"The ups and downs of the cryptocurrency circle in the past ten years, with a highest net worth of over 100 million, six ups and six downs" - the autobiography of an old investor in the cryptocurrency circle
Do you choose to be a gambler or an investor?
In 2013, when I was a freshman in college, I heard about the concept of "Bitcoin" in a general education class. In the following years, I continued to pay attention to its technological evolution off and on, but did not join the army of cryptocurrency speculation.
At the end of 2016, due to work needs, I tried Bitcoin trading for the first time.
From the end of 2016 to now, too many stories have happened. The length of this article is limited, so I picked a few important nodes to narrate. This article takes my five bankruptcies and five rebirths as the main timeline, and tells the experience and mental journey of a college student who learned trading from scratch and grew into a strong and weathered leek.
1. Beginner Trading
At the end of 2016, I deposited 2,000 RMB (one month’s internship salary) into OKcoin. I was a newborn calf that was not afraid of tigers. I opened a five-fold spot leverage and bought long without thinking. At that time, Bitcoin was rising steadily from 2,000 to 8,888 RMB. It may also be because of the aura of a novice that my assets doubled to more than 10,000 RMB in just a few weeks.
But the halo of a novice won’t always shine, right? The market trend is also changing rapidly.
The night when the price fell back to 6000 in 8888 seconds after reaching the top taught me a vivid lesson. One second I had a lot of floating profits, and the next second I was liquidated. Looking back, the liquidation was not a terrible thing, because I was operating with spot leverage, and there was still a surplus after the liquidation. The loss of the liquidation offset the previous profit, and my principal did not lose money. However, as a newcomer to the speculative market, I did not have the concept of "retracement" in my mind. I could not accept the loss of funds, even if it was just the floating profit on the books. Therefore, after the profit was taken (or I missed the market), I used increased leverage and frequent trading to try to make the money back. This is a big taboo in trading, and it is also the first trap that I, a novice speculator, stepped into.
The days of trying to get my money back were truly a nightmare. My body and mind were both in a state of illness. In order not to "waste" time watching the market, I would finish my meals in just a few bites, set an alarm to get up in the middle of the night to watch the market, and put aside my school courses and internship work. I only had trading in my mind and wanted to get my money back. At the same time, I traded more than a dozen times a day, joined various cryptocurrency trading groups, and even paid money to find a "teacher" to guide me. Every price change of the K-line made me nervous, and all the true and false news flying in the cryptocurrency trading group made me alert. Looking back, I was actually no longer trading at that time. I was just a gambler who bet on big and small. After opening a long or short position, I would wait for the trend to come out to see if I made a profit or a loss, and then continue to gamble on the next one. After 8888 fell to 6,000, there was a continuous volatile market, and I was cut by a blunt knife, opening positions frequently, and each time I had some losses and some wins, but the overall loss continued.
Until the price of the currency fell rapidly again, my long leverage was once again triggered. At that time, my 2,000 principal was only less than 300. The tense expression suddenly collapsed at that moment, and the chaotic brain made me unable to continue the next gamble. I slept for a long time, and after waking up, I was still feeling unwell. I didn't have any serious illness, but I felt uncomfortable for several weeks.
2. Borrowing money to trade cryptocurrencies
After the OKcoin liquidation, I took a break for a few months. During that period, I regarded trading as a scourge and did not dare to try again. Until one day, a colleague told me a story. I can't remember the specific content, but it was about someone who hoarded a lot of Ethereum at a low price, and it has risen sharply recently, and made a lot of money. After hearing this, the door to a new world opened in front of me, that is, hoarding coins. It turned out that my vision was too narrow. Trading is not only about leveraged betting on the size of the short-term, but also hoarding low-priced coins for a few years for long-term. I think it's worth a try.
Then I decided to stock up on spot goods, which required a certain amount of funds, so I borrowed 100,000 yuan from my family. The target I chose was Ethereum. I bought 70,000 Ethereum on China Bitcoin and kept the other 30,000 for emergencies. The price of Ethereum at that time was about 70 yuan.
Why did I choose Ethereum? Of course, I didn’t expect it to increase so much. At that time, I only knew Ethereum from a technical perspective, but I couldn’t imagine how the market would interpret Ethereum and what the price feedback would be. The logic behind my choice was that it was innovative and cheap. At that time, Bitcoin, which was more than 7,000, already seemed a bit expensive to me (I wanted to beat myself up).
The goddess of luck knocked on my door again. In less than two weeks, my Ethereum, which cost 70 yuan, broke 100, then 150, and 200. Even more fortunately, I joined a certain altcoin group, and the group leader recommended the website BitTimes. I sold part of my Ethereum and bought tens of thousands of yuan of altcoins on BitTimes, including Dogecoin, NewEconomy, Ripple, and seven or eight other coins, each worth several thousand yuan. Soon after, these coins all experienced a surge, which made my assets expand again.
3. The First Bankruptcy
I made a lot of money from Ethereum and Bitcoin-era altcoins. I was full of energy and had completely come out of the shadow of the OKcoin explosion. I seemed to think that I had been promoted from a speculator to an investor, and I had mastered the tricks of making money. I had a lot of capital in my hands and needed to try other ways of playing. As for Ethereum, I began to dislike its slow growth.
At this time, I heard about Poloniex, also known as P-net
I heard that the price of the p-net copycat currency increased more rapidly than that of the era, so I went to Lingling to take a look. At first glance, I was shocked by the hundreds of percent increase in the price of the copycat currency. It turns out that there is such a good place!
At that time, Chinese exchanges banned the withdrawal of Bitcoin, which prevented many Chinese people from trading on the Internet. However, there is actually a way to circumvent this ban, which is to withdraw some altcoins to the P network and exchange them for Bitcoin, and then buy other altcoins.
The first time I withdrew 100,000 yuan worth of Dogecoins, I exchanged them for Bitcoins on P.com, and then I opened positions in some coins that had not seen any increase in the past few years, which is commonly known as "laying mines". Where there are "laying mines", there must be "prizes". At that time, P.com had a lot of coin "prizes" every day. The meaning of the prize was that the increase was more than 100% at that time. The "first prize" with the highest increase could be as high as
3600% increase (I have a deep impression, xbc, 36 times a day), at least can be three or five times. I ambushed more than a dozen coins, waiting for the "prize" every day, once I won the prize, I sold it and then switched to the next one. In just ten days or so, I won a first prize (8 times), three second prizes (2-3 times), and a lot of coins that doubled on the same day. 100,000 yuan became 500,000 yuan in 10 days.
I seem to have found a way to make all the money in the world!
I sold all my Ethereum and Times altcoins. I went all-in on P-net altcoins. That week, I dreamed that my total assets would break 1 million and approach 2 million.
I went all in on the altcoins on P.net. That week, I wanted to laugh in my dreams as my total assets broke through 1 million and approached 2 million. I seemed to see myself buying a house and a car and returning home after earning 100 million.
Expansion, unprecedented expansion. To this day, I still remember how smug I was at that time. I often take screenshots and post them in the group. When people see my account, they will praise me as a great god, a rich man, 666, which makes me extremely happy. Many people chat with me privately to ask for advice on how to access the P website. I always pretend to be profound and give some advice, but I hesitate to speak, which is very exciting. The most exaggerated thing is that when I talk about these things with friends at dinner, I will exaggerate the years when I was liquidated before, and talk about it with snot and tears. Then I will first suppress and then praise, and talk about how I worked hard, got out of the predicament and turned over again. With my eloquence as a crosstalk actor, I tell the story of a loser who got lucky and became a nouveau riche as inspiring as an ugly duckling becoming a white swan. I have to say that as a Pisces, I have a lot of inner drama.
There is always a price to pay for expansion. I was busy pretending to be a successful person and bragging about it everywhere, completely ignoring the approaching risks. One night, before going to bed, I was still hoping that my assets could exceed 2 million to make it a round number. When I woke up the next day, everything had changed.
My entire warehouse of small altcoins was removed from the P website. There was no prior notice, and a sudden announcement destroyed my two million. My eyes instantly turned red, I cursed P website, questioned the customer service in the chat room, wrote a work order, commented on Twitter. My eyes instantly turned red, I cursed P website, questioned the customer service in the chat room, wrote a work order, commented on Twitter, and asked the website to give an explanation. But everything was in vain. I have never seen a market that covers the losers.
What happened next made me even sadder. I complained to my fellow coin friends in the group and organized everyone to defend their rights. At this time, there were many people who did not come out to help me. Some laughed at me for being greedy and stupid, and some said that I had a bad gambling character and could not afford to lose. At first, I scolded them all, but the more I scolded, the sadder I felt, so I gave up the resistance. Keyboard warriors exist everywhere, but in places close to money, the evil in people's hearts is also leveraged.
The market has reiterated to me two simple truths in this profound way:
Don’t put all your eggs in one basket;
Arrogant soldiers will surely be defeated.
4. The First Turn
I took a break for a while because of the huge loss caused by the removal of P.com. But the market was still hot, so I decided to regain my confidence and fight back. I learned a lesson and I didn't dare to buy those small and bad coins. Although these coins have a big increase, they are also risky. I re-selected these coins. Although they have a big increase, they are also risky. I re-selected some coins with more solid fundamentals and more popular platforms.
I chose Litecoin this time. At that time, Litecoin was undergoing quarantine verification, which was a hot topic in the market. Moreover, it was the second largest currency with a relatively high security factor. I had nearly 2 million altcoins before, but there was still a lot of dregs left, about less than 200,000. I collected all the money and bought Litecoin.
I bought a full position in Litecoin when it was only 70 or 80 yuan, and boldly opened a three-fold leverage, and continued to increase my position with floating profits. Before the successful quarantine verification, the price of Litecoin rose from 20 to 30 yuan to more than 200 yuan, and I benefited from the latter half. However, because I increased leverage and continued to increase my position, my assets increased from less than 200,000 yuan to more than 3 million yuan.
Perhaps it was this wave of clear self-reflection when the market was blind that allowed me to see the direction of the market, and I, Hu Hansan, am back again.
5. Second Bankruptcy
When God wants to give a man a great responsibility, he must first make his mind suffer, his muscles and bones hungry, his body tired, and his body strong. I think the purpose of the God of Fortune depriving me of my wealth last time must be to test me. But am I ready this time? In fact, I am still ready. Compared with the last time, I am more cautious about the investment target. I always track information related to Litecoin, including its price trend, the progress of isolation verification, the operation of the main chain, the founder's remarks and other information. However, the improvement of my state of mind has hardly seen any effect. When the huge loss of P.com appeared, it really hurt me. I also realized that I was inflated, and I swore to God that I would learn to be low-key and forbearing. When the next opportunity comes, I must be cautious and calm. But when the opportunity comes again, what did I do? Still inflated! And in addition to the inflated, I added a lot of strange feelings. I am a person with a strong sense of immersion. When I got my money back, I imagined the story of the loser's counterattack in my mind. I seemed to fantasize about myself struggling and sinking in the currency market and finally riding the wind and waves. I magnified my suffering, exaggerated my wisdom and perseverance, and never mentioned the luck factor, as if it was really not easy for me. I often sighed and pitied myself at the starry sky outside the window, and the vicissitudes of my heart seemed to be far beyond my own age.
Now when I think back, I was such a dramatic person. My inner thoughts at that time were so ridiculous that I even found them ridiculous.
So, the god of luck took away this gift that I couldn't afford in the same rude way:
Litecoin’s isolated witness was successful, all the good news came out, and bulls made profits.
The price of the currency has fallen. I have increased my position due to multiple floating profits.
It was already very high, and that wave of market crash wiped me out. Less than 300,000 was left from 3 million.
When all the good news comes out, it’s empty!
Many people who hear my story think that it is every major accident that has made me grow and allowed me to turn things around. But please forgive me, my story is not a novel-like routine. I am ashamed to admit that the inertia of my thinking has caused me to fall into the same pit several times. The delisting of P.com and the liquidation of Wright's leverage are actually caused by the same problem. They are all because I was too arrogant. The first fall did not make me grow, so I fell the second time. Even in the subsequent trading process, I was unable to completely eliminate the arrogance and recklessness in my blood. I made mistakes because of the same problem later, but I learned to spread the risk, so the expansion did not hurt my foundation later.
It is very rare for a good child to correct his mistakes in reality. "It is difficult to change one's nature, but it is easy to change the country" is the most accurate summary of human nature. The weakness of human nature is to repeat the same mistakes again and again.
6. Second Turn
I am the biological son of the goddess of luck. If you don’t believe me, you can go for a paternity test!
Certainly.
~The country has been overturned twice in a row due to inflation, but the goddess of luck still gave me another chance to turn over. I gave up leverage and focused on spot trading. I bought ardr with all the remaining money. After doubling the ardr several times, I jumped out and bought the future, which also doubled. Then I jumped out frequently, such as Ant, BitShares, Quantum, Stellar, etc.
At that time, I didn’t have any rules for trading cryptocurrencies, I just traded randomly. At that time, I didn’t know how long the bull market would last, I didn’t have such imagination, I just thought that these coins had risen a bit too high, I could only do short-term trading and sell them when they doubled.
Yes, the short-term of the cryptocurrency circle is in multiples, which is the true portrayal of the bull market in the first half of 2017. Although many people thought that the bull market would soon end, all kinds of coins were rising exponentially. Among the coins I picked, there are also coins such as Ant and BTS that have extremely exaggerated growth in the later period, but I didn’t take advantage of the entire band. Generally, I would sell it after doubling it, and then ambush the next coin that might make up for the rise, commonly known as firing a shot and moving to another place.
Unconsciously, 300,000 has become more than 4 million, which shows how amazing the compound interest of the bull market in the cryptocurrency circle is. But under such an exaggerated market, whether you can withdraw in time is a test of human nature.
The third bankruptcy
The second turn lasted for a while, and during that time I felt relaxed and happy because there was no lever, so I ate well and slept well.
But I also found a problem. Although there are still coins that doubled on the daily increase list, and coins that have increased a lot before are still moving forward with a daily increase of several points, the market is like an overheated engine, and it seems that it is a bit slow to rise.
People around us, let's stop while we are ahead. Similarly, I also cleared out all my stocks and waited for the show with empty positions.
Logically speaking, my operation should be regarded as a god. As a newbie who just entered the market, two days after I smelled the crisis and fled to the top, the currency circle began to open the floodgates, Bitcoin plummeted, and triggered the collapse of altcoins. Some people shouted that fellow villagers should not run away, and the technology was corrected. Some old leeks said that the bear market was coming and they would not run away forever. At that time, I had already shipped the goods, holding a handful of cash in my hand, watching the flowers bloom and fall in front of the courtyard. But this situation did not last long.
Live and die for it, run for it all your life; suffer losses and be deceived by it, and finally die from it. This may be the actual portrayal of many people in the currency circle, including me of course.
How could I not buy it when it was on sale? So after two days of decline, I couldn't help but buy it again. Experts die from bottom-fishing, what a simple truth, I was buried as soon as I bottom-fished. At that time, I felt very regretful. It would be great if I could buy a house and a car with 4 million yuan. Why should I lose it again? Regret is useless. How can I reduce the loss? Open leverage and grab the rebound.
At that time, I went to see many technical teachers and asked them about several rebound points. I chose the one that I thought was most likely to start a rebound and added leverage of Litecoin and Ethereum.
According to the TV series, people who do this usually don’t survive more than two episodes, but I died in half an episode. The day I added leverage was May 26, and the next day was May 27. The entire cryptocurrency market experienced a very tragic correction. The altcoins in the Bitcoin era all fell by about 50% that day. And just one day before the market was cut in half, I added triple leverage.
Then my account was liquidated. I had a futures leveraged account with Litecoin, and I lost everything. Ethereum had a spot leveraged account, and I still had 200,000 left after the liquidation. 4 million turned back to 200,000, and that was my third bankruptcy.
Maybe the goddess of luck really did do a paternity test and found that she
Maybe the goddess of luck really did a paternity test and found out that she had some misunderstanding about me. But thinking about it carefully, I actually realized the coming of the crisis at the beginning, but later I made a wrong judgment on the severity of the crisis under the temptation of huge profits. It seems a pity, but it makes me understand more clearly that I can't judge the changes of the market based on my own imagination.
To be continued...#token2049
