In the spring of 2022, after just half a month's salary, I directly exchanged 500U and plunged into the crypto world — just one idea: take a gamble, maybe life could get better.

Luck came too suddenly; on the first day of entering the market, a little-known coin surged dramatically, turning 500U into 6000U in an instant. I sat on the old chair in my rented room, unable to steady my phone, with only one thought in my mind: this money is too easy to make! But the excitement didn't last more than two weeks; the altcoins I bought on a whim all turned out to be duds: some I couldn't sell after buying, and some projects simply ran off with the money, causing my account balance to drop from a high point back to zero.

The worst part was getting involved in perpetual contracts. Following others to open 100x leverage trading BTC, as a result, BTC only dropped by 2%, and my margin was gone. Unwilling to give up, I repeatedly deposited money, and went bankrupt five times in total, losing all the profits I had made before. In a panic, I swiped my credit card to come up with 50,000, seeking so-called 'crypto masters' to follow their trades, and lost 80% in three days, eventually getting blacklisted. That night, I stared at the ceiling until dawn, only to realize: K-lines never lie; it’s the harvesters hiding behind the screen who deceive.

I didn’t admit defeat and started to dig in on Bitcoin trading: I flipped the (Japanese candlestick chart) until the cover fell off, focusing on the signals of price divergence; I set up 50 keywords on Twitter, not only to watch the news but also to keep an eye on option market indicators; I set screenshots of margin calls as my wallpaper and made rules: the maximum loss per trade should not exceed 5% of the principal, and if losing continuously, reduce the position to within 10%.

After the TRUMP coin last year, I focused solely on Bitcoin: when there were signs of favorable policies in 2024, I first tried with 10% of my position, adding to it only after confirming a pullback; when the price rises, I would take 20% profit to convert into stablecoins for every 15% increase, so I wouldn’t lose the profits again; at the beginning of this year, BTC dropped below 40,000, and on-chain transaction volume was only 1/5 of its peak. Following my plan, I added to my position and directly made a profit of 20WU.

Now I’ve cleared all leverage, put the principal into a cold wallet, and used 80% of my profits to buy BTC and ETH, leaving 20% for SOL. In these three years, I’ve been liquidated 17 times, went into debt twice, and at my poorest, I had only 37 yuan in WeChat. Finally, I figured out: don’t touch leverage and copy trading, 10x leverage disappearing with a 10% drop is a certainty, and following trades is a trap; pay more attention to on-chain signals, and if miners transfer coins to exchanges, reduce positions quickly; don’t be greedy, divide positions into three parts, stop loss at 2%, and take profits when you earn.

I now work during the day and check on-chain data at night, and I have closed the contract entry early. If you’ve ever been awakened by liquidation SMS, remember: Bitcoin is not for gambling. Understand the rules, control yourself, and as long as the principal is still there, there’s a chance to turn things around.

---

### Newbie Pitfall Guide (3 Core Tips)
1. Absolutely stay away from leverage and copy trading: with 10x leverage, a 10% fluctuation will lead to liquidation. The so-called 'master traders' are basically harvesters; never use credit cards or loans to trade crypto.
2. Focus only on mainstream coins, and avoid altcoins: newcomers should prioritize strong consensus mainstream coins like BTC and ETH. The risks with altcoins running away or being untradeable are extremely high, and while they may seem to have high returns, they are actually full of traps.
3. Strictly adhere to discipline and don’t be greedy: divide the position into 3 parts, with a single stop loss not exceeding 2% of the principal. When making a profit, withdraw portions gradually and convert them into stablecoins; don’t think about selling at the highest point; securing profits is key.@bit雅