I have a friend who became wealthy through cryptocurrency investments; his experience is legendary and serves as a vivid example for me. Now he spends his days traveling and enjoying the troubles of having excess wealth.
A few years ago, he was like us, earning a regular salary and living a nine-to-five life. By chance, he came into contact with the blockchain and cryptocurrency fields. Initially, he was not familiar with this area and had a vague understanding of mainstream coins like Bitcoin and Ethereum. However, driven by curiosity about new things and a bit of adventurous spirit, he embarked on the path of cryptocurrency investment.
The turning point in his wealth accumulation came from a little-known altcoin. At that time, most people focused on mainstream coins like Bitcoin and Ethereum, but he targeted lesser-known small coins in the market, especially early projects. In 2018, he decisively bought a coin called Chainlink (LINK), which was priced at less than $1. Many people knew nothing about this coin and thought it was just a small ripple in the market. However, after in-depth research, he found that its technical team and application scenarios were highly promising, especially in the area of blockchain data on-chain technology.
The beginning was not smooth sailing. He recalls that shortly after entering the market, the cryptocurrency market experienced severe fluctuations. His account once showed a floating loss of nearly 30%, and many people panicked and sold off, even cutting their losses. He also hesitated about whether to liquidate, as a 30% loss was significant. Fortunately, he persevered and did not waver in his confidence due to short-term fluctuations.
This persistence brought returns far beyond expectations. In 2020, the price of Chainlink soared to over $20. Not only did he not sell, but he also increased his holdings in batches. When the price broke through $30, he chose to cash out, netting nearly $5 million from this single investment. From a cost of less than $1 to a return of over 30 times, this small coin became a springboard for his wealth.
In addition to Chainlink, he also invested in other coins. For example, at the beginning of 2021, he bought DeFi project tokens like Uniswap (UNI) and Synthetix (SNX). These coins brought considerable returns during the DeFi boom, with increases ranging from 5 to 10 times, resulting in substantial overall profits.
Of course, he has not been without losses. In early investments, he shorted Bitcoin, believing that the price was too high and would correct, using leverage. As a result, the market continued to rise, and his account lost 40% in just a few days. This lesson made him deeply aware of the risks of leverage, and he has not engaged in high-leverage trading since, focusing instead on risk control and capital management.
Now, he has achieved financial freedom, quit his job, and lives an enviable life. He no longer obsessively monitors the market but focuses on global travel and enjoying life.
Here are some of his experiences that may inspire explorers in the blockchain field.
1. Know when to take profits#
He told me that a key point is to exit in a timely manner after making a profit and to be content. When account profits exceed expectations, do not be greedy. Exiting at this point, taking a break or traveling to relax, can help you plan your next investment more calmly. Avoid regretting after the market reverses; market fluctuations are often unpredictable.
2. Reflect on losses exceeding 10%#
Losses are inevitable in investing, but my friend emphasized that if you experience consecutive losses exceeding 10%, you must pause and analyze the reasons. Many people increase their positions due to the psychology of "recovering losses," ultimately sinking deeper into a quagmire. When losing, it is crucial to calmly assess whether it is due to market changes or operational issues; timely adjustments to strategy are more important than blind actions.
3. Avoid unclear opportunities in short-term trading#
In cryptocurrency short-term trading, he advises: if you have doubts about an opportunity, do not take action. Such moments can easily lead to losses. When the market seems favorable but you lack confidence, the best choice is to wait and observe. Investing is not gambling; if uncertain, do not act, as caution can avoid unnecessary losses.
4. Do not chase coins that have risen over 50%#
The market often sees coins surge in the short term, but my friend warns: do not chase coins that have risen over 50%. While short-term surges are eye-catching, they are often traps, and buying in can lead to being stuck. Once the bubble bursts, the risk to your capital is significant, as sharp rises are often followed by sharp declines.
5. Control emotions during high-volume trading at peaks#
Another important lesson is: after consecutive rises, do not be tempted by profits during high-volume trading at peaks. Newcomers often chase highs and get stuck. My friend reminds that controlling emotions at this time is crucial. The market is volatile, and during high-volume trading at peaks, it is better to wait and observe rather than act rashly.
6. Buy low in weak markets, buy on dips in strong markets#
Investment timing is key. His strategy is: buy low in weak markets and buy on dips in strong markets. The core is to grasp the market rhythm rather than emotions. A weak market is a good opportunity for low-position layouts, and in a strong market, do not chase highs; wait for a dip to act.
7. Do not increase positions without 100% certainty; building positions in batches is safer#
Regarding increasing positions, my friend said: never increase positions without 100% certainty. Increasing positions carries high risk, and blindly increasing can double losses when the market reverses. He suggests building positions in batches at low levels to average down costs and avoid volatility risks.
8. Operate within familiar patterns#
He particularly reminds: operations should be conducted within familiar patterns to earn risk-free money. Before buying coins, there must be a clear strategy, rather than following trends or relying on feelings. Whether through technical or fundamental analysis, it must be based on familiar experiences to maintain safety in an uncertain market.
9. Do not easily participate in weekly pullback trades#
Finally, he repeatedly emphasizes: do not easily participate in weekly pullback trades. Investors often see short-term pullbacks as entry opportunities, but weekly pullbacks carry greater risks; entering too early can lead to deep losses. Market corrections take time, and entering too early can lead to being stuck.
These pieces of advice may seem simple, but they contain years of experience and lessons. For explorers in the cryptocurrency market, calmness, rationality, and discipline are the foundations of success. Investing is not a game of getting rich overnight, but a long-term battle with emotions. Only by controlling desires and maintaining clear judgment can one stand firm in an uncertain market.
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