I am a newcomer to the crypto world. Many years ago, people discussed the legends and stories of the cryptocurrency market. Sometimes I would listen with excitement, and sometimes I would sigh for those who faced liquidation and loss, but ultimately, it had little to do with me.
During a Spring Festival gathering, a relative shared with us the joys and sorrows of his experience in the cryptocurrency market after drinking tea. There were moments of joy when he had ambitious dreams, as well as regret and tears when he faced liquidation and losses. After reflecting on his pain, he cautiously played the game again. With an investment of $3, it turned into $100 in a week, and then into over $20,000 the following week, showcasing incredible capital growth. However, after another complete loss, there was silence and disappointment. Haha! As I listened to such a colorful life in the crypto world, I was drawn in and immediately opened an account. Of course, I heeded my relative's advice that newcomers should avoid contracts. He wouldn't give me any trading advice because it's a path filled with uncertainties.
When I joined, I smoothly received a red packet for spot trading and then went to check the relevant cryptocurrencies and news. I was completely confused by the mixed voices of bullish and bearish opinions and suggestions competing against each other. My mindset was that small investments should yield large returns, which is what I pursued, and I aimed to quickly double my investment, and then double it again. I wanted to withdraw my principal and let the profits create more profits for me. I also asked a friend how much a thousand dollars could grow in a year with compound interest. He answered me that it would be over a million. Haha, that is my pursuit and dream. Then I bought a cheap cryptocurrency, and later received a friend's suggestion that it would be delisted. I immediately sold it at a 60% loss. Then I began to consider whether to change my strategy.
I received an advertisement. Someone claimed to have turned their investment into dozens of times in a month. I also received a note saying that if I followed a trade, I would be compensated ten yuan for losses (which is essentially a red packet). I thought an opportunity to take advantage of this had come. Mr. Zhao promised to cover ten yuan for me, so I decided to invest ten yuan. After all, I had already lost. It was just playing for fun. What if I made a profit? I went ahead to open a contract trading account, and I remember I needed to activate it somehow. Then I looked for a trader to follow, and from the first batch the platform pushed to me, there was one named “First Beauty.” I immediately followed with ten yuan. After some thought, I chose to follow with a fixed ratio and set my stop-loss at 80. On the first day, I made a profit of over two yuan. I was immediately excited. At this speed, this ten yuan could turn into millions in a year! The next day, I started promoting this method to my colleagues, declaring it an absolute quick path to wealth. I encouraged them to open accounts as well, and he asked me to report back a week later before making a decision. Unexpectedly, on the third day, I got stopped out. Of course, my principal was still intact because I had a ten yuan compensation voucher. Haha.
After this incident, although I neither made money nor lost, it made me realize that there are indeed opportunities in contract trading. I didn't have time to watch the market during work and was also tangled up in chores at night. However, I had an epiphany: following trades is a shortcut; there’s no need to think or stress, just follow along. Isn’t the trader there to share profits? As long as he creates value, even giving him fifty percent is not too much. As long as it can be profitable. For his benefit, he must do well. So I immediately took action and added four hundred to my funds, reaching a total of one thousand. Each person would follow twenty. I planned to choose fifty people and pick out traders worth following and cooperating with for the long term. This time, I didn’t set a stop-loss, as I felt a twenty percent drawdown was too small. I should trust them. So I followed.
At that time, there was someone named Sister Crypto Fei, who said that you should all set a stop-loss at 95%. I thought this person was overly confident. But since he mentioned it, I decided to set one too, so I set my stop-loss at seventy percent. He was the only one who set a stop-loss among those fifty people. Haha. A few days later, during a significant drop in Bitcoin, I was stopped out. Later, I saw that others were fine, and then it went back up. It seemed it was because I had set a stop-loss. I regretted it immediately and pulled out ten yuan from another profitable trader and followed again without setting a stop-loss this time.
During this period, which lasted a little over a week, 38 people suffered liquidations, mainly due to the significant drop in Bitcoin. There was also one person left with just over a dollar. He also closed his trading. So, I was still following eleven people. My principal had risen to about 290 yuan. Haha.