Original Source: Miles Deutscher & Zeneca

Translation: Odaily Planet Daily (@OdailyChina)

Translator: Wenser (@wenser2010)

Editor's Note: As the Trump effect gradually weakens and the interconnected impacts of the global economic and political situation spread, mainstream cryptocurrencies, including BTC, have recently experienced significant declines. There are many voices in the market claiming that "the bull market is over, and the bear market has arrived." The recent fading of meme coin trends and AI agent concept token projects has once again awakened people's fears of a bear market. The more we find ourselves in this moment, the more confidence becomes crucial. In light of this, Odaily Planet Daily will combine the "experience posts" of two A8-level big shots in the English-speaking world to summarize the many lessons that can help one stay in the game for readers' reference. We hope that when spring arrives, every practitioner in the crypto industry can see the light after the clouds clear.

NFT Whale, A8 Influencer Zeneca: Sell Early, Always Profit, Screenshot and Sell

In the last cycle, I made eight figures. Here are a few key lessons I've learned:

1. Sell Early, Always Profit

It's usually better to sell early. Even if you miss out on some gains, it's better than holding too long and going back and forth.

This is because, you will ultimately find that almost everything tends to approach zero.

So, even if you sell early and miss out on some profit, looking back on that decision months or years later—you'll feel like a genius!

2. Screenshot and Sell

If you take a screenshot showing how much profit you've made, that's the time to sell.

Of course, you don't have to sell your entire position, but usually, reducing your position by 20-50% is a good time to do so.

3. Ignore the Noise

Most people on platform X and crypto-related applications know nothing about what they're saying.

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

4. Confidence Cannot Be Borrowed

Clearly, you cannot borrow confidence from others to buy.

If you buy something because someone else did or told you it might take off, you will almost certainly get wrecked.

Then those people will shift the blame onto you, while you anxiously wait for their next tweet or YouTube video to tell you what to do next.

5. Don’t Care About Others’ Opinions

Stop trying to impress people.

This is just a common piece of life advice, but it is especially applicable in the crypto space.

Wanting to impress friends and family, to have them like you and follow you, is one thing.

Wanting to impress strangers online for attention? Don’t be foolish.

6. Bitcoin is the Only True God

First came Bitcoin, then everything else.

It took me a long time to truly realize this.

Yes, altcoins may occasionally outperform Bitcoin in the market—sometimes for a long time—but basically, in the long run, everything flows back to Bitcoin.

Most people try to gain returns far exceeding Bitcoin's by trading these altcoins; probably less than 5% of people can actually achieve this.

It's like trying to outperform the S&P 500 index fund. For most people, the best investment strategy is to buy the index fund directly.

7. Don’t Be Blinded by FOMO from the Herd Mentality

The crypto 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 words (i.e., NFTs) for $50,000 because we thought "it was undervalued." Many other smart people felt the same way, and you were no exception.

The herd mentality is real, and going against it takes a lot of courage; you should try doing that.

8. Engage with the Real World, Don’t Lose Touch with the True Value of Money

From this moment on, try to broaden your perspective and spend some time with people outside the crypto industry.

1 SOL or 0.08 ETH may not seem like a lot of money (there is indeed a bias in units), but think about how much you can accumulate daily or yearly, and what you can do with that money in real life.

Moreover, most people are very excited about achieving a 10% return on investment within a year, which is taken for granted.

In reality, this number is a good return rate; however, the crypto space distorts all concepts regarding investment returns and more.

9. Value the Power of Compounding, Seize Certain Opportunities

The power of compounding is astonishingly strong.

In fact, you don’t need to find a 100x growth; usually, a few 2x growths are good enough, and achieving a compounded growth of 10-50% annually is also quite challenging (think about it, have you ever considered how crazy high percentage compounding can be after many years?)(Odaily Planet Daily Note: This refers to explosive growth similar to exponential growth).

Another way to say it is: “Most people overestimate what they can achieve in a year and underestimate what they can achieve in ten years.”

Crypto Researcher Miles, Who Lost an A7 and Earned It Back: Take Profits and Cut Losses in Time, Respect Every Penny

Here are ten hard lessons I've learned after paying millions of dollars in tuition.

Without a doubt, every cycle in cryptocurrency pushes you to perform better in emotional management.

For me, 2021 was a disastrous year. At that time, my assets reached seven figures, but I ended up almost losing everything.

In this current cycle, my investment performance has improved, although the drawdowns still surprised me, I have retained most of my investment gains. In the crypto space, you can never stop learning.

1. Selling Early is Better than Selling Late

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

It’s better to gradually take profits than to sell late and end up with little.

2. Take Profits When You Should

There have been many times when I chose to convert profits into stablecoins, only to get caught up in chasing the next investment game.

However, when I convert it into fiat or other "real-world" investments, that money may become temporarily inaccessible (for safety reasons).

I think this also depends on individual personalities.

I have ADHD, so the more measures I can introduce to prevent impulsive decisions and make myself think, the better it is for me.

3. Complacency is Deadly

There was a time when I deceived myself into thinking I was making money, but in reality, I was making too little.

Yeah, I just took $100,000 off the table today—“Look how great I am, Mom! I’m making money!”

In reality, I still held millions of altcoins with only paper gains.

I found myself always looking at the portfolio value as a comfort, rather than the actual stablecoin weight of that portfolio—which is a more important metric for preserving wealth.

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

Ignoring warning signs = complacency;

Not taking profits = complacency;

Slow to react to new information = complacency;

Poor planning = complacency;

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

4. Respect Every Penny

The other day I saw a tweet that resonated with me. (Odaily Planet Daily Note: Influencer Loopify previously_ tweeted that people really don’t understand how valuable having a $1 million cash reserve is. Even with a successful career, it still takes a long time to earn. If you become a top person in your field with an annual income of $400,000, it might take 5 years to accumulate; if you can earn $200,000 a year, it might take about 10 years to do so.)_

For people in the crypto industry, sometimes we completely lose our sense of value for money.

For example, last December, I made a trade that netted me $1.7 million. Now, I really wish I had half of that wealth.

At that time, I felt money was unimportant because people can easily be influenced by that state of excitement.

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

5. Gradually Accumulate Compounding Returns

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

But long-term wealth accumulation actually comes from the compounding returns gained over time.

You should treat every trade as a "gamble," aiming to increase your overall chips (like in poker).

6. Don’t Be Misled by Target Prices or Profit Goals

The market doesn’t care about the target prices you set arbitrarily, whether it’s a specific dollar value or a multiple. Chasing targets is a guaranteed losing game.

If at any moment you really reach your target price, then sell. Don’t be greedy, and don’t change your profit goals.

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

7. Set Stop-Loss Indicators

I made significant progress in this area by the end of last year. But there was a time (especially in March 2024) when I still didn’t do well; more effective stop-losses could have avoided a lot of pain. It could be as simple as setting a predetermined HTF (High Time Frame) support level/moving average and reducing your position when the structure breaks; it can also be more advanced, like identifying LTF (Low Time Frame) loss momentum and re-entering while the market is rising.

In trending markets, this usually works well. But at the very least, have some form of stop-loss indicator instead of waiting for your position to go to zero.

8. Don’t Borrow Confidence from Others

Every time I bought cryptocurrency based on someone else's opinion (instead of my own judgment), the results were unsatisfactory.

Refer to others' ideas—but independently verify and build your own views and beliefs.

Otherwise, you will end up holding tokens without real conviction or not knowing what to do when that conviction is tested.

9. Don’t Hold Any Altcoins for Long

"Investing" in altcoins is somewhat like a trap.

Your default mindset should be that every time you buy, you are trading altcoins against USD. (Odaily Planet Daily Note: Keep an eye on the exchange rate changes between altcoins and USD to judge their potential price trend direction.)

I like this way of thinking because it formalizes the need to establish clear profit/loss plans. Many people may slack off in this regard.

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

But remember, this is just trading; your ultimate goal is to accumulate more BTC or other capital.

10. Don’t Use Leverage for Contracts Just for the Thrill

Since this cycle began, I have only had two sleepless nights, both occurring when I held a large number of leveraged contracts.

Only use leverage to manage risk (like hedging), not to take on more risk.

If you plan to hold long-term, spot trading is relatively more suitable.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。