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A Letter to Myself 13 Years Ago

Entering the crypto world is like diving into the deep sea; looking back, it feels like two different lives. After 13 years in the industry, reflecting on the past feels like a different world. From the excitement of my first trade that kept me awake all night, to now placing an order and sleeping through the stop-loss, my journey has seen the price rise from $1,000 to $70k, while my account balance has steadily declined each year, accumulating a wealth of experience and lessons. Now, I want to write a letter to myself 13 years ago, sharing the “trading mindset” I’ve cultivated over the years:

1. The Four Big Taboo Rules of Trading

1. Avoid Full Position All-In

Key Point: Never invest all your funds at once into the market.

Detailed Explanation: Often, when seeing market opportunities, impulsively going all-in is tempting. However, this approach carries extremely high risk. If the market reverses, your funds can quickly evaporate, potentially leading to severe losses. Gradually entering positions and leaving room for flexibility is a wiser choice. Proper money management always comes first in investing. By allocating funds reasonably, you can reduce overall risk and improve investment stability.

2. Avoid Frequent Trading

Key Point: Steer clear of overly frequent buy and sell actions.

Detailed Explanation: Short-term trading may seem to generate quick profits, but only the trader knows how tough it really is. Frequent trading not only increases transaction fees and slippage but also greatly impacts your mental state. Constantly staring at the screen and making quick moves can lead to emotional imbalance, resulting in poor decisions. Patience and holding are often more effective. By analyzing market trends and project fundamentals deeply, selecting promising assets for long-term holding can yield more stable returns.

3. Avoid Blind Following

Key Point: Don’t blindly chase market hot spots or follow others’ decisions.

Detailed Explanation: “Chasing highs and selling lows” is common in the crypto space, but most follow-the-crowd results are disappointing. Many projects gain initial popularity, attracting a lot of investors. However, once attention wanes or market enthusiasm drops, prices often plummet. Therefore, decision-making should be based on independent analysis. Conduct thorough research on the project’s background, team, technology, and market prospects to make more rational investment choices.

4. Avoid No Stop-Loss

Key Point: Prioritize risk management by setting reasonable stop-loss points.

Detailed Explanation: Losses are normal in crypto investing, but blindly chasing high returns while ignoring risks is unwise. To minimize potential losses, set appropriate stop-loss levels and be cautious with position sizing. Proper allocation can reduce the impact of a single project or market volatility on your overall portfolio. Also, timely exit when the market doesn’t meet expectations is crucial for protecting your capital. Remember, a prudent investment strategy is the key to long-term profitability.

2. A Shortcut to Wealth

Among the experiences accumulated over the years, if there’s one phrase that’s most helpful for “getting rich quickly,” it’s “broaden your horizons and think long-term.” If I had been a steadfast “believer” back then, looking ten or more years ahead, holding a few hundred bitcoins, I’d be living in a villa by the sea now. Reflecting on the most “legendary” trade I’ve ever made, it was precisely because I broadened my perspective that I achieved a miracle of a hundredfold overnight on H. Trading doesn’t require every decision to be perfect; as long as you make the right decision once and stick with it, you can succeed.

Finally, I want to tell my past self: trading crypto is not easy, but you must achieve financial freedom!