Overseas A8 Big Boss Trading Experience: Don’t hold any copycats for a long time, and identify the only true god BTC

Original source: Miles Deutscher&Zeneca

Translated by: Odaily Planet Daily (@OdailyChina)

Translator: Wenser (@wenser2010)

Editor's note: With the gradual weakening of the Trump effect and the gradual spread of the joint impact of the world economic and political situation, mainstream cryptocurrencies including BTC have recently experienced a sharp decline. There are many voices in the market that "the bull market has ended and the bear market has arrived". The Meme currency market and AI Agent concept token projects that have gradually become silenced have once again awakened people's fear of the bear market. The more you are in this moment, the more important your confidence is. In view of this, Odaily Planet Daily will combine the "experience posts" of two major English-language A8-level bosses to sort out many lessons learned from them that they can not take the card table for readers' reference. I hope that when spring is warm and flowers bloom, every practitioner in the crypto industry can keep the clouds open and the moon bright.

NFT giant whale, A8 big V Zeneca: Sell Feiyong to make money, just take a

screenshot

In the last cycle, I made eight figures. Here are some experiences I have learned:

1. Sell forever

It is usually better to sell early, even if you miss the gain, it is better than holding it back and forth for too long.

This is because, eventually you will find that almost everything will approach zero.

So, even if you sell in advance and miss a part of the profit, in the next few months or years, look back at this decision - you are such a genius!

2. Sell it by screenshot

If you take a screenshot of how much money you made, you will choose to sell it at that time.

Of course, you don't have to sell all your positions, but usually at least 20-50% reduction will be a good time.

3. Ignore the noise

Most people know nothing about what they say on X platform and cryptocurrency-related applications.

Often the loudest and most confident voices know nothing; while those who are quiet and understand self-reflection are full of wisdom.

4. Confidence cannot be borrowed

It 's obvious that you can't borrow from others to buy confidence.

If you buy something because someone else buys something or tells you it might take off, you will almost certainly be cut.

Then these people will put the blame on you while you are anxiously waiting for their next tweet or YouTube video to tell you what to do next.

5. Don 't care about other people's opinions

Stop trying to impress people.

This is just a common and general life advice, but it is especially applicable in the cryptocurrency field.

It’s one thing to want to impress your friends and family and make them like you and follow you.

And want to leave a deep impression on strangers online to gain attention? Don 't be stupid.

6. Bitcoin is the only true god

There is bitcoin first, then everything else.

It took me a long time to really realize this.

Yes, the market performance of altcoins occasionally outperforms Bitcoin – sometimes for a long time – but basically, in the long run, everything goes to Bitcoin.

Most people try to earn a profit far exceeding Bitcoin’s gains by trading these altcoins; perhaps less than 5% of people can really do this.

It's like trying to go beyond the S&P 500 index fund. For most people, the best way to invest is to buy index funds directly.

7. Don 't be fascinated by the FOMO of herd mentality

There is always a way in which the cryptocurrency industry distorts your mind, just like a mental illness.

In the last cycle, many of us refused to sell a set of pictures of words (i.e., NFT) for $50,000 because we thought “it was underrated.” The same goes for many other smart people, and you are no exception.

The flock mentality is real, and it takes a lot of courage to go against the trend here, and you should try to do this.

**8. Get more exposure to the real world and don’t lose your true

concept of money**

From now on, try to broaden your horizons and spend some time with people outside the cryptocurrency industry.

1 SOL or 0.08 ETH may not seem like a lot of money (unit bias does exist), but think about how much money you can accumulate every day or year, and then think about what you can do in real life with that money.

Furthermore, it is natural for most people to be very excited about a 10% return on investment in a year.

In fact, this number is a good rate of return, but cryptocurrencies distort everything about ROI and so on.

**9. Pay attention to compound interest effect and seize certain

opportunities**

The compound interest effect is amazingly powerful.

In fact, you don’t need to find a 100-fold increase. Usually several 2-fold increase is good enough. Even compound interest growth is difficult to achieve 10-50% annually (calculate, have you ever thought about the degree of madness of high percentage compound interest after many years?) (Odaily Planet Daily Note: This means explosive growth similar to exponential growth).

Another saying is: " Most people overestimate what they can achieve within a year and underestimate what they can achieve within a decade."

Miles, an crypto researcher who lost money from A7, made money back: Take

profit and stop loss in time, respect every penny

Here are 10 difficult lessons I learned after paying millions of dollars in tuition.

There is no doubt that every cycle of cryptocurrency will drive you to perform better in terms of emotions management.

For me, 2021 is a year of disaster. At that time, my assets reached seven figures, but in the end I almost lost all of them.

And by this cycle, my investment performance has become better. Although the drawdown is still beyond my expectations, most of the investment returns have been retained. There is no way, you can never stop learning in the cryptocurrency field.

1. It is better to sell early than to sell late

I have never regretted selling a certain coin, but I always regret not selling it in time and locking in profits.

Instead of selling it too late and finally getting little money, it is better to gradually stop profit and make a profit.

2. If you should stop profit, stop profit

There were many times when I chose to exchange my profits for stablecoins, but I fell into the vortex of chasing the next investment game.

However, when I convert it into fiat currency or other "real world" investments, the money may not be moved for the time being (for security reasons).

I think it also depends on everyone's personality.

I'm ADHD, so the more I can introduce the more measures to prevent impulsive decisions and make myself think, the better this behavior will be for me.

3. Complacent is fatal

There was a time when I lied to myself that I was making money, but in fact I made too little.

Yes, I took another $100,000 from the table today - "Look at how great I am, Mom! I'm making money!"

In fact, I still hold millions of altcoins with only book returns.

I find myself always looking at the value of a portfolio, using it as a comfort rather than the actual stablecoin weight of that portfolio – which is a more important indicator in retaining wealth.

There is no doubt that the biggest killer in the crypto field is complacency.

Ignore warning signals = complacency;

Not making profits = complacency;

Responsiveness to new information = complacency;

Poor planning = complacency;

99% of the mistakes in the market can be attributed to some form of complacency.

4. Respect every penny

I read this tweet that day and was deeply touched. (Odaily Planet Daily Note: Overseas Big V Loopify previously stated that people really don’t understand how valuable it is to have a $1 million cash reserve. Even with a successful career, it still takes a long time to make it. If you become a top figure in the career field and earn as much as $400,000 per year, it may take 5 years to accumulate; if you can earn $200,000 a year, it will take about 10 years to do it).

For those in the cryptocurrency industry, sometimes we completely lose the perception of cost-effectiveness.

For example, in December last year, I made a transaction and made $1.7 million in round-trip operations. Now, I really wish I had half the wealth at that time.

At that time, I felt that money was not important because people were easily affected by this state of excitement.

Always be sober (even in the crazy moments) and cherish every penny, because one day you will cherish such money even more.

5. Slowly accumulate compound interest

Most mistakes in the market are fundamentally derived from the pursuit of fast (and "easy") returns.

But the wealth accumulated over a long period of time actually comes from the compound interest returns that continue to be obtained over time.

You should treat each trade as a "gamble" with the goal of increasing your overall chips (just like playing cards).

6. Don 't be confused by the target price or profit target

The market doesn't care about the target price you set at will, whether it is the specific dollar value or multiple. Chasing a goal is a business that is stable and profitable.

If at some point you really reach the target price, sell it. Don't be greedy, and don't change your profit goals.

At least, pursue new target prices with fewer chips and protect your trading principles.

7. Set stop loss indicators

At the end of last year, I made great progress in this area. But for a while (especially in March 2024) it still doesn't do well, and a more effective stop loss may avoid a lot of pain. It may be as simple as setting a predetermined HTF (high time frame, i.e., a longer time frame) to support a horizontal/moving average, lowering positions when the structure breaks; it can also be more advanced, such as identifying LTF (low time frame, i.e., a shorter time frame) to lose momentum and re-add positions while the market is rising.

In trend markets, this usually works well. But at least there must be a certain form of stop loss indicator instead of waiting for your position to return to zero.

8. Don 't borrow faith from others

Every time I buy cryptocurrency based on other people's opinions (rather than my own judgment), the results are not satisfactory.

Refer to other people’s ideas - but verify them independently and establish your own opinions and beliefs.

Otherwise, you end up with tokens that don’t have real beliefs or don’t know what to do when that belief is tested.

9. Don 't hold any altcoins for a long time

Altcoin "investment" is a bit like a mystery.

Your default mentality should be that every time you buy, you are doing trading pairs between altcoins and US dollars. (Odaily Planet Daily Note: Pay attention to the exchange rate changes between the altcoins and the US dollar in real time to judge their possible price trends.)

I like this mindset because it formalizes the need to develop a clear take-profit/stop-loss plan. Many people may be lazy in this regard.

" Investing" is not an excuse for poor risk management. A transaction can now last up to 3 days, 3 weeks, 3 months, 6 months, and in some cases even 12 months.

But please note that this is just a transaction, your ultimate goal is to accumulate more BTC or other capital.

10. Don 't use leverage to make contracts for risk

Since this cycle, I have only suffered from insomnia for 2 nights, and these two moments have happened when I hold a large amount of leveraged contract trading.

Use only leverage to manage risks (such as hedging) rather than taking more risks.

If you want to hold it for a long time, spot stock is relatively more suitable.