My_friend_who_achieved_financial_freedom_through_trading_Link_told_me_this_story

binancevip (37)in #ethwallet • 2 months ago

I have a friend who became wealthy through cryptocurrency trading. His story is remarkable and serves as a vivid example in my circle. He now spends his days traveling and relishing the "problem" of having more money than he can spend.

Several years ago, he was like many of us, earning a standard salary and adhering to a 9-to-5 routine. However, through a serendipitous opportunity, he entered the realm of blockchain and cryptocurrency. Initially, his knowledge of this field was limited—concepts such as Bitcoin and Ethereum were unfamiliar. Yet, motivated by curiosity for innovation and a sense of adventure, he embarked on his cryptocurrency trading journey.

The pivotal moment in his wealth accumulation came from a lesser-known altcoin. At that time, most investors focused on mainstream coins like Bitcoin and Ethereum, but he targeted smaller, overlooked coins, particularly early-stage projects. In 2018, he decisively purchased Chainlink (LINK), priced under $1. Many dismissed it as insignificant, but he conducted thorough research, uncovering its strong technology team and application potential, especially in blockchain data on-chain technology.

The initial phase was challenging. He recalls that shortly after entering the market, the cryptocurrency sector experienced significant volatility, reducing his account by nearly 30%. Many panicked and sold, while others exited entirely. He hesitated about holding or liquidating, as the loss was substantial. Fortunately, he persisted, refusing to let short-term fluctuations undermine his confidence.

That perseverance yielded unexpected rewards. By 2020, Chainlink surged, climbing above $20. He not only held but continued buying in batches. When the price exceeded $30, he cashed out. Rough estimates indicate he netted nearly $5 million from this investment alone—a return exceeding 30 times his initial stake. This small coin became his stepping stone to wealth.

Beyond Chainlink, he invested in other coins. For instance, in early 2021, he acquired tokens from DeFi projects like Uniswap (UNI) and Synthetix (SNX). These yielded solid returns during the DeFi boom, appreciating 5 to 10 times each and contributing significantly to his overall profits.

Of course, he faced losses. He admits that early on, he shorted Bitcoin, anticipating a correction due to its steep rise, and used leverage. The market continued upward, causing a 40% account loss in days. This taught him valuable lessons about leverage risks, emphasizing that blindly amplifying funds without market awareness is perilous. Since then, he avoids high-leverage trades, prioritizing risk control and money management.

Now, he has achieved financial freedom, having quit his job long ago to live an enviable lifestyle. He no longer obsessively monitors the market, instead dedicating time to global travel and life enjoyment.

Here are some insights from his experience, potentially inspiring those exploring the blockchain world.

1. Know when to take profits

He emphasized that the most crucial aspect is to exit promptly after significant gains and practice contentment. When account profits exceed expectations, avoid greed; exit the market, take a break, or travel to relax. This allows calm assessment of future investments. Do not wait for reversals, as market volatility is unpredictable.

2. Reflect if losses exceed 10%

Losses are inevitable in investing, but he stressed that consecutive losses over 10% necessitate a pause to identify causes. Many fixate on "breaking even" and add funds while losing, leading to deeper traps. Analyze calmly whether losses stem from market shifts or personal errors; timely strategy adjustments are more vital than reckless persistence.

3. Avoid unclear short-term trades

For cryptocurrency trading, especially short-term operations, his advice is: abstain if uncertain. These moments often result in losses. Even with apparent good news, lacking full confidence warrants waiting and observing. Investing differs from gambling; if unsure, do not trade. Caution prevents unnecessary setbacks.

4. Don’t chase coins up over 50%

Coins may surge rapidly, but he warned against chasing those rising over 50%. He explained that short-term spikes attract attention and capital but often represent traps. Buyers risk entrapment when bubbles burst, facing substantial declines. Remember, significant gains frequently precede steep drops.

5. Control emotions during high-volume rallies

Another key insight: after sustained gains, resist profit temptation during high-volume rallies. Novice investors often chase highs and fall victim to false pumps. He highlighted that emotional control is critical then. Given market volatility, high-volume peaks are best approached with caution, not impulsive entry.

6. Buy low during weakness, buy dips during strength

Timing sense is essential. His strategy involves buying low in weak markets and purchasing dips in strong ones. The core is aligning with market rhythm, not emotions. Weak markets offer low-positioning opportunities; strong markets require patience for pullbacks rather than chasing highs.

7. No adding positions without 100% confidence; build positions in batches

Regarding position additions, he advised: never add without complete understanding and absolute confidence. Adding positions carries risk; many blindly increase during uptrends, multiplying losses if reversals occur. Thus, he recommends batch-building positions at low levels to reduce average costs and volatility risks.

8. Operate within familiar patterns

He also emphasized trading within known patterns to secure low-risk profits. For target coins, develop clear strategies and patterns, avoiding trend-following or intuition. Whether using technical or fundamental analysis, base decisions on well-understood, experienced frameworks to maintain safety in uncertainty.

9. Don’t jump into weekly timeframe pullbacks lightly

Lastly, he repeatedly stressed: do not lightly enter weekly timeframe pullbacks.

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