How crazy it is for an account to double in a single day, and how heartbreaking it is to be halved overnight. Over the years in the crypto world, from being clueless at the start to now consistently making profits, the market cycles from 2023 to 2024 have changed a lot. Those pitfalls you've stepped into and theories you've developed are honestly more valuable than quick money made easily. Especially for traders who are still stuck in the cycle of "rise and fall, fall and rise," understanding these things earlier can save a lot of detours.

Many people think that the group of people who always win in the crypto market rely solely on precisely timing a certain explosive rally or catching some so-called "hundred-bagger meme stocks." But speaking from my real experience of rolling from 1,200 units of capital to 800,000: this market simply does not have a "get-rich-quick myth." Traders who survive and can continue to generate steady profits are never chasing "how fast they can make money," but rather "how steadily they can control it."

I also fell into this trap early on. Back then, I was glued to hot coins every day, afraid of missing out on a chance to get rich overnight. But multiple practical experiences told me: luck-based gains will eventually be taken back by the market, principal and all. Only by building a risk control framework that can be replicated and persisted can wealth be preserved.

The harshest rule: Avoid large drawdowns

This is the bottom line I’ve painfully refined from numerous losses—under no circumstances should the account experience a significant drawdown. Even a simple math problem makes it clear: if the account drops 50%, it takes a double to break even. With such volatile markets, once a drawdown happens, most cases will slide into forced liquidation. True trading advancement isn’t about winning a single trade excessively, but about learning to lock in profits when the market trembles and cutting losses decisively when the trend reverses.

Buffett’s famous quote is especially applicable here: Only when the tide goes out do you discover who’s swimming naked.