#MyGateTradeStory# Eight years in the crypto world: What are we really trading?

In eight years of entry, the bull cycle has been continuously declining, with people coming and going.
In the end, very few can leave with profits—statistics are almost brutal: about 80% to 90% of retail investors in crypto ultimately lose money,
some estimates suggest the actual rate exceeds 95%, and this number is not to scare but the truth.
一、我们交易的不是代码，而是叙事
Each bull market has a story. 2017 was "Blockchain changes the world," 2021 was "DeFi reshaping finance," 2025 is "Legalization and institutional participation."
Stories change, and so do prices. But the true object behind the story is always the imagination of the future.
Understanding this is crucial: when you realize you're trading a story, not technology, you can evaluate more calmly—are believers in this story increasing or decreasing?
What stage is this story in? Is it just beginning, at its climax, or has no one been telling it anymore?
Stories have life cycles. Early believers join, intermediaries follow the trend, and eventually, the story becomes tired, and prices collapse.
Each peak of the bull market is a point where the story is overvalued; each trough of the bear market is a point where the story is completely denied.
And the real opportunity often lies at the turning point from denial to rebuilding the story.
二、波动不是风险，无知的仓位才是
Volatility in crypto markets is much higher than in traditional markets; a 10% increase or decrease in BTC in a day is not rare.
Many see volatility as risk, leading to fear, anxiety, and overtrading. But volatility is simply how prices move.
The real risk comes from—you're not knowing why you're holding this position.
If you buy based on a tweet, add on a screenshot from a chat group, or cut losses at the bottom out of panic,
you're facing not market risk but perception risk.
You're using others' judgments to replace your own, emotions to replace reason.
The survival principle is simple: every position must have a clear reason, and a clear exit condition.
If you don't know why you're buying, you shouldn't buy; if you don't know when to sell, you shouldn't hold the position.
三、恐惧与贪婪：市场周期的底层引擎
Research continuously shows that fear and greed are the core drivers of price movements in crypto markets.
Loss aversion, regret psychology, herd effect, overconfidence—these behavioral biases in crypto are amplified to the maximum, because the market operates 24/7, information is highly fragmented, and decisions are mainly based on social media.
The essence of market cycles is a collective psychological record:
Despair phase: stories are denied, prices are far below intrinsic value, most have left, the market is full of ridicule.
Skepticism phase: prices start to recover, but no one dares to believe, each rally is seen as a "false breakout."
Optimism phase: stories are rebuilt, new narratives emerge, more and more people pay attention.
Euphoria phase: everyone is talking, newcomers rush in, prices break above fundamentals, "this time is different" becomes a common phrase.
Collapse phase: stories shatter, prices plummet, fear spreads, everyone blames each other.
Eight years of experience tell me: the most profitable operations happen between the doubt and optimism phases,
the deadliest mistakes occur during the frenzy.
Most people are exactly the opposite—waiting during doubt, entering during euphoria, cutting losses during collapse.
Recognizing where you are in the cycle is far more important than predicting price direction.
八年 kinh nghiệm cho tôi biết: các hoạt động sinh lợi nhất xảy ra giữa thời kỳ hoài nghi và lạc quan; những sai lầm chết người lại thường xảy ra trong thời kỳ cuồng nhiệt. Và phần lớn mọi người lại ngược lại—đợi chờ trong thời kỳ hoài nghi, tham gia trong thời kỳ cuồng nhiệt, cắt lỗ trong thời kỳ sụp đổ.
Việc nhận diện vị trí của chu kỳ còn quan trọng hơn dự đoán hướng giá.
四、存活法则：不是赚到更多，而是活得更久
In crypto, "living longer" is already a form of super profit.
Here are some survival principles accumulated over eight years:
1 永远不要全仓
No matter how much you trust a decision, never put all your capital into it.
Black swan events in crypto happen far more often than in traditional markets—
a smart contract bug, a sudden audit, a liquidity crisis—all can change the game within 24 hours.
Keep at least 30% in cash or stablecoins, not to make more, but to make rational decisions in extreme situations.
2. 止损不是认输，是续命
Stop-loss is not losing, but prolonging life.
It's the most opposed move by retail investors because it admits mistakes.
But the market doesn't care about your pride; it just needs someone alive to keep participating.
Set a stop-loss level, execute when hit, don’t hesitate to "consider more."
Hesitation often results in bigger losses and deeper emotional traps.
3 分批止盈，不要贪顶
The most common tragedy in a bull market: making ten times profit but not selling, only for the price to return to the starting point.
Take profits gradually—sell 25% when doubled, another 25% at quadruple, another at sextuple, keep 25% for higher targets.
This way, you won't regret selling early, nor suffer because you haven't sold enough.
4 远离噪音，建立自己的信过滤器
Twitter, chat groups, KOL calls—these are noise generators, not real information sources.
Valuable info is often dry and overlooked: on-chain data, protocol updates, macro policy changes.
Create a simple filtering rule: if a piece of info stirs strong emotion (excitement or fear), it's likely noise;
if it makes you think before evaluating, it's probably valuable.
5 记录每一次交易决策和理由
Not to review profits, but to review your thinking process.
After six months, look back—you'll be surprised at your past reasons for buying, whether irrational or clear.
This habit gradually corrects biases, helping you shift from "emotional trading" to "rational trading."
6 熊市是学习的最佳窗口
Everyone makes money in a bull market, but that’s not your skill; it’s the gift of the market.
Bear markets are where true discipline is forged—low prices, storyless, confidence shattered.
If you can calmly study protocols, understand mechanisms, follow development,
you'll have a significant perceptual advantage in the next cycle.
五、最后的真相：加密市场交易的是时间
Back to that question—what is the crypto market ultimately trading?
On the surface, stories; beneath, psychology; but fundamentally, the market trades time.
BTC went from a few cents to tens of thousands of dollars over more than ten years.
Everyone holding is exchanging their time for price movement.
Participating in doubt is using patience to get high prices during others’ euphoria;
participating in euphoria is using anxiety to buy low during others’ doubt.
Time is fair to everyone, but how people use it varies greatly.
Some waste time in bear markets, some accumulate knowledge.
Some chase trends in bull markets, others restrain their core positions.
Long-term survivors are not necessarily the luckiest, but those who use time most wisely.
Eight years have passed. The market has changed many faces, but the fundamental principles never change.
Those who finally profit are not necessarily the smartest, but the most disciplined—
they know what they are trading, when to wait, and that survival is victory.