Hello everyone, I am an old veteran who has experienced three rounds of bull and bear cycles.
Today I don't want to talk about technical indicators, nor do I want to boast about mythic hundredfold returns; I just want to light a cigarette and share with you the lessons I learned the hard way over the years. If you have just stepped into this magical world of crypto, these words might help you save a few tens of thousands in tuition.
1. The Night Before Entering the Market: Keep your wallet warm and your mind cool.
I remember the scene in that hot summer night of 2017 when I trembled and exchanged all my savings for ETH. At that time, DeFi+ had not yet been born, but FOMO+ (fear of missing out) was already boiling in my veins. Later, you guessed it -- a 40% crash in 48 hours, and I squatted in front of the exchange's candlestick chart finishing an entire month's instant noodles.
Advice for beginners: Always invest with spare money, and first buy these three things with real cash:
Hardware wallet (don't ask me how I know the horror of a screenshot of a private key), antivirus software (the exchange customer service won't help you recover stolen NFTs), notepad (record the logic of each trade for future reference).
2. Trading Battlefield: Instead of believing in the myth of getting rich, it's better to trust mathematics.
On the day LUNA+ went to zero last year, I met a guy in flip-flops on the rooftop. His full-margin leverage bet on Dogecoin to get rich had been circulating in the community for three months, but no one mentioned that he lost three down payments for houses that day. There is no holy grail here, only a probability game.
Blood and Tears Experience Package:
Position management is ten times more important than technical analysis (I avoided the FTX storm+ with a 5% position trial and error method).
Take profit and stop loss should be as natural as breathing (the May 19, 2021 crash made me realize that hanging orders will never be faster than a spike).
Tattoo the words 'This time is different' on your hand (I've been saying this since the BAYC+ floor price was 3 ETH).
3. Mental Training: Maintain humanity amidst madness and despair.
Always remember the moment when Bitcoin broke its previous high, and I slapped my resignation letter on my boss's desk. Also remember the moment during the 312 crash when I curled up in the bathroom mechanically checking the fear index. The scariest thing about this market is not the volatility, but that it magnifies human weaknesses a hundredfold.
Psychological First Aid Kit:
Regularly stay away from trading software (I force myself to hike once a week).
Set emotional triggers (when you want to go all-in on a meme coin, go watch the (Big Short) movie).
Find anchor points outside of trading (now I have a ragdoll cat that doesn't care whether BTC is 30,000 or 50,000).
4. The Ultimate Truth: Staying alive is more important than anything.
Looking at a few grayed-out avatars in my contacts, I remember their last words: 'This time it’s stable.' In this 24-hour operating casino, living long is the real winner. I am glad I still have the Bitcoin wallet I bought in 2014, though it only has 0.03 BTC left, it constantly reminds me: bull markets reward the bold, while bear markets bury the greedy.
Young people, I envy the light in your eyes that has not yet faded. This industry is still full of possibilities, but please always remember when exchanges start giving away Lamborghini lottery tickets, when square dancing aunties discuss the Ethereum merge, and when all the KOLs say 'This time is different.'
May you catch rainbows in the storm, and more importantly, may you learn to leave gracefully before the rainbow disappears.
If you are blindly guessing trends in the market alone, you will always be counterproductive!
If you lack support from technical and news aspects, just look at the drop list and heat list to make trades!
Then it will not last long. Follow me, screen swipe 55, one or two orders daily, take profit when it's good.