I have been trading cryptocurrencies for 10 years and have achieved a small target of 1.1 million. If you want to change your destiny, you must try the cryptocurrency space. If you cannot make money in this circle, ordinary people will never have the chance. Recently, I had the fortune to share tea with a big figure in the cryptocurrency world, discussing the trends of the cryptocurrency market.
His words deeply shocked me.
It turns out he once blew up his account within three days of trading contracts, losing as much as 50 million yuan. This experience was undoubtedly a profound lesson for him.
Reflecting on my journey in the cryptocurrency market, it has been full of ups and downs. From initially entering the market with 50,000 to making tens of millions during the bull market; then from tens of millions down to over 2,000, and now to a small target of 1.1 million; and now, I am waiting for the next bull market to arrive, aiming to reach three small targets.
My approach to trading cryptocurrencies is not complicated but exceptionally practical. Within a year, I managed to grow my assets to eight figures. My secret is to focus on only one pattern and decisively enter when I see the opportunity; without a pattern, I resolutely do not trade.
Over the past five years, I have maintained a win rate of over 90%, thanks to my patience and precise judgment.
The first three years of trading cryptocurrencies were a bloody history of losses, with an 80% loss rate. After much reflection, I summarized six iron rules, resolutely executed them, and ultimately turned losses into gains! Sharing with all cryptocurrency traders, take it freely.
In the turbulent sea of the cryptocurrency market, true experts do not rely solely on technology but on a profound understanding of market rules and strict adherence to them. Here are their six iron rules to help you navigate the cryptocurrency trading path smoothly and manage risks easily!
1. Fluctuations are unpredictable; mindset is king: Don't hastily claim the peak when the market rises, and don't assert the bottom when it falls. Just like whether Bitcoin can stand at $150,000, only market frenzy can reveal the answer. What you think is the bottom may just be a brief pause; the true bottom is always unfathomable.
2. Build positions in batches; stability is key: Experts do not rush to succeed in building positions, controlling each buy and sell to within one percent. This strategy allows them more opportunities for trial and error, lower costs, and reduced risks.
3. Dare to chase highs, achieve greatness: In the cryptocurrency market, fearing heights makes you a suffering person. Understand that the main force's cost in a particular coin is far more complicated than you imagine, including promotion fees, chip costs, development fees, etc., which are multiples or even dozens of times the investment. Therefore, daring to chase highs is the only way to seize real opportunities.
4. Bull market turnaround; seize the moment: The bull market is the only opportunity for a turnaround. Just like Buffett, no matter how smart he is, if he misses the bull market, he can only wait silently in the bear market. Therefore, in the cryptocurrency market, seizing the bull market is seizing the key to wealth.
5. Technical indicators are for reference only: Technical indicators often have a lagging effect; they can only serve as a reference rather than the primary basis for buying and selling. While technical indicators may look good during strong upward trends, the price is already high, so chasing highs should be approached with caution.
6. Full of confidence, unafraid of the market: True cryptocurrency trading experts are filled with confidence. They have experienced losses but have never been defeated. They firmly believe that they will ultimately conquer the market, and this belief is the key to their success.
Trading in cryptocurrency is not only a battle of skills and luck but also a test of mindset and wisdom. Only those who master these iron rules and strictly adhere to them can stand undefeated in the cryptocurrency market!
These are all lessons learned from real trading experiences, each one representing a period of hardship. The purpose of sharing them today is to help everyone avoid detours; it is crucial to pay attention!
Trading is a broad and meticulous task.
For example: pursuing absolute highs and lows is counterproductive. Why not be vague and precise, actively take precautions?
Win, keep quiet; lose, keep quiet. Winning and showing off to others is the beginning of your loss. A happy neighbor is a pain; do not wake it up. Moreover, this way of thinking will make you focus on profits and losses rather than the system. The emphasis is not on how much you won or lost, but on how much you have grown. Virtue (trading system) carries things, nurtures things silently, and wealth will naturally come. Life is also speculation; be cautious and reflect on your past mistakes frequently.
Investment is not an industry where hard work is rewarded; in fact, it is the opposite.
Remember, at any time, your actions may be wrong. However, paradoxically, speculation is an absolutely individualistic heroism. You must stick to your own beliefs while also being able to let go of yourself and admit mistakes. How to balance this?
The road is difficult, the road is difficult, not in the mountains, not in the water, but in the repeated fluctuations of the market.
Profit is about finding a glimmer of possibility in the impossible, maintaining calmness and composure between life and death. Therefore, speculation is life; it’s all about letting go. Know when to stop, and then you will gain.
95% of profit comes from 5% of trades; the key to success or failure in trading lies in determination and perseverance.
Confidence and arrogance are two mindsets that appear similar but yield entirely different results. Confidence or arrogance, the answer lies within your heart and does not need to be answered by others, as your wallet will prove your right or wrong. Use the parts of failure to prove your success, rather than using the previous bull market to prove your excellence!
When I first entered the cryptocurrency market, I made a lot of money during a bullish trend. In hindsight, this was not a good thing because I thought I was very capable. In the subsequent market, I lost all my profits and almost went into debt because I believed I could find the so-called 'double coins' at any moment. My arrogance eroded my heart and covered my incompetence, leading to a loss of awareness.
I pay attention to every single trade that resulted in losses. I often take out all the 'painful' wrong trades from my memory and remind myself of the foolishness of the mistakes I made. I expect myself not to repeat them because I want to succeed; I cannot walk the path of failure... My confidence comes from my failures! Few are willing to truly face their mistakes, and day after day, repeat each trade, searching for the right signals, seeking double coins, making small profits and big losses, using all funds in uncertain markets, following the crowd, and refusing to stop losses...
Setting a stop loss and executing a stop loss are two different things. The smarter a person is, the more they will hesitate. People inherently avoid risks, which is the real reason for losses in the cryptocurrency market... You must comprehend this principle, often needing to go through life-and-death situations!
We cannot control the market, so it is inevitable that the market will disappoint us. Therefore, trading can never achieve perfection. Striving for the perfect trade often leads us to dwell on past mistakes and generate hesitation and fear regarding the future. 'Perfectionism will make us lose our original balance.'
We will never have a sense of security facing the market; the market will not recognize our thoughts; it will always go in the direction it should. This is the awareness we should have! Thinking that the market will definitely move in a certain way is merely our wishful thinking; the market doesn't care what we think! Do not focus solely on trading techniques or think about how to make ten million from the market every day; we should balance our internal emotions and psychological thinking.
Successful traders cannot rely solely on skills to succeed. Only those who constantly learn, introspect, think, and pursue intelligence have a chance to succeed...
The fastest time for a person to progress is not when everything goes smoothly, but when faced with setbacks. After a severe drop in the market, there often comes a significant bull run. If you live long enough, you will make all the mistakes, and those who ultimately succeed are often not those who had it easy, but those who have gone through countless ups and downs... Those who have not experienced setbacks and had it easy often fall in a single failure.
I am not an expert, and I often misjudge the market. In terms of the market, no one is a deity. In terms of operation, as long as you are responsible for your own account, it’s fine. Correctly predicting the market can also lead to losses; misjudging it can also lead to profits. It does not necessarily mean you are great just because you catch every turning point. Some profits in the market can only be observed and not realized. True masters conceal their emotions regarding wins and losses.
In the current market, many friends in the cryptocurrency space are losing money; they buy and it drops, they sell and it rises, mainly due to a lack of correct trading models. To survive in the competitive cryptocurrency market, one cannot do without a set of profitable methods and self-protective discipline. If you want to learn more profitable models, such as the Dragon Battle method, pullback strategy, main force control method, and capital compounding method, understand the market and see the market's operational trajectory.
Unity of knowledge and action in trading.
Unity of knowledge and action, as the name suggests, means that your thoughts and ideas must align with your actions. This is actually very difficult to achieve. I often like to use this phrase to describe the contradictions during trading: the struggle between thought and action.
If one can persist in this for the long term, it is a breakthrough. Many people analyze the market correctly and thoroughly, but why do they end up losing money on their trades? This is because their actions do not align with their thoughts.
This also has a situation where, when one cannot accurately gauge the market, and their subjective view is very uncertain, it is best not to place an order. Why? It's actually quite simple; if you don't even believe in yourself, it's tough to do well.
Many people start by choosing to take a gamble or asking others how to operate. This reminds me of a saying from an investment friend: 'Gambling is a mistake, while not gambling is a missed opportunity.' This is indeed very reasonable, but at that time, I rebutted him that in this market, I would rather miss an opportunity than make a mistake.
Therefore, it’s best not to speculate during this time, neither going long nor short. Many people cannot stop their hands, wanting to trade as long as the market is moving. This problem is widespread. Therefore, the simple principle of 'watch more, act less' has eliminated a group of people.
You keep trading, and three types of people will like you (people from exchanges, futures companies, and your broker). I believe that the more times an investor trades in this market, the shorter their lifespan will be, which is detrimental to both parties.
The above also includes a situation where one asks others for opinions to place an order when one is uncertain. First, it is essential to understand that this order is not made based on your subjective awareness, yet it is your own order. At this moment, you might think, 'Everyone else is doing this; it should be fine for me to do the same.' This can become a significant problem; it is a world apart.
Why?
Firstly, in others' minds, this order is generally predetermined on how to handle mistakes or take profits when correct. However, in your own concept, there is no strategy in place. Therefore, when faced with unusual situations, you start to panic and do not know where to start.
Even if you are correct, do you know how to take profit? In your subconscious, there is no concept of taking profit.
Only when others close their positions do you have a concept of when to do so. At this time, your mindset regarding your funds and positions is different from others.
Thus, the strategies that need to be employed are vastly different.
Another bad habit of some traders is that they know what their view is but still ask people around them for their opinions on the market. At this time, the following adverse phenomena may occur:
1. Your views and direction are roughly the same as his.
2. The thoughts of the two people are completely inconsistent.
The former is fine; both can feel pleased (but it may also encourage their own greed). The latter is troublesome. For example, when others' analyses seem more accurate and comprehensive than one's own, doubts about one's judgment begin, leading to a muddled thought process.
At this moment, making trades completely lacks a big-picture perspective and can be very limiting.
Thus, I personally think that while discussing the market is certainly necessary, it should be done contextually. It is better to communicate about mindset and share past mistakes rather than focusing on predictions about future market trends. I believe discussing future market predictions is of little significance; who knows what the future market will be like?
What we need to do is not predict how accurate the market forecast is, but to strategize for when the market is against us. Making money when the market is favorable is a natural outcome.
Therefore, with a solid strategy, you need not be overly anxious or mysterious when analyzing the market. I personally believe that blindly predicting the market is an unrealistic behavior.
A few tips for investing in digital currencies:
When the coin price is stagnant, do not rush. This principle is simple, but it is difficult to implement. Many people cannot resist at this moment and end up losing significant amounts of money.
When the price of a coin hovers at a high or low point for too long, it may indicate a change is coming. At this moment, you need to have patience and wisdom to wait for the best opportunity to act.
When building a position, it is essential to proceed steadily and layer by layer, so that you feel secure.
If the coin price rises or falls like crazy, you need to adjust your strategy quickly. Don't sell heavily at high points, and don't buy heavily at low points. Markets change quickly, and you need to go with its rhythm to do well in the digital currency industry.
There are two types of people who make money in cryptocurrency trading:
Long-term holding with a calm mindset, not suffering from the daily ups and downs, and possessing a spirit of adventure, having a keen eye for new opportunities and daring to invest in new things;
One type of person loses money: Those who chase highs and sell low, believe in rumors, and have a restless mindset, namely, the 'retail investors'.
All of the above is a summary of my 10 years of practical experience and techniques in cryptocurrency trading. It may not apply to everyone, and each individual needs to combine their own practice to utilize this summary. As a trader, the most terrifying thing is not the technical problems but insufficient awareness, falling into trading traps without realizing it! There is no invincible trading system, only invincible users of the trading system! This is the truth; trading systems ultimately return to the individual!
Still the same saying, if you don’t know what to do in a bull market, click on my avatar, follow me, and I will share free strategies for spot trading and futures in the bull market.
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