“I once turned 3 million from a 300,000 principal in a month, and I also lost over 10 million overnight during a bull market. From heaven to hell, and back again—this is my true story.”
Ke Nan, a former professional in magic, balloon performances, engineering, and community marketing, entered the cryptocurrency market in 2021. After experiencing both significant profits and severe losses, he shares the raw truths of the crypto world through his personal journey.
Recently, the world-leading cryptocurrency exchange BingX held an official community AMA event, inviting Ke Nan to speak from his own experiences. He delved into the psychological shifts between making huge profits and suffering massive losses, the myths of leverage trading, lessons learned from NFT investments, and how newcomers can develop their own trading systems. Through the perspective of someone who has been there, Ke Nan discussed how to regain discipline and confidence amidst market fluctuations, attracting many crypto investors to participate eagerly. Below are the key highlights from this event:
Investment Beginnings: Transitioning from Pandemic to Making 3 Million in a Short Time
In 2021, after the pandemic impacted his main business, Ke Nan decided to venture into the investment market, entering with a principal of 300,000 and following a friend’s lead in contract trading. “I had no understanding of 10x or 20x leverage, but I was making money every day.” By the end of the bull market, his funds grew to over 3 million TWD in just one month, easily surpassing his income from his main job.
Entering the Crypto World: Turning 300,000 into 3 Million as a Bull Market Kickoff
Recalling his entry into the crypto market in 2021 due to the pandemic’s impact on his job, Ke Nan said, “At that time, I opened contracts with a principal of 300,000 and in just a month, it turned into 3 million.” He admitted that he didn’t even understand the principles of leverage; he merely relied on luck and the booming market to make huge profits. Ultimately, he encountered the events of May 19, during which he was holding a long position in Ethereum and continuously adding margin, leading to a total loss of 10 million when he was liquidated.
The Fatal Attraction of the Bull Market and NFTs: A Lesson of 6 Million Turning to Zero
“At one point, I made as much as 50 million.” Ke Nan pointed out that he used his remaining 500,000 TWD to buy a Bored Ape NFT, later recovering losses through a massive airdrop and leveraging Ape coins three times, alongside the appreciation of BAYC NFTs. However, an overconfident pursuit of APE following Elon Musk’s switch to a BAYC profile picture led to a dramatic crash for $APE. He went from a profit of 6 million, losing 3 million, and ended up with only 3 million in earnings. In his eagerness to recover losses, he fell into a cycle of asset destruction, losing more and more, even using BAYC NFTs to borrow 40 Ethereum, which he ultimately lost. From that moment on, his fate descended into despair.
Mental Breakdown and Resurgence: From Liquidation to Restarting
Reflecting on his lowest point, Ke Nan candidly admitted he fell into depression and debt. “I even used my credit card to fund my trades, paying off debts every month; I truly experienced what despair feels like.” Eventually, he developed an AI tool that he sold to Web2 clients, and thanks to his good character, friends lent him money, allowing him to gradually pay off his debts, regain confidence, and adjust his pace for a fresh start. “I took out a loan of 4 million for buying cryptocurrencies in the spot market, reduced my contract trading proportion, and stopped putting all my funds into contracts. I also began sharing my personal failures in videos, knowing that once I speak it out loud, I cannot make the same mistakes again.”
Ke Nan’s Risk Management Philosophy: Position Management is More Important than Making Money
“Now, I only trade BTC and ETH, as they are easier to analyze, and I set strict stop-loss limits.” He noted that cryptocurrencies with smaller market caps and poor liquidity are prone to manipulation and sudden spikes, so one should avoid using leverage beyond 5x. “High leverage isn’t off-limits, but it should be used on trades where the stop-loss point is close, and the risk-reward ratio is reasonable.”
Small Capital Recovery Tactics: Discipline with High Leverage
In response to questions from small capital investors on how to start with a small principal, Ke Nan confessed, “You must use leverage and only trade on major markets, combined with technical analysis and risk management. Open positions at relatively high and low points, with minimal stop-losses and a high risk-reward ratio; it’s not about trading blindly.” He emphasized that “for those with small funds looking to recover, amplifying risk is necessary, but it shouldn’t be reckless.” He encouraged newcomers to first gain real market experience with small amounts that won’t impact their lives and are within their tolerable loss limits.
Building a Trading System for Beginners: From Self-Awareness to Practical Training
“Trading styles should start with understanding oneself; are you conservative or aggressive? This is how you find the right strategy.” He advised beginners to diversify their positions, strictly control their position sizes, and ensure that contract holdings do not exceed 10% of total assets, balancing spot and contract trades to avoid psychological pressure from extreme volatility. If opening a position makes you fearful of losses, it indicates that your position size is too large or your mental state is poor, so he recommends taking a break or reducing trading capital.
Constructing a Personalized Trading System: Starting with Self-Understanding
He stressed, “There’s no right or wrong in trading styles; the key is what fits you.” He suggested that beginners start trading with small amounts, ensuring that contract positions do not exceed 10% of their assets. If you feel scared to open a position, it means the position size is too large, and your mindset is unstable; you should immediately reduce your position or pause trading.
Q: If you could go back in time, what would you say to your past self?
“I think I would tell my past self: ‘Please, take some time to understand leverage and risk management!’ If I had realized these risks earlier, I might not have lost so much money. I also want to remind everyone that if you are not familiar with this market, don’t invest too much capital at the beginning. Start with small amounts to feel the market fluctuations and understand how brutally high leverage can lead to liquidation—it happens in an instant, and you lose before you can react.
Also, don’t follow others blindly. Everyone’s financial situation and trading style are different, and what works for someone else may not suit you. Trust your judgment, do your homework, and don’t act impulsively, especially not to borrow money for a gamble. Remember, this market rewards those who are prepared.
Ke Nan’s 5 Suggestions for New Crypto Investors:
- Do not think of yourself as “the chosen one.” Making mistakes, losing money, and misjudging directions are not shameful. The market does not target anyone. The key is to learn from your mistakes, improve your technical analysis, and understand that technical analysis is just an aid to judgment, not a guarantee that the market will follow a script.
- Do not lose yourself in the crypto world; remember your original intention. Investing is to improve your life, not to lose it. Be clear about why you entered the market to stay grounded between bull and bear markets.
- Never chase losses or engage in revenge trading. Past losses are a reality; don’t think you can make it all back on the next trade. Such a mindset will only lead to distorted trading behavior and increased losses.
- Do not be too greedy or too reluctant. Once you set a profit target, stick to it. Don’t remove your safety net just to gain a little more, ending up turning profits into losses. Consistent winning is more important than fleeting windfalls.
- The market always has opportunities; remember to withdraw your profits and also take breaks. When your state and mindset are poor, pause your trading. Get some sleep and rest; the market won’t run away. But if you never withdraw profits, then all the numbers in your account are just illusions.
Selected Q&A from the Audience
Q: What is your current goal?
“To manage my community well; I hope Dogecoin breaks 0.48, and then I’ll be free.”
Q: After losing so much, have you considered quitting the crypto world?
“I have definitely had such thoughts, but you get back up from where you fell and correct past mistakes. Listening to others is not as effective as experiencing it yourself. Going through bull and bear transitions helps you understand what trading style suits you.”
Q: How can small capital grow?
“You should use leverage if needed, but understand technical analysis and stop-losses. Each stop-loss amount should not exceed 30-50% so that you can endure longer.”
Q: Is the crypto market suitable for long-term investment?
“In terms of spot trading, only Bitcoin is suitable for long-term holding. The risks for others are too high.”
Q: How did you overcome your lowest point?
“Whenever I was in a low point, I would go into a children’s intensive care unit and volunteer. Seeing those children fighting to live made me realize that I have no right to give up. As long as I am alive, there is still hope.”
About Ke Nan
X: https://x.com/BalloonConan
IG: https://www.instagram.com/balloon_conan/
About BingX
BingX, established in 2018, is a leading global cryptocurrency exchange providing a diversified range of products and services, including spot trading, derivatives, copy trading, and asset management to over 20 million users worldwide. To meet market demands, BingX regularly offers price analyses for mainstream cryptocurrencies like Bitcoin and Ethereum, catering to the varying needs of both novices and professionals. BingX is committed to providing a reliable platform, empowering users with innovative tools and features to enhance their trading capabilities. In 2024, BingX proudly became a major partner of Chelsea Football Club, marking its exciting debut in the sports world.
Risk Warning
Investing in cryptocurrencies carries high risks, and their prices can be extremely volatile. You may lose your entire principal. Please assess risks carefully.