An Old Notebook, a Conversation Between Two Generations of Investors

Some say there are no shortcuts in the crypto world, and Lin Youqian might agree.

Rewind to the end of 2021, when Bitcoin surged past $50,000. A local bookstore owner, Ah Kai, became known for his investment story. Five years earlier, he was just a lucky bystander—after repairing a computer, he unexpectedly received a reward of 0.2 BTC. At that time, Bitcoin was still around $4,000, and he didn’t pay much attention, simply noting it in his phone’s notes.

It wasn’t until winter 2017 that his friend Lin Mo, who introduced him to investing, woke him up. "Your 0.2 BTC has risen to $12,000," Lin Mo casually left an old, yellowed notebook, filled densely with his father’s stock market insights: don’t greed or fear, anchor to trends, don’t buy the dip in a downtrend, and exit if volume doesn’t support the move.

The following story is like a textbook risk management experiment.

In the 2018 bear market, Bitcoin dropped to $3,800. Watching his account shrink by 70%, he didn’t panic or make reckless moves. He converted the back room of his bookstore into a small study, drawing trend lines on the K-line charts after hours, repeatedly studying the moving average rules in his notes—20-day MA as support, 5-day MA as sensitivity, their positions determining whether to enter or stay on the sidelines.

The real test came in 2020. When the 5-day moving average steadily crossed above the 20-day MA, he used three months’ net profit from his bookstore to buy one full BTC, setting a 15% stop-loss. During the year-long holding period, he neither chased highs nor panicked. When Bitcoin broke $50,000 in 2021, that line in his notebook—"if volume doesn’t support, exit"—prompted him to sell decisively—his bookstore mortgage was paid off instantly.

Last year, when Bitcoin surged to $69,000, he reduced his position to 40%. Curious customers asked why he wasn’t greedy. He pointed to the slogan on his bookstore wall and smiled: "The crypto world is like reading—no rush. When I saw the $40,000 level last winter, I waited until the 30-day MA turned around before adding to my position."

Now, his account is enough to expand the bookstore into the town’s largest cultural space, yet he still reviews his K-line charts every night. The cover of that notebook has worn thin. When newcomers ask for advice, he always hands over this yellowed notebook and softly says, "There are no shortcuts, only rules. Stick to them, and the market will come when it’s time."

The current Bitcoin price is about $85,100, with a 24-hour decline of 1.18%.

The light has been on all along—have you learned?