I am 38 years old this year, from Wenzhou, Zhejiang, and currently live in Singapore. I hold long-term positions in five mainstream cryptocurrencies, own two seaside properties, one in Sanya and one in Phuket. After ten years in the crypto space, I have grown my initial capital of 300,000 to over 100 million in assets, not relying on news or leverage, just using a method that my peers laughably call 'clumsy'. Today I will share the bloody path I have walked for these 2190 days. These six practical iron rules, understanding one can save you from losing a house in a bear market; if you can follow three rules, you can shake off 95% of the retail investors.
I am from Hunan, 32 years old and settled in Hong Kong. I've been trading cryptocurrencies for seven years, growing my initial capital of 50,000 from working to 7 million. To be honest, in the 2555 days, I've stepped into all kinds of traps and seen enough tricks. Today, I will lay out six hard-earned rules — understand one, save 100,000 in tuition; follow three, and you will definitely crush 90% of the retail investors in the market. Six rules to remember: 1. Don't panic sell during rapid rises and slow declines. When the price of a coin shoots up quickly and then slowly drifts down? Don't rush to cut losses. This is mostly the market maker washing the plate, shaking off those who can't hold on. After the ETH surge in 2019, I almost sold at the bottom; later I realized that the real danger was the guillotine after a surge — that was the trap to lure in buyers. 2. Don't reach out during rapid declines and slow rebounds. After a waterfall decline, if it rebounds like a snail? Put away the thought of bottom fishing! This clearly indicates the market maker is offloading. During the 2021 Dogecoin wave, I saw too many people shout 'it's dropped to the bottom,' only to be stuck in the last fake rebound, all of whom thought they were clever. 3. Don't be afraid of high volume at high prices, run away when there's dead volume. If the price is high and volume is still increasing, there might still be potential; but if the high price's volume is stagnant like dead water, you must escape! When LUNA hit $119 in 2022, the trading volume shrank for three consecutive days. That night I sold everything, and it collapsed the next week, going to zero. 4. Don't get excited about unusual movements at the bottom; continuous volume is the real deal. Suddenly a massive volume after a prolonged drop? They might be playing you. When ETH dropped to $880 last year and the volume surged, I didn’t act. I waited for it to consolidate for two weeks before the volume increased again, entering at $1200, and it doubled in three months. The market maker wouldn't just make one move to build their position, right? 5. Trading cryptocurrencies is about understanding human psychology; don't confuse volume with price. The candlestick chart is superficial; trading volume is the mirror that reveals the truth. In the 2023 altcoin market, how many people chased prices without looking at the volume that had long disappeared — the price is like a dog led by emotions, but volume is the leash. 6. The word 'none' is the highest level. Without obsession, you can sit on the sidelines waiting for a critical strike; without greed, you won't chase highs; without fear, you can dare to catch the falling knife. This is not about being zen; it’s a mindset forged by the bear market of 2023 — that year, I stayed out for three months and avoided 90% of the declines, relying solely on this 'none' mindset. The market has opportunities every day; what’s lacking is the ability to resist temptation.
Unknowingly, I've been in the circle for over 10 years At 33, looking back, back in 2015 when I just entered, the little capital I had was still borrowed, 50,000 yuan, I had no confidence at all Now my account has surpassed 10 million, to be honest, my feelings are quite complicated, the earnings aren't fast, nor are they based on luck, it's just climbing out of one pit after another with reflection I do trading, really going from long-term to short-term, from ultra-short to intraday swings, I've tried various styles one by one Now you say I understand technology, I'm not a top expert, but I can honestly say my understanding of losing money is deeper than most people In these 6 years, I've seen too many people build high towers only for them to collapse. From tens of thousands to tens of millions, a bear market can wipe it all out
Do you think their skills are poor? No, they just got used to holding their positions, when luck is gone, and the bullets are used up, one drawdown can wipe out their accounts Some people can make back 100 times, but as long as they can't hold on once, it's not just a small loss, it's a complete wipeout There's another problem that really gets to me, too many people get "urgent" as soon as they lose money
They just want to make back their losses, resulting in chaotic operations, and in the end, they lose everything
I'm not a saint, I have my moments too. But I understand one thing clearly: you have to admit that the market won't listen to your commands Don't think “I feel it should rise” means it will rise, “I judge this is a trap” means it will definitely be a trap. If you're wrong, you should leave, not just stubbornly hold on
In the cryptocurrency trading world, the essence is whether you can endure? Can you admit that sometimes you are wrong? Can you work according to rules? To say something unpleasant, it’s not that you don't understand trading, you just can't stand losing, you don’t want to admit you're wrong, and you're greedy Stop calling yourself “faithful”, and saying things like “holding on will come back”, this is not faith, this is the self-deception of a gambler I just take simple rules to the extreme:
Admit when you're wrong Set a stop-loss when you open a position
As long as you are willing to turn off your emotions, and establish rules, don't say with a capital of 60,000, even with 10,000 you can turn it around!