After failing in entrepreneurship in 2016, I held onto the remaining 50,000 yuan in savings and wandered around the trading platform for a week, ultimately purchasing 8 bitcoins for around 6,000 yuan.
The ups and downs of those two years are unforgettable. In 2017, during the bull market, my account peaked at 800,000. I was so excited that I couldn't sleep all night. But after the crash in 2018, I was left with only 180,000. It was then that I understood the weight of paper wealth.
2020 was a key turning point. I shifted my funds towards mining and DeFi, patiently operating like tilling the land. Over three years, my account steadily grew to 3 million. Nine years of ups and downs taught me that the core of surviving in the crypto space is risk control. These three iron rules saved me.
Firstly, preservation of capital is paramount. I once held onto altcoins out of greed, making 10 times profit but ultimately losing everything. Now I have set strict rules: if profits reach 50%, I must withdraw my principal. I use profits for speculation, without any worries.
Secondly, only earn money within my understanding. I observed the IEO boom in 2019 without participating because I couldn't understand the logic. In 2021, I heavily invested in Layer 2 only because I comprehended the technical documents, white papers, teams, and economic models six months in advance. If there’s any ambiguity, I won’t touch it.
Thirdly, position size beats timing. Over ten years, my position has never been chaotic: 60% in Bitcoin and Ethereum as a ballast, 20% in mainstream public chains, 10% in trial and error of new tracks, and 10% in cash on standby. I never exceed 15% in a single asset.
In a bull market, everyone is praised, but the true character shows in a bear market. I've seen too many contract players double their investment in the short term only to face liquidation and exit. If you really want to take profits, you need to restrain yourself in a bull market and stock up in a bear market. I recommend newcomers to first play with a three-month simulated account before using spare cash for real trading.
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