As a newcomer with 150,000 in the cryptocurrency market, is it possible to earn 2 million? I made 12 million in this bull market. Let me share my experience of making my first bucket of gold in the crypto space. I was born in '95, graduated from university in '18, and started working in Shenzhen. I entered the cryptocurrency market in early 2020. Currently, I own a house in Shenzhen, have no car, and no luxury spending; most of my assets are in exchanges. I used to work in e-commerce in Shenzhen with a monthly income of 20,000 to 30,000, and my expenses were over 10,000 per month. I could save around 10,000 to 20,000 a month. Like many 'migrants' in Shenzhen, I also wanted to buy a house there. However, with this income level, I didn’t know when I would be able to save for a down payment. My job income had a bottleneck, and it was hard for my salary to rise. It wasn't until I got involved in the cryptocurrency market that I realized I could use the leverage of virtual currencies to multiply my assets! I was quite lucky to enter the market right at the beginning of a bull market, betting most of my savings on digital currencies, heavily investing in ETH, along with a small portion in BTC and some miscellaneous altcoins. I had a few major pullbacks in the middle but didn’t make many moves afterward. I didn’t sell during the big drop on May 19 and even increased my positions in some promising altcoins. Until November 2021, when Bitcoin broke its historical high of 69,000 USD, market sentiment was very high, and many believed it would break 100,000 USD, but in fact, 69,000 was the peak of this bull market. By the end of November, I saw the market trend weakening, deducing that the bull market was likely over, so I cleared most of my positions. At that time, Bitcoin was around 58,000, and Ethereum was around 4,400. It turned out to be a very wise choice, while some retail investors with 'bullish fantasies' who called for an 'eternal bull market' and were greedy for 'tail-end rallies' are now stuck and confused. After the bull market in 2021, my capital account had about 12 million RMB. I took out 4 million for a down payment to buy a house in Shenzhen (after graduating, I changed my household registration to Shenzhen, and after paying three years of social insurance, I became eligible to buy a house), cashed out 2 million for daily use, and left the remaining 6 million in the exchange.
Let me summarize my advantages:
1. Relatively large principal with a continuous cash flow supply.
2. Appropriate entry timing and buy/sell points.
3. Only trade when there is high certainty, reducing trading frequency.
4. Do not use contract leverage or borrowing, maintain a good mindset. In the cryptocurrency market, profits are made from cyclical money. Factors such as entry timing, buy/sell points, project selection, position allocation, and principal will all affect your profitability.
