Having navigated the cryptocurrency world for 8 years, the pitfalls I've encountered could fill half a street. What I share today carries the weight of pain — these are not just embellishments on a candlestick chart, but lessons bought with real money.

First, the market never speaks of 'should.' In 2017, I met my neighbor Wang, who firmly believed that BTC could reach $200,000, mortgaged his house to invest everything, and ended up getting liquidated at $13,000. There are no certainties in trends, only possibilities. Now before I place any order, I always ask myself: Can I withstand a 50% drop? If the answer is vague, I absolutely do not act.

Second, leverage is like a magnifying glass. 10x leverage can turn $10,000 into $100,000, but it can also reduce $100,000 to $10,000. My former colleague Kai played with 100x leverage for short-term trading, made $300,000 in three days, but on the fifth day overslept without setting a stop loss, waking up to find his account only had transaction fees left. Once leverage exceeds 5x, you must handle it like a scalpel — steady, precise, ruthless; even a slight tremble can lead to bloodshed.

Third, having no position is ten times harder than being fully invested. In a volatile market, 80% of people can't resist opening positions, like wanting to go out in the rain on a stormy day. During the bear market of 2022, I stayed out for half a year, watching others in the group post screenshots of their bottom fishing, resisting the urge to act, and ultimately bought at the bottom with $30,000. Sometimes, not placing an order is true courage.

Fourth, insider information is a trap. Those claiming to have insider channels are either taking your transaction fees or setting you up to take a loss. In 2019, a so-called 'teacher' said a certain coin was going to be listed on three major exchanges; a group rushed in, only to find it was a vaporware coin, and the founder ran away.

In recent years, what I cherish most about teaching my students is not how much they earn, but that they have ingrained the rules into their bones. Last year, a girl started with $8,000, strictly adhered to the 'cyclical empty position method,' and despite the temptation during volatility, she remained unmoved. When the trend came, she decisively acted, and now her account has $123,000. There’s also a guy who previously lost down to just $3,000; he learned 'preemptive stop-loss' and set a baseline for each order, rolling his account up to $95,000 in a year.

Ultimately, what’s earned in the cryptocurrency world is not market money, but money from understanding. The more respect you have for the market, the more secure your account numbers will be. Those who have walked with me from losses to profits did not rely on luck, but instead chewed through and swallowed the six words 'no greed, no gambling, no waiting.' If you find yourself currently stuck with a position, or confused by candlestick charts, feel free to contact me at @bit多多 . Some pitfalls have been tread upon by others; don’t fall into them again. (Home page profile)