by the traders.

Later, I became bolder; 50x leverage wasn’t enough, so I went straight for 100x, feeling my heart racing with the K-line. After a series of small profits, I felt elated until that night when the market suddenly crashed. When the red liquidation warning popped up, I stared at the screen for a full ten minutes, watching half a month’s earnings vanish in an instant.

Chasing the rise and killing the fall has become my instinctive reaction. Whenever I see the market in the green, I can't help but jump in, afraid of missing every wave of increase; when the screen turns red, I panic and hurriedly close my position to cut losses.

Once, I saw a group member call for a trade, saying a new coin was about to skyrocket. Without thinking, I went ALL IN, but right after I bought in, it started to plummet. Later, I learned that it was just a smokescreen for the traders to offload their positions, and I became the glorious bag holder.

Even more ridiculous was holding onto my losses, clearly having dropped below my stop loss, yet still clinging to the mindset of 'just wait a bit longer.' I watched my account balance drop from 70,000 to 65,000, ultimately having to cut losses at the floor price. But just moments after I closed my position, the market turned and shot up to 90,000, leaving me alone, slapping my thigh in regret.

In the worst week, I lost 80% of my principal. Looking at my account nearly zeroed out, I finally understood a brutal fact: trading without rules is just working for the traders. Those trades based on feelings are merely the identity cards of retail investors. After reflecting on my pain, I began to explore my own trading rules, and with what seemed like a clumsy method, I managed to stabilize my win rate above 85%.

I only trade trends of 4 hours or more, no longer fixating on the 15-minute chart for frequent operations, successfully avoiding many traps set by traders, and focusing on capturing large segment profits. I strictly adhere to a 2:1 risk-reward ratio, setting a stop loss of 50 USDT and taking profit of at least 100 USDT each time, so earning once can withstand two losses. More importantly, I control my risk, ensuring no single loss exceeds 2% of my principal. This rule has allowed me to remain stable even during market fluctuations; in practice, even if I incur 15 consecutive losses, I won’t face liquidation.

Now, I’ve long lost the initial impatience. Watching my account balance grow steadily, I finally understand that the harshest reality in the cryptocurrency market is not a bad market, but that 90% of people do not have the principal to endure until the bull market. Those traders who cannot overcome their human weaknesses will ultimately become the fuel of the market.

As night falls, I close the trading software, and the city outside is brilliantly lit. I know there’s a market every day, but only those who survive can pick up the bloody chips in the next bull market. In the end, trading is not about luck, but about rules and mindset. After all, in this brutal battlefield of cryptocurrency, surviving is the only way to wait for one’s own dawn.

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