2025 Trading Review: Market Awareness After the October 11 Collapse

2025 is a contradictory year for me. At the beginning of the year, I was full of expectations for the market, but overall, the returns were minimal, and several accounts even fell into a loss pit. My largest main account went from a profit of $2 million down to a loss of $600,000, and the other two accounts weren’t doing much better. It was the market that taught me these lessons; now I choose to accept them and let go of the past.

The Turning Point of October 11: When the Market Lost Liquidity

Most of the gains in 2025 were actually concentrated between April and September, but everything changed in the fall. October 11 became a dividing line—the market suddenly plunged into a liquidity crisis, making trading extremely difficult. I was still in self-deception at the time, refusing to admit that the market had changed its rules. From that moment, I realized that having trading skills alone was not enough; I needed a deeper understanding of the market’s nature.

That crash shattered my illusion of market stability. Many retail investors experienced account liquidations that day, and although I survived, I paid a price for my arrogance. After October 11, I began to reevaluate every trade I made.

The Battle Between Ethereum, MYX, and Small Coins

Starting in June, I became bullish on Ethereum. I kept building positions from around 2,300, pushing the price close to 5,000. During this process, my capital rapidly grew from $500,000 to $5 million. However, the pullback after reaching the peak made me lose my mind—I kept increasing my bets, and the price dropped from 4,600 all the way down to 3,800, almost wiping out all my profits.

This failure taught me a lesson: the market doesn’t change direction just because you have confidence.

At the same time, my judgment on MYX was completely opposite. Around June 26, I believed MYX would at least see a 50x increase. Although I published a positive outlook at the time, I couldn’t stop myself from deepening my involvement. Since then, my trading mindset changed fundamentally—I started believing in the importance of concentration. If I was confident in a project, I should go all-in.

The Extreme Cases of COAI and RIVER

The COAI incident at the end of September is still vivid in my memory. When COAI opened at $0.5, I used 2x leverage to invest $100,000. As you can imagine, I was forced to liquidate. But the dramatic part is that after I was liquidated, COAI skyrocketed over 100x. Fortunately, I still held a $20,000 position in spot, and on the day of the surge, I made a $40,000 profit. I was so drunk that night, my phone was almost out of battery, and I only checked my account in the evening.

A similar case was RIVER. By the end of the year, both of these tokens became my key focus. I judged that one of them would definitely surge because their market caps were relatively low, leaving huge room for growth from the bottom.

LIGHT’s Three Lessons

LIGHT was the token that hit me hardest in 2025. From its first appearance, I was optimistic about its prospects.

First wave: Average cost $0.85, sold at $2.4, earning 3x profit.
Second wave: Entered at $1, exited at $2.5, again making a profit.
Everything seemed smooth, but fate had other plans.

I added to my position at $3.5, and when it reached a high of $4.7, I didn’t sell. Then LIGHT experienced a sharp decline, dropping below $1, and I failed to escape in time, losing over $100,000. At that moment, I understood that the market has no absolute “shoulds.”

On December 31, LIGHT rebounded from $0.3 to $1, and I didn’t hesitate to re-enter, pushing it up to $2. I even fantasized that this could be a 100x opportunity. The unrealized gains drove me to add more. But this time, I learned to be smarter—no all-in this time.

A New Beginning in 2026

New Year’s Day 2026 marked a fresh start for me. The $1 level for LIGHT was extraordinary. That day, I reviewed my real profit accounts: two accounts achieved 10x returns, and two others gained 3x. Meanwhile, my two competitors’ accounts were wiped out completely.

Looking back at 2025, there were only three to five truly profitable trades. Most of the time, trading drained my energy and mental resilience. Fortunately, my competitors’ small coin trades brought me substantial gains; otherwise, I would have already exited the market.

Final Reflection

This year’s trading experience taught me that the underlying logic of the market is far more complex than it appears. The liquidity crisis on October 11 was not just a moment in time; it symbolized a fundamental shift in the market environment. In such transitions, stubbornness becomes a risk, and adaptation becomes the key to survival.

I no longer chase profits on every trade but focus on a few key opportunities. Mindset, capital management, and stop-loss discipline—these are more decisive than prediction ability. In 2026, I am ready to face the market with a new attitude.