#Gate用户突破6000万 Little God of Wealth Nano Novel
Those Years—My Days Trading Crypto on Gate: 2017
The Altcoin Explosion, Taking Off on Gate
By the end of 2016 and the beginning of 2017, the Bitcoin bull market was still raging, and my assets had also grown somewhat. This was mainly thanks to the bitcoins I mentioned earlier that I bought at 900 yuan; when the price reached 12,000, I sold them all. This was not because I thought Bitcoin could no longer rise, but because a brand-new trend had emerged—altcoins. I needed to withdraw as much capital as possible to trade altcoins. How crazy was the market back then? Every week, there was an altcoin that more than tripled, and because there were no altcoin futures, the only way for the big players to make money was to openly pump the price. XRP rose from 0.1 yuan to 15 yuan, Litecoin from 20 to 2,000, and EOS from 7 yuan to 120. Among the other coins I remember, Qtum rose from 10 yuan (calculated from its opening price) to over 100, while NEO rose from 7 yuan to over 100...
I basically caught every major upward wave. Although I never captured the entire move, it still allowed my wealth to accumulate rapidly. My principal of over 100,000 yuan quickly grew to A8, heading toward A9. Back then, money felt like just a number, almost like the play money in Dou Dizhu. My fastest win was on TRON: I bought 2 million yuan worth on Tuesday, and by Friday, it had become more than 9 million yuan. But if I had sold five days later, it could have become more than 20 million yuan. At the time, I never would have imagined that this might be my last opportunity to make big money in crypto.
That was the true golden period for crypto trading. First, Bitcoin's market size was still small, and as the pie (market capitalization) grew, opportunities naturally abounded. Second, institutions had not yet entered the market. Crypto was still dominated by geeks, programmers, and sophisticated retail investors, and trading tactics mostly involved explosive rises and falls, without so much accumulation or manipulation. As long as you knew how to read basic candlestick charts, making money was relatively easy. But from the moment institutions entered the market in 2017 and 2018, I felt that trading had clearly changed. As retail investors, we had neither the capital nor the technology, making it extremely difficult to compete with institutions.
I believe the golden period of crypto has now passed. The reasons correspond to the two points above: market capitalization is too large and has too little room for expansion, while the massive entry of institutions has made it more difficult for retail investors to profit. In 2017, crypto traders looked down on stock traders; now, trading crypto is about as difficult as trading stocks. The only difference is that crypto offers higher leverage. Catching one opportunity makes it easier to get rich overnight, but correspondingly, the risk of being wiped out is also greater.
So, when trading crypto now, I think there are several things to keep in mind:
1. Observe more and trade less; once you act, be steady, accurate, and ruthless. Many people say they like short-term trading, but to be honest, what everyone really likes is the feeling of opening a position. Is short-term trading really more profitable? Calm down and ask yourself: this year, Bitcoin fell from 120,000 to 57,000, so a long-term short position could have grown by at least 3 or 4 times, right? Did you make that much during this period? Of course, some experts have made hundreds of times their money by catching a golden dog; all I can say is that their skill is truly impressive. I respect!
2. Identify the trend and do not go against it: do not go long in a bear market or short in a bull market. As for the current market, I believe the bull market has returned. Of course, I am just a small fry, so you can read more of the views and trades of experts and whales to arrive at a more accurate judgment.
3. Withdraw your profits promptly. If you do not withdraw your money, it will remain on the gambling table forever and will not truly belong to you. You could easily get carried away and open a position the next second, losing everything. Withdraw more of your profits and allocate them to your life or your family—that is what truly matters.
Of course, another reason I say withdrawing profits is important is that my nightmare is about to begin.
To be continued......
