Do you really understand? Binance's top trader shares the investment philosophy behind the $8.5 million profit.

With a real profit of $8.5 million on the Binance contract list, a top Binance trader with the ID “If I don’t understand” shared his investment experience. (Synopsis: I tried 2 ways to invest in Bitcoin: one set of success, one set of fiasco, a valuable lesson for me) (Background supplement: the gambler’s mentality will eventually lose, mathematical analysis teaches you the rules of survival of investment) He relied on a mobile phone to roll up $8.5 million in real profits on the Binance contract list, and a single ETH contract made a net profit of $5 million. His ID is “If I Don’t Understand” (hereinafter referred to as “I don’t understand”), and the reason for this name is that when he registers an account, he remembers CZ’s phrase “If you cannot hold, you will not be rich”. He said: If I don’t understand this, who is qualified to make money? He wanted to use this name to remind himself that he needed to have a comprehensive understanding before making a conclusion. First interviewed On June 24, the rarely seen top trader appeared in the Binance Chinese live broadcast room and chatted with SiSi about this “off-list” growth experience. Not a traffic player, no team packaging. Many people feel that those who can sit on the top of the list are either talented or have stepped on great luck. But after listening to his sharing, everyone found that “don’t understand” is more like the kind of talented growth player: ponder when encountering problems, immediately turn over when stepping on the pit, and always have more sensitivity and introspection than others. This is the first impression left by the teacher who “does not understand”. From ordinary Internet workers, to contract leeks practicing all the way, and now to the first list of low-key hegemony, there is no myth on this road, only trial and error and repeated corrections. At the same time, the factor that cannot be ignored is that I don’t understand that the teacher has never given up his main business, so that he has the capital accumulated in the later stage. If you only look at the result, you will think that it is a gifted victory; But if you have seen the nights behind his account that have been repeatedly zeroed out and pushed back, you will understand that the so-called “king of contracts” is actually an ability to slowly survive through time. How did he go from not understanding anything to becoming the king of Binance contracts step by step? First, the fog is at the beginning: ordinary people, currency circles, and Binance “don’t understand” admission is no different from most people. He was an Internet practitioner and came into contact with the cryptocurrency circle in the early days, out of curiosity. The initial principal is not much, I have bought mainstream coins, played on-chain projects, made quick money, and lost principal. The reason for choosing to make a contract in Binance is simple: the best liquidity, how many orders can be traded, the depth is sufficient, and there is no worry about slippage. For ordinary people who do contracts, the depth of the platform and the matching experience almost determine whether they can eat the big market in the end. In the first few years, he was more on the edge of the market, neither on the head nor fantasizing about getting rich, and liked to study the market in his own way. When others discuss hot projects, he usually spends time pondering the logic behind them, rather than rushing to follow suit. Most of the transactions are groped by yourself, you have earned and lost, and no one can help you get to the bottom. In the early days, there were many drawdowns of funds, and sometimes a mistake in judgment could eat up the gains of the previous months. This process of trial and error is not dramatic, but it is a stage that most traders who survive must go through. Second, trial and error on the chain, cultivate a sense of disk Most people’s enlightenment in the currency circle is to test the water from small money. “Don’t understand” is no different. When he first joined the circle, he was still working in an Internet company, and his daily salary was his main source of income. The money saved every month is reluctant to spend it indiscriminately, so it is used to buy mainstream coins or participate in on-chain projects. For him at that time, the contract was just a distant high-risk area, and the real principal was basically pressed on the chain. “In the early days, it was mainly on-chain projects, airdrops, GameFi, inscriptions, and what was lively to make up. The mainstream currency is a little more stable, playing GameFi and the new chain is more exciting, occasionally earning more, occasionally losing a little, but as long as the main business is not lost, the mentality is still there. In those years, in fact, the principal slowly rolled up, relying on the chain from 30,000 to millions, and the rhythm has always been relatively restrained.” For him, contracts are a different set of rules from another world. At first, he only dared to take small money to try orders, and every contract was learning how to lose money. “At the beginning, I used a very small position, and I felt that I would lose if I lost, but I had to experience what it was called to blow up.” This is also a point he repeatedly emphasized in the early days: the cryptocurrency contract market is a place where the knife licks blood, and it is difficult to understand how big the risk is without relying on practice. “On the chain, relying on diligence and research, most projects can’t lose a lot of money, but contracts are not the same thing at all.” He recalled that the psychology of each contract in his early days was actually very simple: there was not much money, it exploded when it exploded, and he earned it as a good meal for himself. It is precisely because of this ease that he makes fewer big mistakes than many novices, the main business maintenance chain, on-chain maintenance contracts, positions and mentality always leave room for long-term trial and error. Third, ETH reverse operation, a war to seal the god In this contract competition, one of the most talked about operations of “not understanding” is that he chose to go long 40,000 ETH contracts in the mood of singing down ETH in the market. He shared in detail in the live broadcast the overall income composition of this round of contracts: ETH’s paper take profit is $7.5M, excluding the previous drawdown and position adjustment, the final net profit is about 5M, and the settlement income is 7M. At the same time, in the first half of May, he contributed 1M to an extreme short-term short sale of ETH, and the remaining 2M came from other trading strategies, totaling a total return of $8.4M during the contract period. This ETH long order is critical because it occurs at a time of extreme emotions. The whole network is almost one-sided bearish on ETH, and the mainstream view of the market is that the trend is weak and may even hit new lows. And “don’t understand” but publicly opened a position and continued to post in Binance Square to express reasons for bullishness. His decision-making logic is based on the resonance of signals in multiple dimensions: ETF funds continue to flow in: He noticed that ETH’s ETF products at that time had seen net inflows for more than ten consecutive days, and the inflow intensity even exceeded BTC in many time periods. The expected tipping point of the event is approaching: Grayscale’s staking ETF has entered a critical window, and the SEC may release results at any time after June 2, and there are conditions for the “pin” market. Technical resonance: ETH daily level has seen a huge rise, and the rebound momentum supported by the ETF narrative is clear; The ETH/BTC ratio line reverses for the first time from a long-term downtrend. Judgment of sentiment and sense of market: He pointed out that in terms of short-term market sentiment, ETH is significantly stronger than other currencies, and it is often observed that funds are eager to try, which is also verified by the momentum judgment model. Structural advantages and location selection: From the technical structure, ETH’s monthly line is still weaker than BNB and SOL, and the daily line has not effectively fallen below the low. Had it not been for the unexpected drop of BTC below 102,000 during the period when the main force took the opportunity to insert the pin to 2,380, the rally of ETH would most likely have occurred earlier. The logical main line is clear: “I don’t understand” emphasizes that the core of this round of ETH rally is not strong fundamentals, but passive funds brought about by BTC’s new high. On-chain fundamentals such as GWEI are still sluggish, and ETH itself lacks active buying, but due to the institutional allocation driven by ETFs, a logical closed loop is established. Market Philosophy Judgment: He…