In the deep autumn of 2017, I sat in a shabby rental room in Changsha, facing an old computer, gradually transferring the remaining 200,000 yuan from my marriage into the exchange. Instant messaging windows kept popping up on the screen, with some excitedly predicting that "Ethereum is about to break the 10,000 yuan barrier," while others flaunted their trading records of "doubling profits in three days." Meanwhile, I still needed to consult search engines to adjust the moving averages on the Candlestick Chart.

Time flies, and in the blink of an eye, my account balance has increased by three zeros. However, the investment journey over these seven years has not been smooth sailing. I have never experienced the legendary "get rich overnight"; instead, I gradually climbed to today's position after stepping into countless pitfalls. Today, I want to share the six most painful lessons I've encountered—if you can avoid these traps, you have already surpassed 80% of cryptocurrency investors.

The first trap is "rapid rise and slow fall." In 2019, a niche token named "some chain" appeared in the market. Five consecutive days of price limits filled the group with calls for a "hundredfold coin." My friend Lao Wang entered the market at this time, and then this token began to slowly drop by 2% every day for half a month. Some comforted us, saying this was just a "pullback" and suggested to hold on. It wasn't until the price was halved that we realized the main funds had quietly withdrawn under the guise of a "slow fall."

This experience made me realize: a rapid rise is to attract attention, while a slow decline is to make investors reluctant to leave. It's like a frog in boiling water; by the time you realize the problem, you may already be trapped. Truly high-quality investment targets rise steadily and fall quickly (rapidly correcting to flush out speculators); while those coins that are about to be sold off often rise astonishingly and fall slowly.

The second trap is the "gentle period" after a crash. In the 2018 bear market, Bitcoin fell from $20,000 to $6,000, and I thought it was a good opportunity to buy the dip. However, it then entered a seemingly stable phase, dropping only $100 to $200 each week. This slow decline created the illusion that it had "already bottomed out," luring more people into the market. Until one day, it suddenly plummeted to $3,000, and many people's funds were trapped.

This experience taught me that the market bottom is not a point, but a process. The true bottom is often accompanied by severe fluctuations and panic emotions. In contrast, those slow declining phases may simply be the main funds preparing for the next round of plummet.