A few years ago, I earned around 4 million, with a principal of 50,000. I haven't worked since graduating from university.
I've been playing in Kunming and Dali, not buying a house or a car. Monthly expenses are 1500.
Why enter the circle.
If you want to change your fate, you must try the crypto space. If you can't make money in this circle, ordinary people will have no chance in their lifetime.
How I make money:
With a principal of 50,000, I did projects in university, participated in Taobao affiliate marketing, completed tasks, delivered packages, and took up various small jobs, which helped me save up 50,000.
When entering the crypto space, I thought BTC was too expensive, so I kept playing with ETH, which has leverage, and then moved to altcoin spot trading. Choosing coins and managing positions well.
Management. Just follow a simple idea consistently. When the market is bad, take a small loss, and when the market improves, earn significantly.
In 2024, my capital multiplied 50 times. If it weren't for withdrawing funds twice to buy a house, it should have been 85 times.
As someone who has been through it, being cut in crypto trading is normal. Only by dancing with the market makers, having solid skills and methods, and maintaining a mature trading system can one succeed.
Below, I want to share how I avoid being harvested in the crypto space and make money:
After more than a decade of ups and downs in the crypto space, here are 10 trading rules I've summarized for everyone. I hope this is helpful! Worth keeping.
1, never engage in revenge trading. After completing a trade, whether profitable or not, I stick to my decision. I close the market chart and do not open it again for 24 hours. This prevents me from engaging in revenge trading. We close trades for a reason, meaning there is no reason to immediately re-enter. Revenge trading is a major reason for emotional traders to incur losses. This is especially crucial when leveraging Bitcoin trading. Cryptocurrency traders often spend many hours watching Bitcoin market charts, making it hard to walk away and not re-enter after a loss.
2, avoid trading cryptocurrencies on weekends. The cryptocurrency market usually experiences high volatility and low trading volume on weekends. This makes it difficult to predict price trends. Crypto whales can manipulate prices more easily when liquidity is low, placing individual traders at a disadvantage. Moreover, weekends are times for relaxation and entertainment, so it's best to stay away from market charts and rest well.
3, trade only at specific times. I can only trade when I am fully focused at my desk. The cryptocurrency market never sleeps, so we can't always keep an eye on it. I set specific trading hours for myself, and only during that time do I check the market. This prevents me from constantly wanting to stay connected with the market and my phone, allowing me to spend time with my family and engage in other meaningful activities.
4, never get emotionally attached to assets. If you fall in love with the asset or investment you are trading, it can lead to poor decision-making. Emotionless trading means trades are not influenced by subjective factors. People tend to emotionally favor certain altcoins, teams, or projects. This is great for investors but poses potential disasters for traders.
5, keep it simple and stupid. This is one of my firm rules. When I was a beginner, I checked multiple indicators, news sources, and patterns to try to find the best trading method. This often led to over-analysis. When I see trading opportunities on the chart, understanding stop-loss and position size is far more important than timing entry and exit.
6, trade only when in a calm mindset. This is key. When I feel angry, tired, or stressed, I do not trade. I must be calm and focused to use my best judgment for trading. Life outside trading is essential for maintaining the right mindset. Spending time with family and friends, reading, and participating in sports are all key to my trading success.
7, keep a diary. Keeping a diary is boring and tedious. It is also important because it helps us avoid making the same mistakes twice. I have to remind myself to slow down, stop looking at charts, and take time to record as much information about my trades as possible.
8, daily simulated trading. I still regularly conduct simulated trading. I simulate trading Bitcoin and some altcoins every day, which can mitigate risk and test new ideas and indicators.
9, do not blindly chase the decline. Trying to perfectly time the bottom is unwise; one should wait for a more secure trend change confirmation signal. Trading within the trend is much less risky than trying to buy low and sell high.
10, do not overtrade. I find that the fewer trades I make, the more money I earn. Even when there are many opportunities in the market, I try to keep the number of open trades below 3. Managing multiple trades is much riskier because if each trade goes against you at the same time, you could incur significant losses.
