The original article of the author Aqiu is as follows:
I started buying cryptocurrencies with my friends last year. The exchange app channels we chose were also very mainstream. We bought nearly 40,000 yuan worth of virtual currencies, which we converted into Bitcoin, Ethereum, and even the previously popular Dogecoin.
When I bought it, Bitcoin was experiencing a wave of fluctuations. I lost a lot of money all of a sudden, about 10,000 yuan. But I didn't want to withdraw it. Because I felt that virtual currency was still a relatively new thing, and the prospects were still good. It might just lack a hot spot, and it wouldn't be too late to sell it then.

——Absolutely true, post it to relieve everyone’s anxiety 😂 Table of contents: 100,000 entry into the industry, impact of 10 million, 10 million, almost zero, from 250,000 to 5 million, 5 million, almost zero again, from 500,000 to 2 million, some of my investments Reflection 1. Investment is a science 2. Investment is a high-risk operation 3. How to avoid risks 4. The two biggest irrational devils in investment: greed and fear My investment advantage is 100,000 yuan to enter the industry I am a lonely volcano, technology and game industry Born in China, I entered the cryptocurrency industry by chance in 2017, when Bitcoin had just exceeded the 10,000 yuan mark. Over the next four years or so, I had many outbreaks and nearly zero episodes. There have been many ups and downs, and it is inevitable that I will have some thoughts. I would like to share them with you here to inspire and learn from each other. Like many friends who have just entered the industry, I didn’t understand anything at first. I basically bought whatever coins my friends who brought me into the industry recommended. At that time, my friends recommended two coins, one was NEO, which was also called NEO at the time. Antcoin and the other one are BTS, which is a public chain developed by BM, the founder of EOS. Newcomers definitely don’t dare to invest too much money when they first start. I first invested 100,000 yuan to test the waters. At that time, domestic exchanges could also deposit and withdraw funds in legal currency, and you could top up money to the exchange's company account. The trading pairs on the exchange were also RMB trading pairs. The RMB earned from currency speculation could also be transferred directly from the exchange to your personal bank card. Good. I miss that time. My first deposit was in the "Bit Era", the leading altcoin exchange at that time. After depositing money, how much should you invest in each of the two projects? After careful research, it was found that Xiaoyi Coin was developed by a Chinese team and received average reviews at the time. On the other hand, BTS is a project of foreign industry masters. BTS can not only issue coins on the chain like ETH, but also has its own internal exchange, similar to the later ETH. "Yi De", the largest decentralized exchange on the Internet. Before the explosion of ETH, BTS seemed to be a god-level project. So I decided to invest 90,000 in BTS and 10,000 in NEO. At that time, BTS seemed to be about 2 yuan, and NEO was less than 8 yuan. However, later, the violent bull market came, and NEO soared by more than 1,000 yuan, more than 100 times, surpassing BTS by more than a dozen times. I got the highest point in NEO. It was the first 100x coin in the currency circle. 10,000 directly turned into more than 1 million. It was exciting! However, we did not sell at the high point. Later, in the bear market, we fell back to 20 or 30 yuan. Although we still made money, this roller coaster ride was even more exciting!What happened to these NEOs that I have been holding in the end? I’ll talk about it later. I made money in the first wave of testing the waters with 10 million, and it seemed very easy. Coupled with my personal technical background, I quickly understood the underlying things of Bitcoin and blockchain, and I felt that I already understood the industry. , and finally after paying attention to the market for a period of time, I found that almost all coins are rising. Even if a certain coin does not rise in a short period of time, it will definitely make up for the rise later. That being the case, why not buy all coins? So I gradually became bolder and began to increase my principal investment. At that time, there were more than 30 altcoins in the Bitcoin era, and I bought 5,000 yuan for each. The group jokingly called me Big Brother, because as long as I look at the changes in the total assets of my account every day, I will know that the entire market has gone up. Still fell. Of course, in the context of a bull market, prices basically keep rising. Just when I felt complacent that I had found the secret to making money, the market suddenly experienced a major correction, with a correction of about 40%. Because I had too many coins, I didn’t have time to sell them when they fell, so I lost money for the first time. At this time, I finally came to my senses. When investing, I still need to study the project carefully and not just mess around because it is too easy to make money. After suffering a loss, I became more cautious and did not increase my investment too much until the industry was reshuffled in 1994. At that time, the country discovered that the currency circle was going too far. After ETH matured, ICO money was almost crazy, and the lower limit was getting lower and lower! Therefore, seven central ministries and commissions jointly issued a document on September 4, 2017, ordering all domestic exchanges to close within a time limit, and all previous ICO funds must be refunded. For a time, the domestic currency circle was struck by lightning, and many people felt that the currency circle was going to be completely over. At that time, all the coins plummeted, and some coins went to zero directly, but these are already child's play. The key is, how can we play if we can't trade in the future? As a result, many people left the market in despair at the lowest point, and the currency circle completed the largest exchange of hands between the East and the West. However, after studying the underlying logic of Bitcoin, I firmly believe that the meaning of Bitcoin’s birth is to fight against the modern legal currency system. If you believe that any government alone can completely kill Bitcoin, then simply stop playing!So, after careful consideration, I decided to rush to the last day of the exchange's closure, with a total capital of 1 million yuan, and buy all the Bitcoins at the bottom. We believe that not only will Bitcoin rise again, but also that the problems of deposits, withdrawals and transactions will be solved by someone, it is not a problem at all. The last deposit was in Bit Era. Bit Era was the last to close among all the well-known exchanges at that time. An era ended with its end. So how does the new era kick off? Two words: Binance! Binance is a new currency-to-crypto exchange launched in 2017. The so-called currency-to-crypto exchange means that all trading pairs are tokens, such as NEO/BTC. I remember that there were no stablecoins like USDT at the beginning. If NEO and BTC fell at the same time, it would be doomed! In fact, I was not optimistic about this model at the beginning, so I did not participate in the private sale of around 2 cents of Binance platform currency BNB. Later, BNB broke at the opening and CZ was doing a live broadcast at the time and was trolled like a dog! Oh, by the way, by the way, many people think that the exchange platform currency method was pioneered by Binance. In fact, it is not. There are platform coins in the Bitcoin era, but the platform currency in the Bitcoin era is a dividend model, and BNB is destroyed. model. Although Binance had a bad start and was even a little out of tune with the mainstream of the industry, God showed mercy. When 94 came, all of Binance’s main competitors were administratively closed in a short period of time! Moreover, because Binance is a pure currency-to-crypto transaction and does not involve legal currency business, the policy pressure is much less. In addition, CZ is a Chinese Canadian, and it is really impossible to directly go abroad to continue doing business, so Binance has always been open and has never closed in compliance with the policy. During the vacuum period of one or two months, almost all the remaining leeks in the Chinese currency circle can only be traded on Binance. This is not bad. Binance’s user base has begun to grow explosively. Binance’s technology is also very good and is expanding rapidly. During this period, no major problems occurred, and BNB began to rise. Seeing this epic opportunity, I really couldn’t sit still. After carefully studying BNB, I exchanged all my BTC for BNB. At that time, BNB was less than 8 yuan. I exchanged a total of about 35,000. If I had been Take it, the highest point of the last bull market can exceed 100 million!The article I wrote about BNB at that time was still highly praised by many people. Friends who are interested can read "Taking BNB as an example to discuss how to verify the value": mp.weixin.qq.com/s/kwgdE35w1IFz... Everyone knows the subsequent plot. , the industry is indeed as I expected. After the negative effects caused by the policy were exhausted, it began to return to the previous rhythm of comprehensive surge. Bitcoin rose from 16,000 yuan at the bottom of the 1994 policy to more than 100,000 yuan, while other messy currencies continued to rise. It’s crazy. I remember the highest BNB price rose to around 150 yuan, NEO even exceeded 1,000 yuan, and Justin Sun’s TRX rose directly from 1 cent in private placement to 2 yuan, 200 times. At that time, I participated in the TRX private sale on Binance and bought more than 10 million. Unfortunately, in 1994, because I felt that Sun Dasheng was usually too deceitful and unreliable, I did not dare to continue holding it, and all the original prices were returned. In addition, there are a lot of ten-fold, hundred-fold or even thousand-fold coins emerging one after another, such as Quantum Chain, Gongxinbao, VeChain, etc. The most popular is an Internet of Things coin called IOTA, which has increased tens of thousands of times. The industry celebrity involved in this project is Da Kongyi. The principal of 100,000 can directly turn into billions! People outside the circle will definitely think that these myths of getting rich are a lie. Even if they really make so much money on paper, they will not be able to turn it into real money. Only those who are involved in it will really believe in the concept of Bitcoin and the blockchain industry. The ability to create wealth is really beyond common sense. The entire industry is even crazier than before 1994. The closed exchanges have also changed their vests, registered new companies overseas and reopened, and they are even more serious. The previous three major exchanges only dealt with Bitcoin, Litecoin and Ethereum. After 1994, all of the few mainstream currencies such as Fangfang began to imitate the Bitcoin era and the current Binance. They all became a hodgepodge of altcoin exchanges, and they were even crazier than before when cutting leeks. During this process, I insisted on holding BNB in ​​the first half of the process, reaching the highest point from 8 yuan without selling it. I only cleared the position when it fell back to 90 yuan. I completed the first ten times of the coin in the currency circle, and my book wealth skyrocketed. When BNB was rising at its peak, I woke up one morning and found an increase of more than one million yuan in my account! ! ! I think I started a business before, and it took me nearly 10 years to earn my first million. Now, I made more than a million in one night. It was so exciting. 35,000 BNB worth millions. It took me more than 2 days to sell without losing money. This is also the first time I know that the book market value is too big and it is really not that easy to sell on the market. Yes, the depth of BNB is already very good, but it is still like this.After BNB reached its high point, the overall market actually showed signs of turning around. However, I still caught a few more waves at the tail end of the market. GTC gained about 3 times, BTM gained 6 yuan from 2 yuan, and EOS gained from 30 yuan. After getting 90 yuan, Ripple went from 2 yuan to more than 20 yuan. In the end, the total book assets were just shy of 10 million! How frivolous was I at that time? Well, I have already started looking at luxury houses in Shanghai, haha! 10 million almost returned to zero. While I was still immersed in the joy of reaching the 10 million mark, the market situation had actually turned around quietly, and a big plunge was already brewing. But at that time, I had completely lost my mind. Earning 10 million was not enough. I also wanted to earn 100 million. I even began to envision Bitcoin rising to 1 million and NEO rising to 5,000 yuan. When judging the market and setting goals, we have begun to think based on our own needs and desires instead of doing objective and rational analysis. When you calm down and think about it, this state is no different from that of a gambler. I believe that people who have never experienced this will find it incredible. Many people will say things like, "If I could make 10 million, I would have cashed out early." But the reality is that most of the people around me who made money at that time, Especially our new wave of newcomers, they are basically in the same state as me. Greed is an irresistible temptation for most people, and the more you earn, the more greedy you become. When you don't earn so much, it's hard to believe that you are that greedy. In the field of investment, a truth has been verified countless times. When people are the craziest, it is usually the time when the crisis is greatest, and it is also when the most people are going to lose money. As I had more and more money, I became more and more radical and blind. I dared to invest in any messy projects. In the end, I didn’t even bother to read the white paper. I just looked at who stood up. At most, I invested in dozens, a little bit. Better projects start with tens or even millions. At the tail end of the bull market, most people were as crazy as me. There were a lot of messy projects, including "Space Chain", which said it would use satellites to build a blockchain network. Moreover, these projects can only be invested through proxy investment, and you need to ask others to give money to others. Many of these proxy investors later ran away, which was very deceptive. When Bitcoin almost broke through the $20,000 mark, the market suddenly plummeted. This was actually a very dangerous signal. However, most people were still immersed in the madness of the violent bull market and felt that this time was still just a correction.Since I have never experienced the fear of being dominated by a bear market, and I am not willing to accept a correction of more than 2 million overnight, and I have a lot of projects on hand, even if I want to run, it is too late, so like many newcomers, I chose to play dead. , also euphemistically called it "having experienced strong winds and waves, and being bearish on the ups and downs, this correction is trivial", and even laughed at the old leeks who fled, just like the DEFI new leeks in the previous bull market and the recent BRC20 new leeks mocked the traditional old leeks. Leek scene. You can imagine the consequences of pretending to be dead. When the currency market rises, it is beyond imagination. When it falls, it is also beyond imagination. After falling by 50%, it can fall by another 50%. Although there are rebounds in the middle, it cannot break through every time. At the previous high point, I was reluctant to cash out, and my loss aversion was extremely serious. At first, I always wanted to get back to 10 million, but then the profit retracement was too much, and I felt that I was almost at the bottom. I didn't want to cut the flesh, but in the end I fell deeper and deeper. In the process of continuous decline, the currency circle can be said to be a mess, such as real estate chains, voting chains, film and television chains... a mess of public chains... and a lot of forks of BTC Coins...those projects that were once lofty and boasted to the sky, have been shattered one after another. Some will return to zero directly, some will drop another 90% after falling by 90%, and some will simply run away. Of course, this process was accompanied by many people's bankruptcy and various conflicts. Various articles and recordings exposing the inside story were flying all over the place, leaving the Leeks dumbfounded! However, in the early days of the bear market, some good projects still appeared occasionally, and I mainly caught one metaverse project. Of course, there was no concept of the "metaverse" back then, and it was still called a "virtual world." It was similar to the foreign MANA, but MANA could only speculate on land at that time, and the domestic one could be played directly. I also know the team of this project and know that it is relatively reliable. In addition, I like the chain travel circuit very much, so I have been involved in it from the beginning. At the beginning, I only invested 20,000 to 300,000 yuan, but as the project became more and more popular, my investment continued to increase, eventually reaching about 2 million yuan, and the highest book profit was about 5 million yuan. Why did I invest so much in this project? There are four main reasons: 1. I think I know the team and the game track well, so I feel more confident and bold when betting;2. Because the overall market situation was already bearish at that time, I gradually sold many unreliable projects and invested in this project that was relatively more certain for me personally. After all, most of the other projects at that time were losses. Money, you can only make money by playing this project. This process lasted for a year, and in the end, the little things added up; 3. This Metaverse game was still very fun, and I got into it unknowingly. At one point, in order to complete the industrial layout and maintain the reputation of the guild, I directly invested more than 300,000 yuan in following the game. People "fight". Investment turned me into consumption, and losing money was almost inevitable; 4. In the later stages of the project, that is, one year later, the currency price continued to fall, but more than a year made me have a lot of irrational feelings about this project. , I always hope that the project will not become obsolete and that its grand design can be truly realized. To this end, I invested a lot of time, energy and even money to save it. In the end, investment turned me into "entrepreneurship". This mixed mentality of "investment + entrepreneurship" was my first experience. As expected, I still fell into another trap. Didn't escape. When the currency price continued to fall, I not only did not sell a single coin, but also continued to protect the market. After investing about 2 million, because the currency market was already in a bear market at that time, my funds could not be sustained, and in the end I was unable to recover. . At the lowest point, the principal of 2 million was less than 200,000 left! Oh, by the way, I mentioned at the beginning of the article my first 100-fold coin NEO in the currency circle. This coin was bought in my wife’s account at the time, and her operating style was to hold on to it. She has been holding NEO since she bought it for less than 8 yuan. Even if she didn't sell it for more than 1,000 yuan, she still has more than 100 yuan now, which is still 10 times the profit. But because she participated in the Metaverse project, she can use NEO to play in it. As a result NEO lost all her money, which became my wife’s resentment, especially when NEO rose again in the last bull market. After this Metaverse project gave me the heaviest blow in the bear market, and other projects continued to shrink, at the lowest point of the deep bear market, my book funds dropped from a peak of nearly 10 million to less than 1 million, and due to the liquidity of the bear market It’s exhausted, and it’s hard to cash out all of it. It can almost be considered as zero. What’s even more exaggerated is that I didn’t cash out a penny during this process! If it weren't for the ability to make money off the court, life would probably be a problem!From 250,000 to 5 million. If the bull market in the currency circle is in full swing and lasts 24 hours a day, then the bear market in the currency circle is bone-chilling and completely silent! Many of the former star projects have completely lost their news, and the remaining ones that are still hanging on can only post some operational reports intermittently. Many of the big Vs who were surrounded by people in the bull market have also disappeared collectively, and the WeChat groups that used to frequently send 999 messages have also disappeared. No one said anything, and they even started posting random advertisements. I heard that one of the most popular exchanges in the past only had a few thousand daily active users. Many people have temporarily left the industry, including myself. After the Yuanverse project failed, I also did social e-commerce for a period of time, because during the deep bear period, the blockchain industry really could not find any opportunities to make money, whether it was Investing or doing things. This really opened my eyes as an investment novice. I couldn’t imagine that there is such a huge difference between the bull market and the bear market in the currency circle before! Time came to March 12, 2020. Affected by the sudden new crown epidemic, the global capital market crashed, and Bitcoin could not be immune. In a short period of time, it plummeted to a historical low of more than 3,000 US dollars. Countless people liquidated their positions, making industry history Called the "312 tragedy"! The new coronavirus has caused many people to lose their jobs and stay at home. I took the opportunity to expand the scale of social e-commerce and manage a team of thousands of people. Many people call for consultation every day. I am often busy from early in the morning to three or four in the evening. I have no time to pay attention to the currency market. No operations were performed. In fact, 312 is the best time to buy the bottom. According to my operating style, I should not miss this epic opportunity normally, just like when the exchange was closed on 94, I dared to directly buy the bottom for 1 million. Here I draw an experience. When investing, you don’t need to spend too much time paying attention to the market. There are actually very few important opportunities and operations, but you can’t ignore it completely, because even if new opportunities come, you will lose track of the market and industry. sensitivity, it's easy to miss. After I missed buying the bottom, I was very upset, but I didn't dare to chase the high again easily, so I continued to pay attention. From March to November, BTC continued to fluctuate steadily upward, from a low of more than 3,000 US dollars to a historical high of around 13,000 US dollars. Everyone in the industry knows that breaking through historical highs will usually start a new wave of big market trends, which is the biggest sign of the return of the bull market. Later, with the riots of a wave of altcoins, old currencies such as Ripple and Lite also skyrocketed. , I finally couldn’t sit still anymore and felt that a new wave of bull market had started!But due to family reasons, I had urgent need for cash and couldn’t move it, and I didn’t want to miss the big market, so I used Alipay and WeChat to get a loan of 200,000 yuan to buy 100,000 yuan of ETH and 100,000 yuan of BNB. At that time, the ETH was more than 500 dollars. , more than 30 BNB. Then I checked the accounts of various exchanges. Some coins that had dropped to almost zero are now worth some money. I gathered them together and collected another 50,000 yuan. I directly opened a contract for the 50,000 yuan, which doubled. Leverage rollover of ETH, LTC, XLM and ZEN. The so-called rollover is a method of continuously adding positions using profits, while the 2x leverage rollover is to maintain the 2x leverage ratio at a 50% drop in position through the increase of positions. In this way, the actual profit effect is actually much greater than 2x leverage. This kind of play is suitable for the market that keeps rising in the early stage of the bull market. As long as it doesn't plummet 50% in an instant, I won't be liquidated and can maximize my profits. But God is more kind, and the new bull market is really very stable, with no major corrections. Unlike the previous bull market, which often had cuts in half, I kept going, and finally I got 50,000. More than 1 million. At the high point, BNB exceeded 600 dollars, and ETH reached around 2,000 dollars. Then I used 100,000 yuan of capital and 10 times leverage to capture the increase in the demon currency FIL, and directly brought the total book capital to more than 500. Ten thousand! The 5 million almost returned to zero because I had already experienced a bear market, and I knew that investment products could not keep rising and that it was terrible to be trapped in a bear market, so this time I had a "stop profit" string in my mind from the beginning. When the total funds on the book reached 1 million, I borrowed 300,000 and paid off the loan first. The extra 100,000 would be a reward for my life. Then every day, in addition to researching projects and market trends, what I think about most is when should I withdraw. If I really can’t figure it out, I will withdraw in batches. I thought very well at the time. For every 1 million W added to my account, I would withdraw a certain percentage. However, during the actual operation, the book account increased too quickly, giving me the illusion that as long as I persisted a little longer, I could return to the peak of 10 million! As a result, the inner demon of greed could not be suppressed again, and an unforgettable scene was staged. On the eve of Coinbase's listing, I had a hunch that this might be a turning point in this bull market, because this bull market was obviously started by American capital, and the listing of Coinbase was the biggest hype gimmick for American capital and the best time to exit.Moreover, the bull market has been rising for a long time. If a correction is needed, this is also the best opportunity. So before Coinbase was listed, I liquidated all my leveraged positions and converted them all into BNB spot. Originally, this operation was a divine operation based on rationality, and the listing of Coinbase was indeed the dividing point of this round of market conditions. But the trick is that two days before Coinbase was listed, the market not only did not fall as I expected, but also exploded. I was affected by the demon of greed. In order to hit the 10 million knot, I clearly felt the breath of danger. But I still chose to go for the last rise, and because I knew it might fall soon, I added a stop loss and raised the leverage to 10 times, so that if it rose a little more, I could complete my target retreat. However, it was no surprise that the market was harvesting a greedy leek like me. Just before I was about to run away, 519 came and the market suddenly plummeted. My 10 times position was instantly stopped, and the spot and contract book funds were directly added. After killing half of it, I was left with 2 million BNB spot. I wanted to make up for the losses again, so I opened a long position of 1.5 times the currency standard to grab a rebound. I thought, even if there is no rebound, it has already fallen by 30%. Around 50%, it can’t possibly fall by another 50%, right? But I underestimated the automatic selling ability of the robot caused by DEFI liquidation. As expected, the market almost fell by 50% again. BNB fell by about 75% from the highest level in two days. At the lowest point, as long as it dropped another 10 US dollars, I would be liquidated. Completely reset to zero. Moreover, during this process, the exchange was directly stuck and nothing could be operated! Although I was mentally prepared to go back to zero from the first day of playing Contract, after actually experiencing this scene, I still had lingering fears and scalp numbness! Fortunately, God favored me and did not bring me back to my original state. The market rebounded slightly, and my book balance returned to 500,000, and I gradually regained my rationality. At this time, I faced two choices: 1. Psychologically, I did not accept the large retracement of the book price, as above The bear market will be completely flat; 2. Stop in time, even if 5 million becomes 500,000, as long as you keep the green hills, you will not be afraid of running out of firewood. After a little hesitation, I chose the latter. All contract positions were liquidated and replaced with BNB spot. Although the market did rebound later, if I didn't close the position, I could quickly get back to several million, but before the big rebound officially started, it did fall sharply again, falling below my liquidation position. , at this time I was really lucky and had a sense of accomplishment. Personally, this sense of accomplishment in defeating greed is greater than making millions!The 500,000 Tinder reserved at that time could be used by traders to buy the bottom, and even if it went back up again, I could get on the bus again at any time. Advance, attack, retreat or defend are the choices a mature investor should make. A mature choice may lower my upper limit in the short term, but it can also increase my lower limit. The latter is actually more important. 500,000 and then to 2 million. The last bull market finally had a double-top structure. In the subsequent big rebound, I was optimistic about the opportunity to make another move. I successively invested in several star projects such as AXS, SAND, and WEMIX with small and medium positions, all of which were given to me. Bring about 10 times the income. Blockchain games and the Metaverse are my majors and hobbies. This wave of market trends is mainly concentrated in these two fields. It is true that God has given me food again, and my total book capital has once again reached more than 1 million! After experiencing the punishment of greed twice, I never dare to be greedy again. First of all, at the investment level, no matter how promising the project is this time, we will not dare to pursue it. Then there is the profit taking aspect. When Bitcoin rebounded to 55,000 US dollars, I only kept one BTC spot. I cleared all other currencies and exchanged them for USDT, locking the book funds at around 1.5 million until BTC dropped to this level. The lowest point of the bear market was 1.5W. During this process, I never made a move again. However, during this period, I deeply played "Legend 4", the first blockchain game with a large number of real players and consumer support. I originally wanted to see if there were any opportunities to make money, but as I played, I became addicted and led the NASH guild to After fighting with South American players, my brain got hot and I made hundreds of thousands of dollars in gold. Who said there is no one in chain games to make money? A true game enthusiast like me cannot resist the urge to spend money when encountering a good game -_-!! This crazy operation brought my principal back to more than 1 million. After Legend 4, I didn’t do much until Wemix switched from Klay to its own mainnet, which triggered a controversy over the token issuance and was delisted by the four major Korean exchanges and OK. I went to study it carefully. I found that there wasn’t much of a problem, so I started buying the bottom from 0.6 knives, all the way to 0.15 (the lowest pin is 0.12 knives). It has now risen to 3-4 dollars. But I started shipping in steps from 2 dollars, and cleared the stock at around 4 dollars, and the average profit was more than ten times, but because the position was very small, I didn't get rich.Later, when the FTX thunderstorm finally occurred and BTC reached more than 1.5W, I felt that the historical bottom might have come, so I decisively bought one-third of the positions of BTC, ETH and BNB at the bottom! Coupled with the recent investment in several chain games with small positions, there have been good gains, and the final funds have reached around 2 million! The dawn of the bull market has illuminated the sky again. This is the third bull market I have experienced. At the beginning of this bull market, I had a principal of 2 million. Compared with the last bull market, when BTC exceeded US$20,000, I only had a principal of 250,000. , much more comfortable. At the beginning of the last bull market, I invested 100,000 in ETH, 100,000 in BNB, and 50,000 in contracts. 200,000 of them came from loans. At that time, I only wanted not to lose money, and the second was to make money. Instead, in the end, BNB got 20 times the income, which directly reached a higher level. This is what is often said in the investment field: "If you want one, take the best." Come on!” To be honest, I really didn’t think that BNB could rise from 30 knives to 700 knives and be close to that! So in this bull market, my capital is 10 times more, and I plan to still adopt the strategy of the last bull market, and then choose a suitable position, and directly trade 80% of the position with several mainstream currencies. 20% of the position is invested in the chain gaming track that I am personally very optimistic about and good at! As for the contract, I won’t play it this round. The main focus of this bull market is to be stable! Then if I have extra time and energy, I plan to do something on the chain game circuit, because I think the real timing of the chain game circuit is coming! It was too early before and there were no good games, but it will be too late in the next bull market. Many opportunities may have been taken by others. This bull market is just right to make things happen! With the emergence of chain games that really have players and consumers, such as Legend, MapleStory, and Blockchain Diablo, leading game companies in China, the United States, Europe, Japan, and South Korea, such as Tencent, NetEase, Ubisoft, and Wemade, have all come to an end. , the quality of chain games has been significantly improved compared to the last bull market, and has even reached the standards of traditional games. As the pioneer of blockchain implementation and out-of-circle applications, chain games will definitely show its true charm like WEB2 in this bull market! I haven’t fully thought about what to do specifically yet, but most likely I’ll start a blockchain game community, gathering friends who like blockchain games, connecting players, project developers and VCs, and playing together to gain freedom of wealth! For the time being, we have set up a chain game navigation station and Discord group. Everyone is welcome to pay attention to: the number one alliance chain game navigation station: thlm.com’s number one alliance community Discord: discord.gg/3an8EM4UvT Some of my investment reflections started from 1 million → 10 million → 2 million → 5 million → almost returned to zero → started from 250,000 → 5 million → almost returned to zero again → 2 million, In the six years since I entered the industry, although I have never achieved true financial freedom, I have experienced many ups and downs. I will always have some reflections, which may not necessarily be correct. I share them here for your reference only. 1. Investment is a science. Before entering the currency circle, I can say that I have never participated in investment. It is very dangerous to suddenly become rich due to good luck when your own strength is insufficient. I have once again proved it with my own practice. Understand this principle, the money I earned by luck was lost by my strength. During this process, I gradually realized that investment, like entrepreneurship, is a high-risk industry and a very deep subject in itself, and true knowledge can only be gained through practice. From the time I graduated from college, I started a business out of passion to the time I failed continuously until I actually made my first pot of gold. This process took me 10 years. After jumping through various pitfalls, I finally figured out a more reliable way to start a business. The mentality is that from now on, I can only make more and less, and I have never lost money again. Friends who are interested in my entrepreneurial experience can read here: "Summary of the 35-year-old life of an entrepreneurial programmer in the game industry": mp.weixin.qq.com/s/DzNCUErTJKj2... Looking at it now, investment is the same, it is also a knowledge, and there are Some basic principles must be followed. Whenever I lose money significantly, I must have touched a red line in some investment field. First jump through all the big pits, then sum up experience, then study the theory systematically, and finally refine it into your own system. I don’t know if this approach is reliable or just a lack of talent! Anyway, from entrepreneurship to investment, I seem to have always been like this. 2. Investment is a high-risk operation. Whether starting a business or investing, you must first realize that these are high-risk operations! The risk is mainly due to the high degree of uncertainty. These uncertainties come either from cognitive blind spots, information barriers, or objective force majeure. High uncertainty coupled with high investment will further increase the risk level. For most people, the only risk that can be effectively controlled is to reduce investment.Although paid knowledge and various self-media are now popular, it seems that information sources and cognitive enhancement are readily available, but in fact they are not very useful. And I have always felt that true cognition must be practiced, otherwise it will be easy to be "high-minded but short-handed". Therefore, I strongly recommend that ordinary people, especially friends with average off-site earning ability, must reduce their investment. This is the most effective way to reduce investment risks. And if you cannot control your investment and even add leverage, the consequences may be serious. Leverage will strongly disturb the state of mind, and when all kinds of pressure are added to it, the mental state is prone to problems. If this happens for a long time, the body will also be worried. This is similar to entrepreneurship, but it is still weaker than entrepreneurship because the sources of pressure in entrepreneurship are very complex and the pressure on investment is relatively simple. In the case of increased leverage, if it fails in the end, it will be disastrous. It may take many years for many people to recover, or even never recover! Because the impulse to invest and leverage is much greater than starting a business, and the threshold for participating in investment is much lower than starting a business, it is actually easier for ordinary people to jump into the investment trap and be cut off! Here is an example that many Chinese people have personally experienced but lack awareness of: "In fact, taking out a loan to buy a house is the biggest act of increasing leverage!" But why were many people not aware of the risks of increasing leverage three years ago? Because housing prices have been rising almost continuously over the past few decades. This is just like if I directly open a 10x leverage when speculating on currencies, investing 10,000 is equivalent to investing 100,000. If it increases by 10 times, I will earn 100 times, and I will directly break a million from 10,000. Don’t be too happy, the previous real estate is still It’s so cool! And when this rise lasts long enough and enough people participate, everyone will relax their vigilance and even be completely unaware of the risks of increasing leverage. Of course, there are still some people who may be lucky and think that the state cannot let housing prices fall. Even if it does fall, the state will foot the bill, otherwise they will defend their rights, just like players who form a rights protection group after losing money in currency speculation. From an investment point of view, there is no essential difference between real estate speculation and currency speculation. The only difference is that most people think that houses can be understood and are backed by the state, while Bitcoin and the like cannot be understood and are even a bit gray. To be honest, from an investment perspective, buying a house with a loan is essentially the same as borrowing money to open a contract to speculate in currencies. Once the position is liquidated, it will be reset to zero, and you will have to repay the actual loan and interest. If you no longer have the ability to repay, you may be in ruins. !The reason I mentioned housing is to make more people realize that investing and leveraging are high-risk behaviors. In any investment field, including real estate, if you have added leverage, you may even make a lot of money without fully realizing it. , most likely it’s just good luck, just like when I first entered the currency circle, I hit the big trend. If the market changes at this time, you may be confused and lose your capital and profits together. 3. How to avoid risks. Only after you are fully aware of the risks and experience the consequences of them can you really pay attention to how to avoid risks. My main personal experience is as follows: 1. Don’t stud, since investment has very high uncertainty and extraordinary risks. If the risk is big, then you shouldn’t stud! Everything will return to zero at some point. I am the best example. Not long after I entered the cryptocurrency industry, I continued to play BTC and BNB, which quickly brought my account capital to close to 10 million. However, later on, I started playing with the Metaverse projects and contracts. It almost brought me back to zero twice. The principle of not studding is actually basic common sense in the investment field. It is what many investment experts and books will tell you from the beginning, but I really made this basic mistake. In fact, new investors generally don’t just start investing. I only invested 100,000 at the beginning. The problem is that if a small-scale investment gets a high rate of return quickly, the inner demon of greed will be released unconsciously, until it finally swallows up the sanity and goes away. On the Stud Road. I am a typical example of this, everyone should learn from me! 2. Cautiously increasing leverage is different from stud. Leverage should still be used when it should be used. In the face of relatively certain opportunities, especially large main rising waves, decisively increasing leverage may go up several levels in one wave. Ten or twenty years ago People who start borrowing money to speculate in real estate fall into this category. However, increasing leverage is a high-risk operation. What’s more serious is that when people generally start to increase leverage in a certain investment field, it must be when this field is growing at a high speed for a long time. You will see people who are increasing leverage around you. Making money or even getting rich suddenly, but those who do not use leverage will seem out of place. Holding cash or being qualified but not taking out a loan is the biggest fool! In the past few decades, China's real estate investment field was not like this. This situation will bring about many blindly obedient investors who lack the basic understanding of investment just like I did six years ago. If you tell them about the risks of leverage, they will tell you impatiently that house prices will never rise. Falling, you have to ask why, just one sentence, China will not let real estate fall.Regardless of whether China's real estate will fall or not, the lack of awareness of leverage risks has already pushed oneself to the edge of the cliff from an investment perspective. As for when and where it will fall, it may only be a matter of time! So how do you increase leverage cautiously? I think the most important things are three points: 1) Increase leverage in the areas you are most familiar with. First, the most familiar ones will have a better success rate, and then adding leverage is a test of mentality for most people. If you don't understand enough, it will be more difficult to stabilize your mentality, and it is easy to make confusing operations, and make more mistakes. Wrong, once and for all. 2) Before taking leverage, you must ask yourself again and again, if the worst happens, will you be able to bear it? Only when the answer is certain can you increase leverage! You must be absolutely rational and extremely conservative here, and don’t lie to yourself, that is, you can’t blindly follow it, let alone take a chance and take a chance! For most people, the reliable approach may be to take a small position and add leverage, so as to make a big difference with a small amount! 3) Once you smell the smell of risk, you should immediately reduce the leverage or stop the loss, even if it is just a little smell! Losing money with leverage is much more exciting than making money with leverage. I believe that what I have experienced will be unforgettable! Finally, I would like to emphasize that I am not encouraging everyone to increase leverage. I am just emphasizing the risks of leverage and the issues that need to be paid attention to when playing with leverage. As for whether to increase leverage, it actually depends on the person. As I said before, leverage is high. High-risk operations among risks are more suitable for players who are aggressive and have strong risk tolerance. If you are not such a player, I suggest you not play it. Anyway, I almost don’t play it now! But if you meet the standards, if you want to play, play as early as possible, just like taking risks while you are young, and losing money as early as possible, because this thing is a test of human nature, and there is a high probability that you will have to lose a few times to mature. In fact, human nature has been the same for everyone for thousands of years. Don’t be overconfident. There is a saying: "Human nature cannot stand the test!", and I am also a living example. Before I accepted the test, I never felt that I was Such a greedy person. #BTC #etf $BTC $ETH