"The biggest floating profit I ever made was 60 years of my salary!" Is the cryptocurrency world heaven or hell? Confessions of 5 cryptocurrency traders

Original title: "The biggest floating profit is my salary for 60 years!" Is the cryptocurrency world heaven or hell? 1.33 million times profit in 12 years, who did the wealth go to? Confessions of 5 cryptocurrency traders"

Source: China Securities

Author: Wang Junhui

A day in the cryptocurrency world is like a year in the real world.

24/7 global non-stop trading, no price limit, thousands of dollars of volatility, rich futures options and other leverage tools, participants with varying levels of trading skills, rampant market manipulation and insider trading without supervision, endless hype, black mouth, and following the trend. In the twelve years since the birth of BTC, the price of the currency has risen from 3 cents to the current maximum of 40,000 US dollars, accompanied by denial, controversy, and suppression, creating a 1.33 million-fold increase.

The other side of the story is the risk that is endlessly magnified in the decentralized trading model. On the night of March 12, 2020, Bitcoin plummeted from $7,900 to $3,600, a drop of more than 50%, and the contract liquidation exceeded 14 billion yuan. And this is just the tip of the iceberg of wealth destruction.

Even in a bull market, large-scale liquidations occur from time to time. On January 9, BTC fell below $40,000 per coin in the early morning, and then experienced frequent ups and downs. On the evening of the 10th, it plummeted, with several straight dives of nearly $1,000, and several straight rises. In the early morning of January 11, the price of Bitcoin fell again by more than 12%, to a low of $33,447, equivalent to a drop of nearly $6,000 in one day, a 24-hour drop of more than 20%, and 200,000 people were liquidated, with the amount of liquidation reaching 13.7 billion.

After struggling at the $10,000 level for more than three years, BTC ushered in a magnificent bull market at the end of 2020. The current price of $40,000 is more than twice the previous high. The bulls have raised the banner of "to the moon" again, and the bears have not given up their resistance. BTC has been fluctuating and reaching new highs all the way.

However, in various communication groups, the "leeks" that used to be bustling are now "quiet", and the atmosphere has not yet become lively. A contract platform operator described it this way: BTC was sold a long time ago, and now I dare not buy it. Holding a large number of altcoins will not increase, and those who missed out will continue to miss out.

This is a sleepless Shura field, where there are giant whales like "Grayscale" with positions of hundreds of billions, calling the shots, and there are "new leeks" who are eager to try out small bets with "ant warehouses" of hundreds of yuan; there are many "brick-moving parties" who pile up codes and write programs, watching the market day and night for high-frequency trading, and there is also the "coin hoarding party" who invests against the trend to recharge their faith; some people get rich overnight, some people wait for their investment to be recovered, and some people gamble their lives away.

They met and fought in this market, and then had very different endings.

Today, we look beyond the unclear market and focus our attention on these traders, including professional traders with rich investment experience, exchange operators, founders of quantitative funds in the cryptocurrency circle, cryptocurrency KOLs, blockchain VC investors, and retail investors who are confused and struggling in the market. In their stories, you may be able to see the shadow of you and me.

Brother San | Trying again is not rational, but a gamble 28-year-old professional trader, trading in cryptocurrencies for 3 years

The 28-year-old San Ge is known as the "return on investment assistant" in the cryptocurrency circle. He started to trade stocks at the age of 14 and cryptocurrency at the age of 25. He is good at both and has rich trading experience. In his Weibo introduction, he said that he is a Buddhist analyst who only teaches technology and does not shout orders. He also built his own knowledge planet and has his own group of fans, known as the "bankruptcy shelter group."

Brother San talked about his experiences in the cryptocurrency circle over the years.

As a professional trader, I faced a very realistic problem in early 2018. The A-share market entered a long bear market and I had to find another way to make a living. I was willing to open up a new track and happened to meet a college classmate who was a KOL in the cryptocurrency circle. Then we hit it off and rented a studio together to start officially getting involved in the cryptocurrency business.

The cryptocurrency market was also quite depressed at that time. Bitcoin fell from $20,000 to $6,000. I watched the market for a few days and found that the analysis tools for stocks were also applicable to the cryptocurrency market. I even felt like a dimensionality reduction attack. Although the cryptocurrency market is in a gray area, there are a variety of futures options and other tools that can be used for short selling. Moreover, BTC is a strong trend market. No matter whether it rises or falls, once the trend is formed, it is difficult to end in the short term.

The first time I made money was in April 2018, and the rising trend lasted for more than a month. The first transaction was to buy BTC at $6,500 and EOS at $4.2. From $6,500 to $9,200, I took profit. The first investment earned about a year's living expenses, which officially established my confidence in the long-term development of the cryptocurrency circle.

Due to the lack of reference in the cryptocurrency circle, I am a pure technical analyst. I use the Chaos Theory. I have also come into contact with other theories, but they all have their limitations. The Chaos Theory is more like a system rather than a simple technical analysis. I should be one of the first people to apply the Chaos Theory to the cryptocurrency circle. Of course, the cryptocurrency circle has its own scope of adaptation. I have made adaptive modifications based on the original Chaos Theory based on my trading experience, and even wrote it into a teaching aid. During the trading process, I also tried other mainstream currencies, such as EOS, XRP, ETH, etc., but as my trading awareness improved, I only did BTC in the later period.

In terms of trading style, I mainly trade spot trends, supplemented by contract trading. The purpose of contract trading is to earn coins rather than to earn excess profits, and the spot trend is held. The advantage of this strategy is strong stability. Once the trend is established, you can sit back and relax for a long time. The disadvantage is that you may face repeated stop losses when encountering volatile market conditions.

There have been two particularly painful mistakes in recent years.

The first time was at the end of 2018, when BTC fell from $6,000 to $3,200 in a week, nearly halving. At the time, I judged correctly that it would fall, and shorted at $5,800. However, I did not expect the decline to be so strong. I closed my short position at $4,800 and started trying to buy the bottom, but it ended up falling to $3,200.

This time, I lost about half of my capital in the process of continuous bottom-fishing. This was the first painful lesson that taught me not to easily bottom-fish or top-fish. This incident had a great impact on my later trading style, resulting in me basically not doing bottom-fishing or top-fishing now, and I just trade on the right side honestly.

The second thing was that I was doing XRP in 2019. One night, BTC fell from $13,900 to $9,800, and my XRP contract position was liquidated overnight. In fact, the contract leverage was only 5X, but it still couldn't withstand the 20-point plunge of mainstream currencies. After this incident, I never touched any non-mainstream contracts again, and I focused on BTC from then on. Because only when you are familiar with a product can you know its rise and fall. A person's energy is limited, so it is more important to do well in one product than to do many things.

Let me tell you about a thrilling bottom-fishing event. Due to the first point I mentioned above, I basically don’t do bottom-fishing, but there was one exception, which was the night of Bitcoin’s “suicide” on March 12, 2020. I really bottom-fished that night, but the first purchase was at $7,800, and only $5,800 was left a few minutes later, so I bottom-fished for the second time, and as a result, only $3,800 was left the next day.

My cost was about $6,500, but BTC was only $3,800. I was in great pain. I unplugged the internet and took a day off. I deleted the trading app. After a week of pain, the price went back down. Of course, I kept brushing contracts to reduce costs. I thought of the worst-case scenario, which was not making any money in 2020.

The reason why I didn’t continue to buy at the bottom and chose to unplug the network cable was because my risk control standards did not allow me to try for the third time. Trying again would not be rational, but a gamble. In addition, I didn’t want to continue to buy at the bottom at that time, and there was also fear. After all, global risk assets were plummeting at that time, and it was still far from when the bottom would be, so I was prepared to invest this little money and be prepared to lose it.

So, in fact, it is not easy to get it from then to now. I also reduced my position twice in the middle. The first time was around 13,000 US dollars, and the second time was around 19,000 US dollars. Now the number of BTC in my hand is only about 40% of that in March, and the rest has been held until now. I think it is impossible to hold on to it until now without thinking.

Now I will use the Chaos Theory to determine the buying and selling points to make waves, and the order opening frequency is maintained at about 15-20 orders a month. The income in 2020 is about 10 times. Another part of my income is the membership fee of Knowledge Planet, because the income of traders is non-linear and there is no fixed salary. Knowledge payment is a very stable way. Although the proportion is not high, it is stable.

Another vision is to train some excellent cryptocurrency traders. I hope to train a group of people with strong psychological qualities and up-to-standard technical skills. After three years of training, I have indeed seen a group of traders who can stand on their own, have their own operating system and do not overstep the boundaries.

I would like to advise all young people that Bitcoin is a high-risk asset and they should use less leverage and hold more spot assets.

Dingdang | Those who miss out on opportunities will always miss out on opportunities. They rely on their positions and mentality to control the COO of a contract trading platform. They have 5 years of trading experience

In 2016, after I resigned from Alipay, I accidentally came across Bitcoin and tried it out with 6,000 yuan. Programmers’ lives are relatively monotonous, with a salary every month and a bonus at the end of the year. The bonus could be tens of thousands of yuan at a time, so it didn’t matter if I lost 6,000 yuan. At that time, I didn’t watch the market and didn’t understand technical indicators. Two months later, I found that 6,000 yuan had turned into 30,000 yuan, which was amazing.

I bought Bitcoin and a bunch of other altcoins. After I made 30,000 yuan, I bought some more. After a few months, I made 300,000 yuan.

ICO was all the rage in 2017, but I still didn’t understand it and bought blindly. I also did some spot leverage in the middle. By the end of 2017, the highest floating profit was over 7 million. Later, when the price plummeted to only over 5 million, I sold it and lost over 2 million. I felt sad.

2018 and 2019 were basically bear markets, and I was basically paddling. In 2018, I started to study technical indicators, trading data, etc. At that time, unlike now, various platforms have big data, long-short ratio, funding rate and other indicators. Because I used to be a programmer, I like to study and found some rules. In October 2018, I worked on contracts with another friend. Later, I felt that it was too tiring to watch the market every day, so I wrote a tool to help us watch and analyze the market, such as which point of liquidation had never happened before, how many orders were liquidated at which point, and where there were pressure orders, etc.

After we made this, we found that many people could use it. At the end of 2018, we started to do real trading. From October 2018 to April 2019, we found that there was too much work to do, so we went out to look for investment, and then we opened a company to do contract platform.

But in this process, I was still confused about trading. I made money by luck in 2016 and 2017, but I didn't make money after learning a lot of techniques in 2018 and 2019. At this time, I began to reflect. Now I feel that trading depends more on mentality and has little to do with technology and strategy. When you are indifferent to the rise and fall, you may make the most money.

What I remember most is that on the night of March 12, 2020, I opened a hedge order at the point of 9,100-8,900 US dollars, and did not lose money in the big drop. At that time, I also bought the bottom, but later I couldn't hold it. In fact, from my observation, basically no one could hold it. From more than 3,000 US dollars to more than 6,000 US dollars, there are always times when you want to short, and it is inevitable that you will be liquidated.

My earnings this year have outperformed the growth of BTC, but they are only average because it is a bull market and there are too many people making a lot of money.

I think I haven't gotten started in trading yet. I can't judge trends accurately because I haven't been trading for a long time and my mentality is not mature enough. Second, it may be because I am good at math and have more imagination. I am sensitive to numbers. Sometimes others think that the price exceeds expectations when it reaches a certain point, but I am not easily disturbed by these.

When I first started trading cryptocurrencies, I could make money without any technical skills. Later, I learned a lot of techniques, but I didn’t make much money. Now I’m back to the basics, relying on imagination. Basically, I avoid talking about technology, live by thinking, and control by position and mentality.

This may sound a bit exaggerated. Everyone has a different mentality. Some are more aggressive and like to bet big. The advantage of this is that if you get the market right, you will make a lot of money, but if you get it wrong, you will also lose a lot. I used to be a programmer and I am more conservative. Once you enter your own money-making market, it is easy to stop profit and don't want to bear the risk of callback losses, which is not conducive to getting rich quickly.

So now I am thinking that there is nothing wrong with being conservative, but sometimes, such as in this bull market, it is still necessary to treat part of the profits as if they were not profitable, and to gamble, which I think is more valuable. I think these are the things that need to be fixed in my mentality.

How to look at the current market, this is where the mentality is combined. At the end of December, when BTC broke through 20,000, it was already a new high, but I found that many people sold it at 8,000 US dollars. Even the so-called "coin hoarders", of course I never think that "coin hoarders" and "coin speculators" are higher or lower. Many people I know who could hold on to BTC sold it at 16,000 US dollars, whether they are the boss of the mining farm, the boss of the company, or the so-called "big players". Those who are slightly higher sold it at 19,000 US dollars.

I feel that people who sold BTC at more than 16,000 US dollars will not buy it at 24,000 US dollars. They basically have this mentality: they want to buy it after it falls back to 20,000 or so, because they are afraid that it will fall again after buying at 24,000. Therefore, after the BTC price reached 24,000 US dollars, there were still many people shorting it, so BTC broke through 30,000 US dollars in one go, and these people still missed the opportunity.

Then many people said they wanted to wait for the price to fall back to 26,000 before buying. At that time, BTC did fall back. But from the technical point of view, every time it fell, it would fluctuate for a few days. This time it was different. BTC quickly rose and continued to hit new highs, so many people have been left out until now. They sold it at 16,000 US dollars, and when it reached 35,000 or even 40,000 US dollars, they couldn't even buy half of it. This is a very real situation.

It's cruel to think about it. Bitcoin was more than 10,000 US dollars just one month ago. If you ask me what I think, first, I don't know the short-term trend of BTC to be honest. I think all technical analysis is nonsense now. It doesn't make much sense for the dealer to harvest a wave of "bullish" or "short". Wouldn't it be better for them to pull it up to hundreds of thousands and then smash it? But you said that it can fall from more than 40,000 to 20,000 or 30,000, which is also possible. So I think the current situation of BTC is that people with chips below 20,000 will never sell them, and those who have sold below 20,000 can only cry. This is the current situation of the bull market. Those who miss out will always miss out.

Why is it rising? I don’t know. Why do you say that housing prices are rising? There are some analyses about the bullishness of institutions and Grayscale, but it is meaningless. If you don’t buy BTC, it is useless to say these things. Many people analyze a lot of reasons, but when you ask them if they have BTC, they say no. What’s the point? Many people say that BTC can rise to $200,000 per coin, so why don’t you dare to buy it now? This kind of analysis is like entertainment news, it is useless.

Another interesting thing is that every time Bitcoin reached more than $8,000, the discussion in various groups was very active. Now it has reached more than $30,000, but it is still not active. Why? Because most people missed the opportunity. In the bear market, every time the price rose by $1,000, the technical party would analyze it in various ways and think it was amazing. When the bull market came, most people sold at $16,000, and then Bitcoin went up to $5,000. What else is there to say?

I sold BTC a long time ago and I don’t dare to buy it now. I have a lot of altcoins but they are not rising. All my skills are useless.

The current contract market is not more active. Many people are afraid to place orders because the current fluctuations are often several thousand dollars. So it is normal that the market is silent. The market is sometimes like metaphysics. Let's put it this way. If the price of BTC can be calculated, why are most people looking for a correction instead of a new high when it rises to more than 20,000? If you can make money by being reasonable, everyone will make money.

But the current market style is different from before. In the past, there were at least two corrections after the sharp rise, but now it goes up directly. There may be a pin, but it will go up again very quickly, leaving you almost no chance to get on board again.

Bitcoin Master | Most "analysts" are just KOLs in the Bitcoin circle, and the actual yield of ETH contract is 11570.96%

Four years of experience in cryptocurrency trading, three years of experience in contract trading, and the No. 1 yield rate on Contract Emperor. On the digital currency contract trading platform, ETH real-time trading lasted for 542 days, with a total yield rate of up to 11570.96%. He talked about how he started to trade cryptocurrencies with 5,000 yuan and built his own trading system in four years.

I have been doing contract trading for three years. I usually communicate with fans on my Weibo. After I have gained a certain reputation in the industry, I have accumulated many loyal fans. They often ask me some questions about trading, such as when to open an order? What if it falls? Can I go short? What if it rises? Can I go high? Can I lower the point requirement if the point is not reached...

At this time, I always ask in return, "What is the basis for you to open this order?" Most of the answers I receive are, "Analyst X said there will be a big fluctuation and the price point is given," or "I feel it will rise, I feel it will fall, etc."

These problems are quite common, and I think it is necessary to remind novice cryptocurrency friends not to be cheated. Old people in the cryptocurrency circle know that most analysts are not very good, and they take advantage of customers' losses under the banner of leading orders. In other words, the more you lose, the more they earn. Sometimes, some analysts will not open orders themselves, so don't listen to those people. You will only lose money if you follow them. So everyone should open their eyes, improve their trading ability, and don't trust others easily.

Before each transaction, you must ask yourself three questions: First, think about the reason for opening an order each time? Second, do you often encounter profitable orders that turn into losses? Third, do you often hold orders until your account is liquidated and you don’t know what to do? These three questions are inevitable for all traders. Coin friends have encountered them more or less. Everyone has come this way, especially novices, who are all very blind. The essence is that they have not established a mature trading mindset and trading system.

What is a trading system? It is a self-methodology for trading, opening, closing, increasing, decreasing, taking profits and stopping losses, that is, a set of rules. The most direct benefit of having such a system is that all your orders have a basis to follow, which greatly reduces the chance of making mistakes and the amount of losses. Secondly, you don't need to watch the market in real time. When you strictly follow the system, you have a clear idea of ​​your goals and losses, and you can be as stable as a rock no matter how the market fluctuates.

How to build your own trading system? The most important thing is to have a good mentality. The cryptocurrency market is a 24-hour trading market with ever-changing and huge fluctuations. You need to have a strong psychological quality when trading. A person's operating habits, psychological tolerance, strategy execution ability, and ability to overcome greed and fear, all have different ability indexes, which determine that each person's trading system is different.

I have concluded that an excellent system must have the following characteristics:

First, the frequency of opening orders should not be too high. There are too many people in the cryptocurrency circle who are eager to get rich. If they don't open an order for a day, they will feel that they will lose the big market they fantasize about. In fact, opening orders needs to be based on the market, not on time. Blindly opening orders when there is no market will only lead to losses. There are too many opportunities in the cryptocurrency circle, but most of them are not what you can catch. No one can take advantage of every fluctuation. "Waiting" is the key. Learn to wait, seize your own opportunities, and reduce the frequency of your stop-loss orders. Naturally, your income will be significantly improved.

Second, overcome greed. Greed is the most taboo thing in cryptocurrency trading, especially in contracts. The market fluctuates every day. If there is an increase, there must be a decrease. I have seen too many people who lost money or even went bankrupt because of greed and did not stop profit on their orders that were originally doubled.

Third, strictly stop profit and stop loss. This is the most important operation for contracts, and it is also an important reason why I can achieve a maximum return rate of 11570.96%. Before analyzing the market and opening an order, think about the position of the stop profit and stop loss, especially the stop loss position, and calculate whether the profit and loss ratio is worth doing this order. When you think it is okay, set these two positions. No matter how the market fluctuates, you will be as stable as a mountain. Strictly stop loss at the stop loss position to retain the principal, and stop profit in batches at the stop profit position to lock in profits.

Fourth, do a good job of position control when opening orders. Why do you need to do position control? A simple calculation will make it clear. If you make 20% profit on one order and lose 20% on another order, and the accuracy rate is 50%, 40 cycles can halve your assets. After accounting for the handling fee, there will be even less left, and the result is definitely that your assets will return to zero. Therefore, you must do a good job of position control. Fixed principal is a good choice. It is a good habit to withdraw profits, because the withdrawn funds are truly yours, and the profits left in the exchange are all floating profits.

Fifth, practice and review. When you have learned to control your mentality, position, funds and K-line operation techniques, you still lack the most critical and indispensable part of building your own system, which is practice and review. Practice makes perfect, and review can lead to progress.

When reviewing, you need to review every order and review every week. Notes and real trading can help you review and summarize, enrich your reasons for opening orders, and improve your take-profit and stop-loss points.

A trading system is not created overnight, but must be summarized in the continuous practice of opening orders. No one is born to understand K-line and contracts. They all summarize and learn through constant exploration. Who hasn't lost money and paid tuition? The important thing is that the tuition should not be paid in vain. Learn from your failures and gain experience from failed orders. Next time, you will naturally know what not to do and what to do in the same market.

Amin | The biggest floating profit was my salary for 60 years, 35 years old, maintenance worker, 7 years of cryptocurrency trading

I started to trade in cryptocurrencies at the end of 2013. At that time, I read a report saying that BTC had risen to 400 yuan, so I did some research. The first thing I bought was a well-known domestic altcoin at the time. I was afraid to buy it at the time, so I only topped up 100 yuan and bought 10 yuan. As a result, it rose tenfold within three days, so I cashed it out through Alipay. Later, I kept buying and selling until Bitcoin broke through 7,000 yuan for the first time.

I topped up 10,000 yuan, which was about my three-month salary, and bought RXP, which was 0.4 yuan at the time. It fell terribly in the end, and I was afraid to watch it. It was only a few hundred yuan at the lowest point, but I didn't sell it because I couldn't bear to. 10,000 yuan became a few hundred yuan, and there was no point in selling it, so I persisted until 2017.

2017 was a big bull market. From May to July, XRP rose to 2 yuan. I sold 30,000 yuan in total. This time, my wife strongly urged me to sell. If I waited until December of that year, I could sell more than 500,000 yuan. This experience of selling at a high price also laid the hidden danger for me not to cash out at the high point later.

When the market peaked in 2013, the central bank introduced restrictive policies, which led to a sharp drop in BTC. I will never forget it. So when the market was extremely hot in June and July 2017, I felt that if BTC hit a new high, there would definitely be policies to suppress it, so this time I kept waiting and wanted to buy after the price fell.

Now it seems that my idea was right, but the embarrassing thing is that on September 3, I finally couldn't resist and bought some. Then on September 4, the central bank and seven other ministries issued a document to ban ICOs, and the price of the currency plummeted.

I didn’t have much money at that time, but in September and October, I bought about 20,000 yuan worth of coins, including EOS and Loopring. In mid-October, I talked to my wife and she finally agreed to invest some of her money. This time she gave me 100,000 yuan and my mother gave me 30,000 yuan. After September 2017, ICO became popular, and I invested 130,000 yuan in seven ICO projects, and then caught up with a magnificent bull market. In December, the highest point was 1.8 million yuan in floating profit.

I was too confident at the time. I felt like I was the protagonist. Just like what was said in the talk show, I felt that God had chosen me. I felt confused. My salary was only 3,000 yuan per month at the time, and 1.8 million was equivalent to my income for 60 years. But now I think I was stupid for not cashing out. In February 2018, Bitcoin fell sharply, but I thought it could rise further. I was greedy and did not cash out.

Throughout February, BTC kept falling, and I had about 400,000-600,000 in assets left. I had no cash at all, and I was very anxious. Then suddenly one of the ICO projects rose sharply against the trend, so I quickly seized the opportunity and sold it for about 170,000. Later, I invested another 100,000 in wicc's ICO, and I added another 30,000 to the remaining 70,000. I raised 100,000 and invested in a project. Later, the project failed, and the 100,000 was also wasted.

Later, during the second rise of Bitcoin, wicc brought me nearly ten times the profit. In the end, I insisted on selling 300,000, of which 200,000 was exchanged for cash and the other 100,000 was exchanged for Bitcoin. In fact, I originally wanted to sell half of it, 500,000, or all of it. But my wife didn't let me, and I was also shaken, thinking that it could rise even higher. Looking back now, I was greedy at that time.

I used the 200,000 yuan I cashed out to pay the down payment for a house, and I invested the remaining tens of thousands in ICOs. This happened in 2018. Now it seems that I got nothing from the cryptocurrency world, but it gave me courage. I never thought about buying a house before, but when I had money, I bought one.

At the beginning of 2019, BTC reached a historical low, and so did my altcoins. In May 2019, BTC rose a lot, and I sold all my coins for USDT, with a total value of about 350,000 yuan.

I think what happened in 2013 will definitely happen again, that is, Bitcoin plummeted under policy suppression, so I kept waiting with short positions, doing a small wave in the middle, winning and losing, and by October, 350,000 became 300,000. At the end of October of that year, the news came out that the Politburo of the Central Committee collectively studied blockchain, and Bitcoin rose sharply, which also changed my belief. So I bought all the stocks at a price of 10,000 US dollars, and kept holding 300,000. At the lowest point, only 180,000 was left. Later, in January 2020, when Bitcoin was 8,250 US dollars, I sold them all, a total of 220,000.

During that time, I had a strange habit. I listened to various investment and financial advice courses crazily and came into contact with leverage. At that time, there was a new concept, "Triple leveraged coins will never blow up", and I was tempted. At the same time, the price of Bitcoin was around $10,000. I didn't dare to buy it and wanted to wait until it fell before buying. So I bought a triple leveraged coin with all my warehouse. But later, Binance actually delisted that leveraged coin. Before the delisting, all leveraged coins were forcibly settled at the market price at that time, and the settlement was $700.

I was unwilling to give up, so I deposited 35,000 yuan into the market without telling my wife. I lost until I had only 20,000 yuan left. I quit and calmed down for half a year. I started again this month and just made 35,000-40,000 yuan from 20,000 yuan.

Since March 12, 2020, my beliefs have changed. I used to be a pure bull, but now I am also bearish. But I think I will be educated.

In addition, there is another easter egg. I bought Loopring in 2017 and participated in the long-term lock-up plan. I just took it out on January 4 this year and sold it for 90,000 yuan. I didn’t expect that if I sold it now, I could sell it for 150,000 yuan. I was so depressed. Now, I am standing at a crossroads again. Should I continue to play with this money, or use it to subsidize my family? Because now my total funds have exceeded 100,000, and my monthly salary is still 3,000.

Over the years, I feel that the fluctuations in the cryptocurrency market are too drastic, which has dealt a heavy blow to my faith. Objectively speaking, my luck is relatively good, but my ability is relatively weak. The money I earned by luck, I lost by my ability. But I still want to try and see if I can get rich once. Of course, this must be done without debt and without affecting my life. After all, life is the most important thing.

Now I am too divided in my heart. Today I want to make 1 million, but tomorrow I just want to avoid losing money. I used to be a little bit inferior, but now I am not, I am brave enough to laugh at myself. I should learn more. I am just an ordinary person, I just get lucky occasionally.

Micheal | Buying coins and mining at the same time, I was desperate at the beginning. 25 years old, blockchain worker, coin trading for 4 years

I graduated from college in 2017 and worked in a technology company. My leader at the time mined a lot of bitcoins around 2015, but he felt it was hard to say whether BTC had any value, so he sold them all very early. However, he was optimistic about blockchain technology, so I also started to study it. Then I found this technology very interesting, and I thought BTC should also have investment value, so I bought some. At that time, there were also many altcoins, and I also bought several of them.

At the end of 2017, there was a big bull market. As I studied more, I became more and more interested in blockchain. In 2018, I changed jobs to one of the most well-known cryptocurrency technology companies at the time. But as the market turned bearish, I lost more money. Because BTC is a strong trend market, it is difficult to make money in a bear market. I am considered a person who entered the market in a bull market. My thinking is that of a bull market, which is difficult to change. So when the market trend began to change, I would still buy at the bottom, and then I was buried. 80% of the money I made at the end of 2017 was lost.

At that time, I had just started working and didn’t have much money. My capital was only 4,000 to 5,000 yuan. At most, I made 70,000 to 80,000 yuan, but in the following year, I lost more than 50,000 to 60,000 yuan. In fact, it was a big blow to me, especially to my confidence in investment. Because I had only experienced one rising cycle and had not experienced a falling cycle, I covered my position and the market continued to fall. I was neither buying nor selling. I was so depressed that I doubted my life.

The biggest problem with investment is actually the lack of confidence. Although I was very optimistic about Bitcoin at the time, it had no value support after all. Stocks are supported by a company, but BTC does not. At that time, I didn’t know much about Bitcoin, and I didn’t know much about its support, so I was really panicked at that time, which was the main reason for losing money.

After 312, I didn’t make any money or losses. It fell to over 3,000 and then rebounded. I looked at the indicator and thought it would definitely fall back, so I placed an order at 2,670 USD and went to do other things. When I looked again later, it was over 5,000 USD and the order was not executed. I thought it was going to rise back, so I started to open contracts, and basically lost all the money I made from shorting during the decline.

Later, the price began to fluctuate upward, and I thought there might be another big correction, so I opened a short position again. Then the price of the currency quickly rose from $5,000 to $8,000. I thought it was not going to work, so I bought 1/3 of the position in spot.

I started mining in May and June. At that time, mining machines were very cheap. The latest mining machine from Bitmain was only 20,000 yuan, so I bought three of them. If I didn’t mine, I couldn’t control myself and would always want to trade, which would easily lead to losses.

I bought Bitcoin for 8,000 yuan, and then bought a mining machine. I was still worried at first because at the price at that time, it would take 500 days to get back the investment. The price of the currency was 8,000 US dollars at that time, but the output had been halved. I just felt that the mining income was stable, and I believed that the price of Bitcoin would go up.

In September, DeFi became popular in the circle. Although I didn't do it at the beginning, I still had to study it. But seeing others making money made me itchy, so I followed the operation again and lost another 30,000 or 40,000 yuan. No zuo no die, I started to concentrate on learning again.

I had dozens of Ethereum at that time. After the wave of popularity passed, the price started to fall from $400. I sold it when it fell to $350. Although I bought some back later, I had dozens of Ethereum at that time, and I only bought a few in the end. I originally wanted to buy it back after it fell, but I didn't have the chance. It kept rising. In a few months, the price has tripled. If I didn't sell it, I could have made at least hundreds of thousands more. Now I feel so depressed and regretful.

I now have half of my positions in Bitcoin and half in USDT. I am waiting now. If it falls, I will increase my position. As long as you recognize its value, it doesn’t matter if it falls. You have to believe that it can go back up. And if you judge a certain period, you can actually hold it. In a bull market, you must accumulate currency-based wealth. For example, this year’s goal is to save up 10 Bitcoins. In fact, in a bear market, it only costs more than 3,000 US dollars per Bitcoin, which is not a lot. But if you believe it has value, 10 Bitcoins are now worth 350,000 US dollars. Just like value investing in the stock market, you have to do what you can understand and recognize its long-term value.

I was chatting with an investment tycoon before, and he told me that investment must have a goal, and you can't invest blindly. If you run towards this goal, you will know how to trade. If you want to make 10 times the profit, there is a trading method to make 10 times the profit, and if you want to make 3 times the profit, there is a trading method to make 3 times the profit. They are different.

Although there are similarities in the concept of value investment, I think stocks and Bitcoin are different. If we must compare, I think Bitcoin is equivalent to an index, such as the S&P 500. A company may have some personalized reasons, such as the CEO has problems, then the stock price will plummet, but I think the greatest value of Bitcoin is that a single event has little impact on its price, because it is already very decentralized, which is the biggest benefit of decentralization and consensus.