A pseudonymous crypto trader – Cyclop, has recently caught the spotlight. From a humble $8,000, the crypto trader claims to have turned his investments into a staggering $3 million.
He says the fifteen golden rules he consistently adheres to are the secret to his success.
How Crypto Trader Cyclop Made $3 Million
Bitcoin completed its halving on Friday. Historically, halving events have triggered a monumental bull market. Hence, Cyclop says that understanding and applying these rules could mean the difference between achieving significant gains and facing missed opportunities.
“If we look at the bull runs of 2016 and 2020, the main growth occurred in the post-halving season. Now is the last chance to enter the market,” Cyclop wrote.
Read more: Best Crypto AI Trading Apps in 2024
Here Are 15 Golden Rules:
- Fix Profits: Cyclop stresses the importance of timely profit-taking. He advises traders to secure a portion of their gains in stablecoins or fiat, thus genuinely safeguarding profits.
- Be Focused: He suggests concentrating on a select few projects. In fact, spreading oneself too thin across numerous ventures can dilute efforts and diminish returns.
- Follow the Narratives: Cyclop points out that success often follows market narratives. Engaging early in trending topics such as artificial intelligence (AI) or real-world assets (RWAs) rather than obscure ones yields better results.
- Skepticism is Key: In an environment full of personal agendas, he encourages crypto traders to verify every piece of information independently.
- Minimize Tools: Cyclop utilizes no more than five essential tools, such as Etherscan and DeFiLama. This approach keeps his trading efficient and straightforward.
- Expand Information Sources: He recommends branching out beyond Twitter to platforms like Discord and YouTube. This diversification can significantly widen one’s trading perspectives.
- Understand the Basics: Fundamental knowledge is crucial. Jumping into crypto trading without a solid foundation is risky and unwise.
- Wise Risk Management: Recognizing and managing risks is vital, especially during bull markets. Proper strategies can pave the way to sustained success.
- Manage Your Trades: Setting stop losses and cutting losses early are essential to prevent minor setbacks from becoming major downfalls.
- Record Keeping: Cyclop keeps a daily log of his crypto activities. This habit helps him track progress and refine strategies.
- Ignore Overcomplications in Bull Markets: He notes that growth is driven more by hype than logic during bull runs. Understanding this can prevent misguided decisions.
- Question Stablecoin Safety: He warns that stablecoins are not always as safe as they appear, referencing the collapse of TerraUSD (UST).
- Portfolio Management: Focusing investments in a few areas can grow a small portfolio quickly. In contrast, diversification is better for maintaining larger portfolios.
- View Gains and Losses Relatively: He views profits and losses as percentages of his total portfolio. This approach indeed helps maintain emotional control and decision-making clarity.
- Persistence Pays Off: Finally, Cyclop emphasizes the importance of persistence. The current market offers numerous opportunities for those willing to work diligently.
By sticking to these rules, Cyclop navigated the volatile crypto market. As markets approach the post-halving season, his insights are especially relevant, offering traders a methodical framework to capitalize on upcoming opportunities.
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