Overseas A8pro trading experience: Don't hold any altcoin for too long, focus on the one true god BTC

Source: Miles Deutscher&Zeneca

Translation: Odaily Planet Daily (@OdailyChina)

Translator: Wenser (@wenser2010)

Editor's note: As the Trump effect gradually weakens and the associated impact of the world's economic and political situation spreads, mainstream cryptocurrencies including BTC have recently experienced a significant decline. There is no shortage of voices in the market declaring 'the bull market has ended, the bear market has arrived'. The recent sluggish market of Meme coins and the concept token project of AI Agent have once again awakened people's fear of the bear market. The more we are in this moment, the more important confidence is. In view of this, Odaily will combine the 'experience posts' of two A8-level bigwigs in the English-speaking community to sort out many experiences and lessons that can't be underestimated, for readers' reference. I hope that at the time when spring is warm and flowers are blooming, every practitioner in the cryptocurrency industry can see the clouds part and the moon shine.

NFT giant whale, A8 big V Zeneca: sell Fei and earn forever, screenshot and sell

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

1. Sell Fei Yongzhuan

It is usually better to sell early, even if you miss out on profits, than to hold on for too long and be tossed back and forth.

This is because, in the end you will find that almost everything tends to zero.

So, even if you sold early and missed out on some profits, in the months or years that follow, looking back at this decision - you are truly a genius!

2. Sell immediately upon screenshot

If you have taken a screenshot of how much profit you have made, then choose to sell at that time.

Of course, you don't have to sell all your positions, but typically reducing your position by at least 20-50% would be a good opportunity.

3. Ignore the noise

Most people have no idea what they are talking about on X platform and cryptocurrency-related applications.

The loudest and most confident voices are often the most ignorant; while those who are quiet and self-reflective are full of wisdom.

4.Faith cannot be borrowed

Obviously, you can't borrow confidence from others to buy in.

If you are told that someone else has bought something or that it may take off, you are almost certain to be cut.

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

5. Don't mind the opinions of others

Stop trying to leave a deep impression on people.

This is just a common and generic life advice, but it is especially applicable in the field of cryptocurrencies.

Want to impress friends and family, make them like you, pay attention to you, this is one thing.

But want to leave a deep impression on strangers online to get attention? Don't be silly.

6. Bitcoin is the only true god

First there was Bitcoin, and then everything else.

It took me a long time to truly realize this.

Yes, the market performance of altcoins may occasionally surpass Bitcoin - sometimes for a long period of time - but basically, in the long run, everything will flow towards Bitcoin.

Most people try to achieve profits far exceeding Bitcoin's gains by trading these altcoins; perhaps less than 5% of people can truly accomplish this.

This is like trying to outperform the S&P 500 index fund. For most people, the best way to invest is to buy index funds directly.

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

The cryptocurrency industry always has a way of distorting your thoughts, almost like a mental illness.

In the last cycle, many of us refused to sell a set of word pictures (NFT) for $50,000 because we thought 'it was undervalued.' Many other smart people did the same, and so did you.

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

8. More contact with the real world, don't lose the 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 you can accumulate every day or every year, and then think about what you can do with that money in real life.

In addition, most people are very excited about getting a 10% return on investment within a year, which is only natural.

In fact, this number is a very good rate of return, but cryptocurrency distorts all concepts of investment return, etc.

9. Focus on the power of compound interest, seize opportunities with certainty

The compound interest effect is amazingly powerful.

In fact, you don't need to find 100 times growth. Usually, a few 2 times growth in a row is good enough, and it is also very difficult to achieve compound growth at a rate of 10-50% per year (think about the craziness of high percentage compound interest after many years, have you thought about it?). (Note by Odaily Planet Daily: This means explosive growth similar to exponential growth)

Another way of saying it is: "Most people overestimate what they can achieve in one year and underestimate what they can achieve in ten years."

Researcher Miles, who lost an A7 and then made it back: Stop loss and take profit in time, respect every penny.

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

Without a doubt, each cycle of cryptocurrency will make you perform better in emotional management.

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

But in this round of the cycle, my investment performance has improved, although the retracement still surprised me, but most of the investment returns have been retained. There is no way, in the cryptocurrency field, you can never stop learning.

1. Early Selling is Better than Late Selling

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

Instead of selling too late and ending up with little gain, it's better to gradually take profit and make a profit.

2. Stop loss when it's time to take profit

Many times, I chose to convert the profits into stablecoins, only to be caught up in the whirlpool of chasing the next investment game.

However, when I convert it to legal tender or other "real-world" investments, the money may temporarily be unable to move (for security reasons).

I think this also depends on the individual's personality.

I am a person with ADHD, so the more preventive measures I can introduce and make myself think before making impulsive decisions, the better it is for me.

3. Complacency is deadly

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

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

In fact, I still hold millions of counterfeit coins that only have nominal income.

I find myself always looking at the value of the investment portfolio as a comfort rather than the actual stablecoin weight of the portfolio - which is a more important indicator for preserving wealth.

Without a doubt, the biggest killer in the crypto space is complacency.

Ignoring warning signals = complacency;

No profit = complacency;

Delayed response to new information = complacency;

Poor planning = complacency;

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

4. Respect every penny

That day I read this tweet and was deeply touched. (Note from Odaily Star Daily: Overseas big V Loopify previously posted 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 earn. If you become a top professional in your field, with an annual income of up to $400,000, it may take 5 years to accumulate; if you can earn $200,000 a year, it might take 10 years to achieve).

For those in the cryptocurrency industry, sometimes we completely lose sight of the value for money.

For example, last December, I made a transaction and earned 1.7 million US dollars through back and forth operations. Now, I really wish I had half of that wealth at that time.

At that time, I felt that money was not important, because people are easily influenced by this kind of exciting state.

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

5. Accumulate Compound Interest Slowly

Most of the mistakes in the market fundamentally stem from the pursuit of quick (and 'easy') returns.

However, long-term accumulated wealth actually comes from the compounding returns obtained continuously over time.

You should treat every trade as a 'gamble,' with the goal of increasing your overall chips (just like playing poker).

6. Do not be misled by target prices or profit targets

The market does not care about the target price you set arbitrarily, whether it is a specific USD value or a multiple. Chasing targets is a surefire deal.

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

At least, use fewer chips to pursue a new target price and protect your trading principles.

7. Set Stop Loss Indicator

At the end of last year, I made great progress in this area. However, for a period of time (especially in March 2024), I still did not do well. More effective stop-loss measures may help avoid a lot of pain. It could be as simple as setting a predetermined HTF (High Time Frame, i.e., a longer trading time frame) support level/moving average to reduce positions when the structure breaks; it can also be more advanced, such as identifying LTF (Low Time Frame, i.e., a shorter trading time frame) loss momentum and increasing positions again while the market is rising.

In a trending market, this is usually very effective. But there should be some form of stop-loss indicator at least, instead of waiting for your position to go to zero.

8. Do not borrow confidence from others

Every time I purchase cryptocurrency based on someone else's opinion (instead of my own judgment), the results are always disappointing.

Refer to other people's ideas - but verify independently, establish your own viewpoints and beliefs.

Otherwise, you will end up holding tokens that lack real faith or not knowing what to do when this faith is tested.

9. Don't hold any altcoins for too long

The 'investment' in Shanzhai Coin is a bit like a maze.

Your default mindset should be that every time you make a purchase, you are trading between altcoins and USD. (Note from Odaily Planet Daily: Always pay attention to the exchange rate between altcoins and USD to judge the possible price trend.)

I like this kind of thinking because it formalizes the need to establish clear profit-taking/stop-loss plans. Many people may be lazy in this regard.

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

However, please note that this is just trading, and your ultimate goal is to accumulate more BTC or other capital.

10. Do not use leverage for contracts to take risks

Since this cycle, I have only had insomnia for two nights, both of which occurred when I was holding a large amount of leveraged contract trades.

Only use leverage to manage risk (such as hedging) instead of taking on more risk.

If you want to hold for the long term, spot is relatively more suitable.