I made 42 million in the last bull market. Let me share my experience of making my first bucket of gold in the cryptocurrency circle.
In 1990, graduated from university in 2012, started working in Shenzhen, entered the cryptocurrency circle in early 2016.
Currently, I own two apartments and two cars in Guangzhou, and I can spend 100,000 RMB every month without any pressure; most of my other assets are in exchanges.
In fact, trading is an extremely tedious thing, because after long-term engagement, I have already passed that passionate phase, no longer the stage of being surprised by some fluctuations.
1.【Staying up late】 that is a basic operation, for our group it is simply not called staying up late, it is just a common occurrence, so you often see so-called genius traders looking older than their years, looking ten years older, fortunately, I still pay a lot of attention to my appearance, after all, I make a living based on looks. Hahaha~
2. 【Carefree】 is not what you imagine it to be, partying every day. More often, it is a casual state of dealing with things. Even when going out to play, you can't fully get into the state. A state called anxiety drives me not to stop, because there are too many people who trust us. Every bit of trust is actually a pressure for us, and the pressure pushes us to become better. Every day is not about feasting and socializing, but endless market watching, looking at the news, and summarizing reflections; at least that's how I am. The messages on the phone are endless.
3. 【Pressure】 As for pressure? Haha, from initially solving pressure issues to now increasing the capacity to bear pressure. Some people ask why I always have to keep an eye on things? Because contracts mainly focus on short-term trading, so I basically always look for suitable opportunities. Then I respond to various questions from others; I'm still a nice person, haha, and the gap in points is still quite large; those who understand know.
Finally, let me mention my trading principles:
1. Say goodbye to feeling trading respects market emotions.
2. Strictly set stop-loss levels; the stop-loss level must be determined by the market and is also the loss you can bear.
3. Stick to your original views, and if you're wrong, take responsibility.
4. Trading is not about who makes more, but about who goes further.
Finally, I hope everyone who comes across this article can overcome their human nature, because trading is a struggle against human nature.
To summarize what I did well:
As a full-time cryptocurrency trader, I always remember the 10 iron rules of trading, printed and placed on my computer desk and bedside, constantly reminding myself.
Every iron rule has been summarized and refined through countless practices, worth reading over and over!
10 top mindsets that can help you survive in the cryptocurrency space and make big money:
In the ever-changing cryptocurrency world, to achieve results, one must actively learn and enhance their thinking.
As Charlie Munger said: When opportunities come, you have to invest boldly.
When you can't sleep well because of your investments, it's not necessarily because you've invested a lot; it might be that you lack confidence in the chosen targets, or the leverage risk is too high, exceeding what you can bear.
In the past, when buying a house, the whole family would drain all savings, or even borrow money to buy, but they could still sleep soundly.
There is no essential difference between real estate speculation and cryptocurrency speculation; as long as the leverage is high, you won’t sleep well, especially now.
10 top mindsets that can help you survive in the cryptocurrency space and make big money, reminding all cryptocurrency traders to bear in mind:
These valuable pieces of advice are the crystallization of wisdom from many years of practical experience and are worth thoughtful consideration and strict adherence. I hope these suggestions can help everyone avoid detours in the market and steadily move toward success.
These are heartfelt words from my years of trading cryptocurrency; each one is very useful. But the hardest part is achieving the unity of knowledge and action. I hope everyone can remember these iron rules and together ride the winds and waves in the cryptocurrency space!
How do cryptocurrency traders grow?
The practice volume must be large, must be large, must be large, must be large, must be large, important things said five times.
A lot of practice can help you solve many things.
1. Daydreaming.
I have seen some traders who, for some reason, love to talk about trading, like how to do this and that, but when it comes to actually doing it, it's a different story. Such traders are abundant, so practice more and you won't have time to daydream about how to trade perfectly.
2. Break superstitions.
More trading can break superstitions, such as whether the moving average is a support or resistance, whether the previous high is support or resistance, and whether trading should be done within one's ability. All of these are superstitions; why? Because with a lot of practice, you'll naturally understand.
3. Gain rich experience.
There is a saying - if I were a screenwriter, I wouldn't dare to write like this. What does it mean? Many times, you rely on logic to guess the truth of what others say, which can be exhausting. A lot of practice will bring rich experiences; when what others say matches your experience, you can understand the meaning of their words better than just sitting and discussing. Of course, not everyone dares to practice a lot; some will say that practicing a lot incurs high fees, working for the trading platform. Others say that practicing a lot leads to more losses. Some say they are afraid of practicing too much.
We utilize the good side of errors - lessons, and control the bad side of errors - losses.
A good trader is the one who knows how to use stop-losses best.
Any trader who establishes a correct learning mechanism can grow faster than others.
Why do I always make small profits and large losses?
In cryptocurrency investment, there is a common phenomenon: clearly deciding to do trend trading, yet often losing direction during operations, both thinking of long-term gains while also unable to resist pursuing medium-term swing operations, and even unwilling to give up on short-term small profits. As a result, they find that the returns are below expectations, often getting stuck, even suffering losses and exiting, ultimately missing out on the wealth of the trend.
This phenomenon superficially appears to be a problem of 'opportunity cost,' but in reality, it is a mistake of cognition, mindset, and execution.
Step one: Change long-term to medium-term, cash out profits in advance.
Step two: Change medium-term to short-term, repeatedly chasing highs and cutting losses.
Step three: Trend trading goes completely out of control.
If you want to truly seize the wealth of trend trading, how can you do it?
First, clarify your goals and focus on one strategy.
Before investing, you need to determine whether your goal is long-term, medium-term, or short-term. Long-term investors should have a mindset of 'steady as a mountain, assessing the situation,' medium-term traders should focus on swing buying and selling points, while short-term players should pay more attention to short-term fluctuations. If you want to achieve all three - long, medium, and short - you will often lose your direction. To truly seize your wealth opportunities, you must focus on one strategy, as the logic and rhythm of each strategy are different.
Secondly, give up the obsession with extra profits.
If you decide to do trend trading, you must focus on long-term goals and ignore short-term fluctuations. Do not try to balance all goals in a single transaction.
For swing trading and short-term opportunities, set boundaries in advance; do not be greedy and want to grab everything, but rather stick to your original intention.
In investing, greed is the biggest enemy. Only by surpassing the mindset of wanting 'everything' can you truly master the initiative in investing and maximize returns. As an old saying goes: 'You can't have both fish and bear's paw, but when the fish is big enough, it is also satisfying.'
Finally, improve your understanding of trend trading.
The core of trend trading lies in seeing the big direction clearly. Investors need to enhance their confidence in market trends through fundamental research and technical analysis. Only with enough understanding of the trend can one remain calm amid fluctuations and steadily profit.
The market has never lacked opportunities, but truly making money depends on having the patience to wait and sticking to the execution of strategies. Lack of patience is the reason many investors ultimately 'give up halfway.'
Four stable ways to make money in the cryptocurrency space:
Let’s first talk about the first type, which is regular investment: a nearly universally known foolproof investment method in the cryptocurrency space. It looks simple, but very few people can stick to it.
The first type of regular investment: I did a public regular investment in 2018, with returns over 500%. This time, although I only invested four times over two months, I just calculated that my total investment was $31,828, and my total return was $11,253; the overall return rate has reached 35%, and this is just the return over two months.
This return is much more stable than the other 90% of people in the cryptocurrency space who trade short-term and on contracts. Moreover, you can sleep peacefully.
The second type of investment is investing in yourself: what value investing in yourself means is that every day you continuously update your cognition. In the cryptocurrency space, one day for others is like a year for you. We need to view this world with a developmental perspective. The world is changing, the cryptocurrency space is changing, so our cognition must change too. How specifically do you invest in yourself?
I recommend a book that changed the trajectory of my life. Its name is 'Atomic Habits.' What is an atomic habit? If you want to get fit, do one push-up every day, just one. When setting goals initially, make sure they are low enough that you can easily reach them, then do it every day to develop a habit. This is because humans are creatures of habit, and 70% of our behaviors in life are governed by habits.
The third is to hold Bitcoin and Ethereum for the long term, which is something very few can achieve, 9 is considered one. Of course, more aggressive individuals can buy some small coins and hold them long-term. Starting from this year, the cryptocurrency space is no longer just about Bitcoin and Ethereum; I am very confident that in the next bull market, another coin will definitely exceed Bitcoin's market value.
So, you can also choose 2-3 small coins to hold long-term.
Some people say, what's the difference between long-term holding and regular investment? The difference is significant. Long-term holding is only suitable for seasoned investors who are optimistic about Bitcoin and Ethereum's long-term value and can endure loneliness. If you are a new investor just entering the cryptocurrency space, this method of making money may not be suitable for you due to the high volatility. A single crash may leave you behind.
So, where does the difficulty in long-term holding lie? It lies in the countless attacks on Bitcoin and Ethereum you'll hear in the future. These voices may come from mainstream media or authoritative experts, and they often seem quite reasonable. During this time, you'll repeatedly doubt whether your decision is correct, especially when the price of a single coin crashes. You'll ask yourself this question over and over again, which can lead to significant self-doubt. If your decision to hold Bitcoin long-term was impulsively made after reading my article, you're likely to struggle to hold on, and you may very well sell during a major crash. When you review your trades, you'll find astonishing coincidences: Why do I always buy at the highest point and sell at the lowest?
Because your cognition is not enough, if you have done well in the first three steps of regular investment, investing in yourself and mining, the fourth step is actually a natural progression that requires no effort, you just do it naturally. Why? Because regular investment will reduce your risk, continuous learning will constantly improve your cognition, and mining will provide stable cash flow. For example, if you have 10 machines of 5700, the daily net profit is over 1000 yuan, and with a monthly expense of 30,000 yuan, if you are not particularly extravagant, it is generally enough. Therefore, having mining machines means you won't be forced to sell coins due to life issues.
Only in this way can you achieve long-term holding.
It can be seen that long-term holding requires not only credit but also strategy and a stable source of income.
The above is a summary of my more than 10 years of practical experience and techniques in cryptocurrency trading. It may not apply to everyone, and each person needs to use their own practice to summarize. As a trader, the scariest part is not having technical issues but lacking cognition, falling into these trading traps without realizing it! There is no invincible trading system, only invincible users of the trading system! This is the truth; the trading system ultimately returns to the person!
I am A Xin. In a bull market, I don’t know how to act. Click on my avatar, follow me for spot planning in the bull market, contract passwords, and free sharing.
