On June 21, legendary trader Aoying (@thankUcrypto) guest-starred in the OKX Chinese live broadcast room, engaging in an in-depth conversation with Mia (@mia_okx).

He was once an internet product manager but plunged into the ever-changing world of Web3;

He was once a heavily indebted Degen, repeatedly facing liquidation under the "200,000 curse";

Now, he can achieve millions in profits multiple times through single coins, with annual earnings exceeding 40 million.

He has topped the exchange's trading leaderboard three times, creating a myth of success with real trading: 20,000% return, single coin profit of 1.4 million U, and followers earning 1.8 million U.

This is not just a simple story of a rags-to-riches turnaround; it is a real evolution story of a trader filled with hardships, deep reflections, and continuous growth—how exactly did Aoying become who he is today?

I. The Crossroads of Confusion: From Web2 "Screwing Bolts" to Web3 "Becoming a Legend in One Battle"

Every legendary beginning is often accompanied by unknown confusion and struggle. Aoying's story is no exception; his journey in Web3 began with a dissatisfaction with the status quo and a desire for a side hustle. "I used to work in internet products," Aoying recalled. In 2020, due to work requirements, he first encountered the emerging field of Web3 and officially started his futures trading career in 2021. At that time, he was not the reckless gambler everyone imagined but approached it with caution and a spirit of experimentation.

"At the beginning, the capital was very small; I earned over ten thousand a month and could only take out three to five thousand RMB for trading." Aoying resembled countless young people entering the crypto space—harboring dreams of wealth accumulation, cautiously testing the waters with part of their salary. However, reality soon dealt him a heavy blow: "The result at that time was mixed; in the end, I lost more than I gained."

The deeper reason was that at the age of twenty-four or twenty-five, Aoying felt a dual bottleneck in his career and life. "Economic pressure, like the responsibilities a man should bear—'buying a house, buying a car, providing a better life for my girlfriend,'" these practical considerations made him urgently need a side job to seek breakthroughs. Web3 trading became the "lifeline" in his eyes. He admitted that he had not fully decided to invest himself wholeheartedly; it was more about turning and exploring, hoping to find new possibilities.

The turning point came unexpectedly. Despite overall losses during continuous trading and investment, Aoying did not give up. He began to try the copy trading feature on the OKX platform, operating under a handle called "all in crypto." "I achieved three times the return in six months using the 'all in crypto' handle on OKX, with very low drawdown, and thus gained my first batch of followers." This successful copy trading experience solidified his determination. "From that moment on, I quit my job and started trading independently, leading to where I am now."

II. Wild Path "Alchemy": "Stealing Skills" from Real Traders to Avoid Many Detours

"Everyone's path to learning Web3 is different. I took a more 'wild' approach," Aoying candidly stated. While most people were buried in studying various technical indicators and candlestick theories, he focused on those real traders who existed in trading software and could consistently profit.

His learning method was simple yet extremely effective: "I watched the real traders' trades in various trading software, got to know them, tried every means to join their fan groups, and then asked them about their trading logic." He emphasized that the objects of learning must be those "real traders with significant profits who are willing to share." This almost "apprentice-style" approach allowed him to directly access the most vivid trading cases and the most authentic trading thoughts.

Aoying admitted that what he learned from these predecessors was not a rigid, systematic methodology but rather valuable practical experience and pitfall avoidance guides. "What I learned from them was not a systematic methodology but something that could help you avoid many detours and lose less money." This transfer of experience often strikes at the essence of trading more than theoretical knowledge from books.

Losing money is the best teacher, and through repeated liquidations, he explored his "trading sense." "Following the charts, continuously watching real traders' shares and real operations, asking them how each trade was done, why it made money, and why it lost." This was the core of Aoying's early learning. However, merely learning without practice is futile; true growth comes from personal experience, especially those painful loss experiences. Thus, through gradual exploration and combining his continuous real trading and losses, Aoying slowly gained experience from his losses.

III. Rebirth from the Ashes: Breaking the "200,000 Curse," an Epic Turnaround from a Debt-ridden Degen

Starting with a few thousand and growing to tens of thousands or even hundreds of thousands is already a challenge for many traders. But Aoying was once trapped in the so-called "capital threshold" or "psychological threshold"—he repeatedly brought his capital to around 200,000, only to lose it all, which he referred to as the "200,000 curse." Breaking this curse came with an epic market capture and a heart-wrenching "wake-up call" from losses.

The real turning point occurred in 2024. Aoying admitted that the wave he could capitalize on, "to be honest, was just luck." But luck always favors the prepared. "Between March and June 2024, there were actually two waves of market movements, one was the AI market, and the other was the meme coin market, and I happened to catch both." Moreover, before these major market movements started, he also accurately timed the "second spring" of inscriptions. "Basically, I profited from all three waves, which allowed me to break through my capital limits."

The successful capture of these three consecutive market movements was like a stroke of genius, leading to exponential growth in his capital. More importantly, this massive success not only allowed him to pay off all his debts but also accumulate considerable profits. From that moment on, he felt he could "keep going" and escape the shadow of previous repeated losses.

When losses are deeply painful, trading truly begins. Regarding the "200,000 curse" and repeated liquidations, Aoying has profound reflections. He believes that the so-called capital threshold is often not due to inadequate trading skills but rather psychological issues. "It's more of a psychological aspect—not that your indicators are not learned well, you don't watch the market diligently, or you can't pick coins, but rather that your character and mindset are not in place."

During his debt phase, his trading had already transformed, and his mindset became increasingly "underwater." He described himself at that time as "not losing enough pain." Despite having lost a lot of money and many trades, even some trades worth hundreds of thousands that he lost entirely, it was still not enough to make him change completely. "Until I lost to the point where I truly couldn't afford to lose anymore, where losing would mean losing everything, that was when I truly felt the 'pain of loss,' which resolved all my issues." This experience of "waking up from losses" was like a wake-up call, fundamentally changing his attitude toward trading. He began to "treat every trade very cautiously, executing each order honestly."

IV. Aoying's Secret: Basically Abandoning Various Indicators, Relying on "Event-Driven" Strategies to Achieve Millions in Profits

In his early days, Aoying learned every trading method pursued by others, such as the double moving average system, EMA for moving averages, naked K, Fibonacci, wave theory, Dow theory, and various turtle rules, but now he hardly uses anything except occasionally checking naked K, moving averages, and trading volume. "Indicators can only help you get a slightly better entry point, but they don't determine whether you can make big money in the end. So now I basically abandon all indicators; they might still be on the charts, but I don't use them for real technical analysis."

"Don't be too superstitious about indicators. I've stepped into various pitfalls myself; I once thought I found a high win-rate strategy or a 'trading holy grail,' but in the end, I realized these things are false; only my own understanding is real." Aoying cited an example: the Bollinger Bands might be useful for Bitcoin in a volatile market, but they completely fail in a trending market, so one should not be superstitious about indicators.

When Aoying trades small coins, low market cap altcoins, or some less mainstream coins, what he values most is—whether there are event-driven catalysts. Because his recent large profits were primarily made through "event-driven" strategies. For instance, he shorted DOGE based on the macro event of "Trump and Musk's feud," earning 1 million U, and later bottom-fished ETH, making 1.3 million U, etc. Another example is during the wave when ETH rose 80% over four days; Aoying went long on "Hippo," growing from over 1 million to over 5 million, with no losing trades among nine orders, netting over 4 million. Aoying's operations do not rely on indicators but are based on market "missed emotions" and the "listing rules" of major exchanges. However, it is worth noting that when trading mainstream coins like Bitcoin and Ethereum, Aoying will operate in line with market trends.

"My trading does not have a system; it is completely adaptable. I can trade any market and have any type of stop-loss method." Aoying's flexibility in trading is very high, and he uses leverage very cautiously, with actual leverage far below nominal leverage. The 10x leverage shown on his trades is just surface data; the actual leverage is about 5x, and he builds positions gradually, resulting in an effective leverage of about 4.5x. Moreover, as his capital increased, Aoying's leverage actually decreased because lower leverage made him "more daring and stable," creating a positive cycle with increasing profits.

Aoying's long-time fans should know that his first key trade was in March 2024, where he went long on BCH with 5x leverage, growing from 3,000 U to 10,000 U. At that time, Aoying was the first to notice BSV's unusual movements and predicted that BCH might catch up, ultimately achieving a 2.7x return, with his account value increasing by over 40%. After that, he launched successive attacks in the AI and MEME markets, from Watercoin to PEPE to CRV, with stable win rates and clear logic, rolling his account from 20,000 U to 10 million. However, in this process, except for that BCH trade, Aoying mostly used 3x, 2x, 1x, and even down to 0.8 and 0.5x for opening trades, ultimately completing an extreme turnaround to a net worth of millions.

"What truly makes capital roll is logic, strategy, and execution, not leverage multiples; the real difference comes from understanding, not leverage multiples," Aoying shared.

V. The Responsibility of "Leading the Charge": Not Cutting Off Fan Liquidity, No Longer Actively Disclosing Positions

"I don't cut off everyone's liquidity because I open positions based on logic," Aoying stated. He emphasized that all the coins he calls out are open and transparent, with no hidden agendas. Even if he is a "mouse," he is an open one. He never secretly enters the market and then calls out trades, and most of his followers can often act ahead of him. Many times, as long as followers see his calls immediately, their returns might even be higher than his, which is why he has gained a large following.

However, Aoying's mindset has changed now. "I found that some projects started to treat me as 'liquidity for offloading.' The entire market's liquidity is too dry now; any good event, once I publicly participate, many people might get stuck at high positions. So now I am more cautious and don't want to be a 'leader' anymore. I prefer to make money quietly, doing my own logic; if you are willing to believe, you can follow; if not, that's fine. I will no longer actively disclose my positions because being public now is actually a harm to my followers."

The "logic" mentioned above is the "secret" that Aoying talks about the most, a mindset that has accompanied his entire trading career. "Apart from continuously accepting new information, new events, and new policies, my trading method has hardly changed—I still make money using my own trading logic." However, in stark contrast to Aoying, many who work hard to learn are still losing money. Aoying believes that those who have not made money do not necessarily have a "wrong learning path"; the key is whether they have grown after suffering losses. If after losing, one is left with only a "forget it" attitude, Aoying suggests that such individuals might consider exiting the market and perhaps never returning.

The ability to easily make big money is determined by an individual's overall quality. One must have risk control capabilities and the ability to sense market conditions. Especially when the most suitable market conditions arise, one must be able to "dare to act." Many skilled traders Aoying knows are often one-hit wonders: they dare to go long and short in a market cycle, ultimately earning ten million, twenty million, or even thirty million. But it may only happen once, and they may never catch the next market cycle again. Therefore, during the most opportune moments, one must be decisive, not hesitate, respect their judgment, trust their judgment, and then dare to execute. When the market comes, if you hesitate, it will truly be gone. The most suitable personality for trading is—dare to judge, dare to act, and align knowledge with action.

“If you succeed, you are the one sitting here sharing; if you don’t, then you continue to sit in the audience and listen.”

VI. Aoying's Proverb: There Will Still Be a 25% Level Correction in the Future Market, and I Will Go Long Then

When discussing his views on the future market and Bitcoin prices, Aoying firmly stated, "I will never be bearish on Bitcoin." He believes that an extreme "deep bear" market is unlikely to occur currently, but he thinks there will still be a 25% level correction in the future market, and when the correction is in place, he will choose to go long.

For those novice users who want to "turn things around," Aoying advises against trading with debt, not to gamble on volatility in the secondary market, but to directly participate in project development. After accumulating a certain amount of capital and understanding, they can then consider engaging in "swing trading" in the futures market. Additionally, he suggests that novice users can pay attention to real traders like Chuanmu, Equation, Maomao the Great Demon King, Teacher Tony, and Dragon King. Their managed funds generally start at 50 million, with many even exceeding 100 million. These individuals are truly worth learning from, and their content is very in-depth and understandable.

From a heavily indebted Degen to a legendary trader earning tens of millions annually, Aoying's experience is filled with drama and contains profound trading wisdom. His story and insights hold high reference value for everyone exploring the trading market.

Disclaimer:

This article is for reference only. It represents the author's views and does not reflect the position of OKX. This article does not intend to provide (i) investment advice or recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; (iii) financial, accounting, legal, or tax advice. We do not guarantee the accuracy, completeness, or usefulness of such information. Holding digital assets (including stablecoins and NFTs) involves high risks and may fluctuate significantly. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. Please consult your legal/tax/investment professionals regarding your specific circumstances. You are responsible for understanding and complying with applicable local laws and regulations.

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