From 3k to 40 million, the legendary Crypto Assets trader Owl Capital shares the ups and downs of trading.

Recently, Mia, the brand manager of OKX exchange, interviewed KOL Ao Ying Capital in the latest episode of the Traders Talk program. He shared his story of going from debt to now earning over $4000 annually, achieving million-dollar profits multiple times with single coins.

Trading also relies on community learning.

Aoying stated that he was originally a product manager for internet products. In 2020, he was introduced to Web3 through work and began trading contracts in 2021. Initially, he invested a small amount of capital of over 10,000 RMB from his monthly salary, using 3,000 to 5,000 for trading, but the result was more losses than gains.

His path to learning trading is actually not that systematic. Like most of the audience in front of the screen, he mainly learns by observing real traders, joining groups, and asking about trading logic. He did not systematically learn technical indicators, but built his experience through “imitation, asking for advice, practical experience, and paying tuition.”

Trading is not a game of indicators, it is a game of understanding.

Aoying believes that trading is not a game of indicators, but rather an issue of “cognitive games” and psychological maturity. He was fortunate enough to successfully capture three waves of market trends in 2024: AI coins, meme coins, and the “Second Spring” of inscriptions. However, before that, his asset scale was always stuck at the threshold of hundreds of thousands. Only after seizing the trend, paying off debts, and having a surplus did his trading journey gradually become smoother.

As for how to adjust the mindset during the debt phase without affecting operations? From the perspective of someone who has been through it, Gao Ying expresses that everyone is relying on sheer endurance. The vast majority of large losses are due to the unwillingness to cut losses. When in debt, trading has already transformed.

( Well-known trader: Trading is a more addictive behavior than drugs. Two steps to help you quit 80% of bad trades (

If you still do not execute your trades properly and rationally implement profit-taking and stop-loss orders, then the losses are not painful enough. It is only when he has lost everything that he begins to treat each trade very cautiously, executing each order honestly.

Aoying: Don’t be too superstitious about trading indicators

He is currently focused more on event-driven trading. Before placing an order, he doesn’t just look at the K-lines. He first thinks clearly about what the current market conditions are like during this period, and then determines how to perform intraday swings within this market, assessing whether it is at a high or low position. If the market is event-driven, he evaluates whether this event-driven situation is sustainable. If it is not sustainable, he will short at critical positions.

He has also studied trading indicators: double moving average system, EMA, naked K, Fibonacci, wave theory, Dow theory, and various turtle rules, almost everything. But now, aside from naked K, moving averages, and trading volume, he won’t use any other indicators. He believes that to truly make big money, it still relies on one’s own understanding. Indicators can only help you open positions a little better, but they cannot determine whether you can ultimately make big money.

He pointed out that various indicators run backtesting data, and in specific market conditions, the win rate may exceed 55%, but in non-specific conditions, it is far below 55%, even lower. For example, Bitcoin is currently in a volatile market, and the Bollinger Bands might still be useful, but they are completely useless in a trending market. Therefore, do not be too superstitious about indicators.

What really allows capital to accumulate is logic, strategy, and execution.

In the early stages of small capital, many people struggle with whether to take a risk or to play it safe. Aoying believes that there is no need to be too conflicted about this. What’s more important is to develop a trading habit and style that suits oneself. If this habit is correct, it can be sustained in the long run; it becomes your own trading logic. He suggests that the actual leverage should ideally not exceed five times. The lower the leverage, the more one can earn. With lower leverage, one is more willing to take risks and be stable. When losing, one dares to cut losses, and when earning, one dares to hold, thereby forming a positive cycle. Gradually, as leverage decreases, profits increase.

He believes that what really gets the funds moving is logic, strategy, and execution, not how high the leverage is. Leverage is decreasing, but capital is compounding. In the end, what truly makes the difference is awareness, not the leverage multiplier.

Aoying: Never be bearish on Bitcoin, this is a long-term advantageous asset.

The eagle in the market is always bullish on Bitcoin. Under certain structures, short positions may be taken, but since MicroStrategy continuously bought Bitcoin, many institutions in the U.S. are experiencing net inflows of Bitcoin purchases daily, which has determined that Bitcoin will not see those super crashes again. He pointed out that in past bull-bear transitions, whether in long cycle bull-bears or phase corrections, the amplitude was generally above 25%. This round of market has already dropped from $110,000 to over $70,000, just reaching the lowest retracement line of the past “bull-bear transition.”

He personally believes that Bitcoin still has the potential to continue rising in the future, but it won’t be a one-sided market with a rapid surge. He thinks that if Bitcoin doesn’t experience a deeper correction, it may rise slowly in a fluctuating manner. In the short term, it is definitely not something to hold on to.

If you want to make a long-term investment, you have to constantly motivate yourself, reminding yourself: governments around the world are buying, institutions are buying. Even if there is a decline, you have to grit your teeth and increase your position, willing to continue buying. Aoying believes that Bitcoin will be a long-term advantageous asset, and as long as Trump is in office, it is unlikely for Bitcoin to experience a particularly deep bear market.

This is also the case from a policy perspective, after all, it is one of the directions strongly promoted by the Trump administration. Aoying believes this is destined to be a long-term benefit, although he is uncertain whether it will enter a deep bear market afterward, but a pullback of over 25% will still occur, and this presents an opportunity to increase positions.

How can small funds turn around? Aoying suggests not to be obsessed with the trading market.

For retail investors with small capital who want to turn things around, Aoying believes that if you have the ability to understand projects and comprehend cryptocurrency logic, he suggests that you should not gamble on market fluctuations in the secondary market, but rather directly participate in project development. In other words, don’t always think about making money from coin price fluctuations. The combination of a novice and small capital can first test their trading abilities; however, to truly increase position size, one must wait until their capital increases, and their understanding matures, gaining a better grasp of Bitcoin, Ethereum, and such, as well as having a concept of market cycles before considering scaling up operations.

Do not trade on debt; this is really very important.

If you have a small amount of capital, it is recommended to participate more in the primary market and in the construction of the projects themselves, especially those native blockchain projects.

By accumulating a certain amount of principal and understanding through these methods, consider doing “swing trading” in the futures market.

When you gain awareness, you will naturally reduce leverage and stop engaging in those aggressive operations of 10 times or 20 times. You will also understand how to control nominal value and manage risk. This way, even if you incur losses, they won’t be significant, and the money you earn will also be within your understanding.

Making money through contract trading has nothing to do with what courses you learn.

Aoyu indicates that the money earned in the futures market is often not closely related to what courses you learn or what path you take. Many traders he knows are self-made. These individuals may not have a strong cognitive system or a strong ability to learn, but they definitely possess some standout qualities, such as persistence, boldness, and a good sense of the market. They may not have learned much, but they have their own trading strategies, such as being particularly good at seizing a market trend, while during other times, they know how to control themselves and stick to that specific trend.

So, many people lose money, not necessarily because their learning path is wrong. In the highly volatile and leveraged market of futures, everyone has to pay tuition. But the key is whether you have grown after experiencing these losses. If you can learn lessons after losing, then it’s actually not a loss. But if after losing, you are left with the feeling of “Forget it, I don’t fit in this market anymore,” then I suggest you can choose to leave the market and perhaps never come back.

This market doesn’t necessarily have to rely on trading to make money; one can also engage in activities like yield farming, arbitrage, and other low-risk, positive expectation ventures. Some friends he knows are more talented in trading than he is, but they are unable to maintain their wealth. It’s not that their skills are lacking; rather, it’s a problem with capital management. He believes that the most terrifying aspect of trading is that it magnifies all your strengths and weaknesses. If your weaknesses are fatal, such as being overly aggressive or unable to control your hands, then these flaws can directly ruin you, as human weaknesses are amplified to a deadly degree by the market.

What kind of personality is more likely to make a lot of money?

Aoying believes that in terms of overall quality, one must have both risk control ability and the ability to perceive market conditions. Especially when the most suitable market conditions arise, you must dare to place a bet. Many skilled discretionary traders are like a wave: during a market cycle, they dare to go in and out, making profits of ten million, twenty million, or even thirty million.

Taking himself as an example, he is also worried about not being able to catch the next round and fears that he will continue to lose money. However, excellent traders share a common trait: “fast is fast.” In the most opportune market conditions, one must be decisive and not hesitate. It is not about being decisive by using 20x or 50x leverage, but rather respecting and trusting one’s own judgment, and then daring to execute. In this market cycle, he captured the most critical waves in just ten days, with Ethereum rising for four consecutive days, and in total, the position multiplied two to thirty times over the ten-day period.

This is what he said: “Fast is fast, slow is slow.” When the market comes and you hesitate, it’s really gone. You have to dare to put out the funds you can afford to lose, and dare to try and gamble. If you succeed, you are the one sitting here sharing. If you don’t succeed, then continue to sit in the audience and listen. He believes that the most suitable personality for trading is: daring to judge, daring to act, and aligning knowledge with action. This is the most core quality.

This article discusses the trading experiences of legendary cryptocurrency trader Eagle Capital, from three thousand to forty million. It first appeared on Chain News ABMedia.