Recently, the pseudonymous cryptocurrency trader “Cyclop” has been attracting attention. This crypto trader claims to have turned an investment starting at just $8,000 into his staggering $3 million.
He says the secret to his success is 15 golden rules that he consistently follows.
How crypto trader Cyclops made $3 million
Bitcoin completed its halving on Friday. Historically, halving events have caused monumental bull markets. Therefore, Cyclop says understanding and applying these rules can mean the difference between achieving big profits and facing missed opportunities.
“If you look at the 2016 and 2020 bull markets, the main growth occurred in the post-halving season. Now is your last chance to enter the market,” Cyclop said. I have written.
Read more: Best Crypto AI Trading Apps of 2024
The 15 golden rules are:
- lock in profits: Mr. Cyclop emphasizes the importance of timely profit taking. He advises traders to keep a portion of their profits in stablecoins or fiat currencies to truly protect their profits.
- concentrate: He suggests focusing on a few selected projects. In fact, spreading yourself too thin across too many businesses can dilute your efforts and reduce your profits.
- follow the story: Cyclop points out that success often follows the market narrative. You'll get better results by tackling trending topics early on, rather than obscure topics like artificial intelligence (AI) or real-world assets (RWA).
- skepticism is key: In an environment filled with personal agendas, he encourages crypto traders to independently verify all information.
- Minimize tools: Cyclop utilizes only 5 essential tools such as Etherscan and DeFiLama. This approach makes his trading efficient and easy.
- Expand your sources: He recommends branching out beyond Twitter to platforms like Discord and YouTube. This diversification greatly expands your trading horizons.
- understand the basics: Basic knowledge is important. Jumping into crypto trading without a solid foundation is risky and unwise.
- Smart risk management: Especially in a bull market, it's important to recognize and manage risk. The right strategy can pave the way to lasting success.
- Manage your transactions: Setting a stop loss and cutting your losses early is essential to prevent small setbacks from leading to large declines.
- Record preservation: Cyclop keeps a daily log of cryptocurrency activity. This habit will help you track your progress and refine your strategy.
- Ignoring excessive complexity in bull markets: He points out that in a bull market, growth is driven more by hype than logic. Understanding this will help you avoid making bad decisions.
- Ask about the safety of stablecoins: He warns that stablecoins are not as safe as they seem, citing the collapse of TerraUSD (UST).
- portfolio management: By focusing your investments in a few areas, you can quickly grow a small portfolio. In contrast, diversification is better for maintaining a larger portfolio.
- See profits and losses relatively: He views profit and loss as a percentage of the total portfolio. This approach certainly helps maintain emotional control and decision-making clarity.
- Persistence is rewarded: Finally, Cyclop emphasizes the importance of sustainability. The current market offers many opportunities for people who are willing to work hard.
Adhering to these rules has helped Cyclop survive the volatile cryptocurrency market. His insights are especially relevant as the market approaches the post-halving season, providing traders with a systematic framework to take advantage of the opportunities ahead.
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