Today, I sit here reflecting on my decade-long journey in cryptocurrency trading, feeling a mix of emotions. This is a road filled with thorns and flowers, a cycle swinging between despair and ecstasy. I went from a debtor of tens of millions to gradually climbing back to the starting point, and then ascending to today's wealth of tens of millions. This is not just a growth in wealth, but a complete transformation of mindset and perception.

Many people see the result of 'tens of millions in wealth' and may cast envious glances. But I want to say that over the past decade, I have lost far more than I have gained—I've lost stable sleep, lost many so-called friends, and even at one point lost confidence in the future. But in the end, I gained the most precious thing: a strategy that belongs to me, allowing me to survive and profit in the most volatile and opportunity-filled market of cryptocurrency.

Today, I will share my story and insights without reservation. These six thousand words are the crystallization of my youth, tears, and huge tuition fees. It may not be the 'Bible' that makes you rich overnight, but it is definitely a 'map' that can help you avoid years of detours in the crypto space. My goal is no longer the next ten million, but one hundred million or two hundred million, because I firmly believe that with the right methodology, the growth of wealth is just a matter of time.

Gaze into the abyss – that darkest moment of being ten million in debt (2014-2017)

My story began in 2014. At that time, 'Bitcoin' was still an extremely niche term. By chance, I came into contact with it on a technical forum. Decentralization, constant supply, and disrupting traditional finance... these concepts ignited the flames in my heart instantly. With hundreds of thousands of funds accumulated over several years of work, I resolutely jumped into this new world.

In the early days, luck seemed to be on my side. The rise of Bitcoin allowed me to taste sweetness. Human greed began to swell, and I felt like the chosen one, thinking that the money made by luck was all based on strength. I began to be dissatisfied with the slow rise of spot trading and dived headfirst into the newly emerging world of leveraged contracts.

1. The fearless young bull, unafraid of the abyss: Leverage up to 100 times, a tiny fluctuation can bring returns multiple times. That feeling is like drug addiction, making people addicted. I traded frequently, staring at the market day and night, with every tick on the K-line chart pulling my nerves. I have made money and lost money, but overall it was profitable, which strengthened my 'confidence' in 'licking blood off a knife edge.'

2. The symphony of black swans and liquidation: However, the crypto space is never short of black swans. On September 4, 2017, the central bank issued a document, pouring a bucket of ice water on the hot crypto space. The market instantly collapsed, and blood flowed like a river. I suffered my first complete liquidation in life due to heavy positions and high leverage. Not only did I lose all profits, but I also lost almost all of my principal.

But the tragedy did not end. Unwilling to accept it, like all gamblers, I thought about 'recouping my losses.' I used credit cards for cash advances, borrowed online, and even persuaded family members to raise more funds under the guise of 'investing in industries.' I told myself this would be the last time, and if I won, I would stop.

As a result, in the subsequent rebounds and fluctuations, due to an imbalanced mindset and distorted operations, I suffered consecutive setbacks again. By the end of 2017, when everyone was cheering for Bitcoin's historic highs, I silently calculated a total account: a debt of ten million.

That was the coldest winter of my life. Collection calls flooded my phone, the doubts and disappointments from friends and family felt like needles in my back, and the family atmosphere dropped to freezing point. I locked myself in my room, sleepless all night, countless times thinking about ending it all. The abyss not only gazed back at me but seemed to have swallowed me.

Survival in desperate circumstances – rebuilding faith on the ruins (2018-2020)

Bankruptcy is not scary; what is scary is the death of spirit. After months of self-exile, I realized that avoidance solves nothing. I must stand up, for those who still believe in me and for myself.

1. Zero-sum mentality and deep reflection: The first thing I did was to admit my total failure. I printed out all the records of failed trades and analyzed them page by page. I summarized several bloody lessons:

Blind leverage is a fast track to hell.

No one can predict all short-term fluctuations; trying to catch every rise and fall is foolish.

Emotion is the biggest enemy of trading, and fear and greed are the root causes of losses.

All cognitive defects covered up in a bull market will make you pay double in a bear market.

2. Systematic learning and cognitive reconstruction: I gave up short-term trading and started to relearn like a beginner. I read a large number of classic works in economics, finance, and monetary history, and studied the principles of blockchain technology in depth, spending hours each day reading project white papers and industry reports.

I realized that trading coins is not gambling, but the monetization of cognition. The deeper your understanding of this industry, the further you can go in this market.

3. Sowing in the bear market, waiting patiently for the flowers to bloom: From 2018 to 2020, it was a major bear market for cryptocurrencies. The market was full of wails, and many people left. But I saw opportunities. I found a job related to blockchain, with a meager salary, and dollar-cost averaged Bitcoin and Ethereum. I no longer cared about short-term prices, only the number of 'chips' I accumulated.

At the same time, I utilized all my spare time to study promising new tracks such as DeFi and Layer2 in depth, using small amounts of capital to experience and interact, accumulating valuable 'grassroots' experience. During this time, although I didn't make a lot of money on paper, my cognitive reserve and position accumulation laid the most solid foundation for future explosions.

Chapter 3: Riding the Wind – Wealth Transition Under Methodology (2021-2024)

In 2020, the Bitcoin halving effect began to emerge, and the global liquidity was abundant, with institutional funds entering... A new bull market was born in despair and grew amidst doubts. This time, I was already prepared.

My core strategy system:

Strategy one: The art of cycle theory and position management

Core idea: There is a clear four-year cycle in the crypto space (highly consistent with the Bitcoin halving cycle). Different phases of the cycle require completely different position strategies.

Specific applications:

Deep cold period of the bear market (like 2018-2019): Boldly build positions in batches. Adopt a 'dollar-cost averaging + pyramid strategy.' Ignore prices, focus only on value. Positions can be increased to over 80% of total funds, using mainstream coins (BTC, ETH) as ballast, supplemented by a small amount of thoroughly researched potential altcoins.

Early bull market (like the second half of 2020): Focus on holding and optimizing positions. Sell underperforming altcoins and switch to strong leading projects. Maintain high positions but do not increase high-risk investments.

Bull market frenzy (like Q1 and Q4 of 2021): Take profits in batches and cash out. When the market shows that the 'Bitcoin Fear and Greed Index' is continuously in extreme greed, and everyone around is discussing the crypto space, and various animal coins are flying around, I start selling. Begin selling high-risk assets, and finally sell core assets. Gradually reduce positions to below 50%.

Bull to bear transition / mid-bear market: Cash is king, maintain a wait-and-see attitude. Hold stablecoins or fiat currencies, patiently wait for the next 'deep freeze' to arrive. Control positions to within 20%, only for small speculative hot spots or continued dollar-cost averaging.

Strategy two: Precise capture of alpha and beta returns.

Core idea: Beta returns come from the overall rise of the market, while Alpha returns come from your chosen assets outperforming the market. My strategy is 'Beta as a base, Alpha as a sprint.'

Specific applications:

Beta configuration (accounting for 60%-70% of the portfolio): BTC and ETH that are never absent. They are the gold and oil of this field, ensuring large capital and obtaining average market returns. I will continue to accumulate during bear markets and sell in batches during the bull market frenzy.

Alpha Hunting (accounting for 30%-40% of the portfolio): This is the key to my excess returns. I break it down into three levels:

Leading track type: In every new narrative (such as DeFi in 2020, NFT and GameFi in 2021, Layer2 in 2023, RWA and AI+Web3 in 2024), identify the top 1-3 leading projects with the most potential. Conduct in-depth research on their teams, technology, economic models, and community activity, and dare to intervene early.

Ecological dividend type: Focus on the ecological development of top public chains (such as Ethereum, Solana, and major Layer2s). By participating in early testing, interaction, and airdrops of their ecological projects, I obtained potential returns at almost zero cost. I once received returns worth hundreds of thousands through carefully planned interactions in several project airdrops.

Cycle reversal type: Look for projects that were once glorious but have fallen to the bottom for various reasons, and whose fundamentals are undergoing positive changes. This requires immense patience and the ability to think in reverse.

Strategy three: Risk management is the first prerequisite for survival.

Core idea: Never let yourself be out of the game. Surviving gives you the opportunity to see tomorrow's sun.

Specific applications:

Absolutely do not invest essential living funds.

Never touch high-leverage contracts. I still have respect for contracts to this day, and even if occasionally used for hedging, it must not exceed 3 times, and strict stop-losses must be set.

No single altcoin position should exceed 5% of the total position. Even if it goes to zero, it won't cause significant harm.

Set strict stop-loss and take-profit lines. And strictly implement them, overcoming the human weaknesses of 'holding a little longer' and 'just a little more increase.'

Store large assets in hardware wallets. Keep only a small amount of funds for trading on exchanges.

Strategy four: Information screening and independent thinking

Core idea: The crypto space is the place with the most information noise. 90% of information is either invalid or harmful.

Specific applications:

Reverse use of market sentiment: When the market is generally fearful, I tend to be greedy; when the market is generally greedy, I start to become fearful.

Establish your own investment decision checklist: Before any investment, you must answer a series of questions in writing: What real demand does this project solve? What is its moat? Is the token economic model reasonable? Is the current valuation too high? ... Use a rational framework to filter out impulsiveness.

Internal method cultivation – the inner strength to traverse bull and bear markets

Tech and methods can be learned, but the cultivation of internal methods cannot be replaced.

Extreme patience: 99% of the time in the crypto space is waiting and suffering, and 1% of the time is explosive growth. Only by enduring loneliness can one maintain prosperity. My Bitcoin dollar-cost averaging lasted through a full three-year bear market.

Embrace uncertainty: Accept the fact that the market cannot be completely predicted. Our task is not to seek certainty in uncertainty, but to pursue probabilistic advantages through strategy and risk management.

The ability to continuously evolve: In the crypto space, one day is equivalent to one year in the human world. From ICO to IEO, from DeFi to NFT, from GameFi to Metaverse, and now to AI+Crypto, hotspots keep switching. One must maintain a lifelong learning attitude and constantly iterate their cognitive system; otherwise, one will soon be eliminated.

The wisdom of knowing when to stop: Understand when to exit at the right time, whether in profit or loss. At the peak of a bull market, overcome FOMO (fear of missing out) emotions, decisively take profits; during steep bear market declines, overcome FUD (fear, uncertainty, doubt) emotions, and dare to bottom fish. More importantly, after achieving phase goals, understand to enjoy life; wealth ultimately serves a better life.

Conclusion: The next journey

From being ten million in debt to having a net worth of ten million, in these ten years, I have completed the first cycle. I know deeply that in the hellish arena of the crypto space, a moment's success means nothing. A net worth of ten million is just a new starting point.

But I am extremely calm and determined inside. Because I am no longer that gambler relying on luck and adrenaline, but a 'market survival expert' with a complete trading philosophy and risk control system. What I have is not a string of fluctuating numbers, but a set of 'internal methods' that can continuously create wealth.

For my future goals of 100 million and 200 million, I am full of confidence. This confidence comes from my belief in the long-term development of blockchain technology, and more from my confidence in continuously optimizing and iterating my methodology.

This path, I have walked for ten years. I hope my story and strategies can light a lamp for you, allowing you to walk more steadily and further on the road of temptation and traps in the crypto space.

Remember, in this market, slow is fast. Stability can lead to long-term success.