Stock market investments are about corporate profits; in the crypto world, it's about emotions and stories. Essentially, it's PVP—your gains come from others taking the bait.

Before chasing a project, ask yourself honestly: who will take my position? If you can't answer, then you're the one taking someone else's position.

Don't despise bubbles. Opportunities for sudden wealth are hidden within bubbles. The key is to jump in and surf when the bubble inflates, then quietly slip away before it bursts. Ninety percent of your profits come from trend dividends driven by market momentum, while only ten percent are earned through skill.

Many people go bankrupt at two points: cutting losses in despair and going all-in during madness.

Look at the four seasons of the market:

**Winter of Despair**: Assets shrink by 90%, the group falls silent, even the influencers have no voice. This is the only window for building positions (both at the end of 2018 and 2022).

**Spring of Hesitation**: The market reacts, but everyone says it's just a fake rally; they sell at the first correction. This is actually the time to hold on.

**Summer of Madness**: Bad coins fly everywhere; even security guards downstairs are asking how to buy coins. Only selling, no buying—that's discipline.

**Autumn of Collapse**: The feast ends, and black swans arrive. Cash becomes the most valuable asset.

Which season are you in now? Reflect on it yourself. Don't try to predict tomorrow's rise or fall, but be aware of the current season.

**Position size is the line between life and death.**

Did you get the market right but still lose everything? The reason is two words: leverage. Losing 50% requires doubling up to break even; losing 90% requires tenfold growth. This is math; there's no escaping it.

How to allocate:

**70%**: BTC, ETH, and stablecoins. This is your foundation for survival in the circle.

**20%**: Mainstream altcoins with stories (like Sol, BNB).

**10%**: Shitcoins and high-leverage contracts. When this money is gone, it doesn't hurt to go to zero; hitting a hundredfold return is a surprise.

Never go all-in on any altcoin. LUNA was in the top ten before it collapsed; FTX was the second-largest exchange before it crashed.

During a bull market, you think you're a genius, dreaming of a 10% rise to buy a house. Don't dream.