In 2017, when I first entered the crypto space, I watched Bitcoin skyrocket and, impulsively, followed the forum crowd to ALL IN on EOS. I made half a year's salary in a week and thought, this is paradise. But the next day, it plummeted 30%, not only wiping out all my profits but also losing 40% of my principal. That loss taught me a valuable lesson: making money in the crypto world really depends on luck, but surviving requires discipline.

Today, I want to talk not about the secrets to getting rich overnight, but about what I’ve learned from five years of pitfalls. Three trading models and 10 life-saving iron rules, specifically for those who want to stay in this market long-term. Not suitable for gamblers—those people are doomed regardless of what they hear.

**First Pitfall: Stop Loss Really Will Save Your Life**

The most brutal example I’ve seen was a buddy who, in 2021, bought the dip at $60,000 Bitcoin, and when it dropped to $30,000, he still kept saying "value investing," stubbornly holding on. Now his account has shrunk by 70%. The volatility in crypto is ten times that of the stock market, at least. If you still think about holding through the dips, you’re basically running around a minefield with dynamite in hand.

My current rule is simple: before opening any position, set a stop loss. If the loss exceeds 5%, close the position immediately. Better to take ten small losses than to hold through one that wipes you out completely. It may sound boring, but staying alive is winning.

**Second Pitfall: What Happens to Those Who Go All-In**

Newcomers always want to turn things around with a single shot. But in the end, those who go all-in usually get wiped out. Now I split my funds into five parts: three for long-term holdings of Bitcoin and Ethereum, one for short-term trading (only following trend models), and one always kept in cash.

Why do this? Position size determines your mindset, and your mindset directly affects your win rate. Last year, a platform in this circle collapsed, but because I kept some cash on hand, I wasn’t hit too hard and even managed to buy cheap chips.

**Third Pitfall: K-line Charts Kidnap People**

In a bull market, others are posting profit screenshots, and you start to panic, chasing high; then you get caught in a dip, and in panic, you hurriedly cut your losses. This is the cycle of FOMO and panic. Whether you can survive in this emotional whirlpool depends on whether you have real trading discipline.