March 12th, which made many cryptocurrency traders apprehensive, has arrived. What disappointed everyone is that the "312" market did not appear, but have you ever thought that the real "312" is happening right now?

If you experienced the crash on March 12, 2020, and still believe that the reason for your significant losses was the crash, then you have not grown at all in these four years. At this moment, you are experiencing another "312" without realizing it.

"312" can happen every day, in every market. In 2020, just after "312," the "crude oil treasure" incident occurred. A trader uploaded a video saying, "Negative oil prices destroyed my fifteen-year career and life ideals, I was expelled from the financial market."

In the video, he was despondent and worthy of sympathy. However, after watching the entire video, I feel that he did not find the reason or gain wisdom from it, as if it were destined.

Four years ago, losing faith, now obsessed with calligraphy

Why did we incur losses on that night? Was it because we misjudged the direction?

Starting from the Chinese New Year that year, I went long with 800,000 and kept adding short positions until 7 p.m. on the night of "312," with a profit of 5 million in my account. Referring to the six years of trading experience accumulated in the past, I believed that regardless of the large-scale decline or the small-scale reversal signal, it was the bottom. I entered with 3x leverage, which already showed my respect for the market. "After tonight, it's hard not to be rich!" But my orders only lasted for less than an hour.

Why did we go against the trend? Was it because of contrarian thinking against the trend?

To some extent, yes, but this is not a simple matter that can be found by just saying "contrarian thinking against the trend." In the years before "312," I made a large portion of my profits from bottom fishing and top guessing in futures contracts. After "312," I reflected on the problem, attributed the reason to bottom fishing and top guessing, and then adopted the right-side "chasing the rise and killing the fall." The result was that it was difficult to double the profits. Breaking through chasing the rise, breaking through the stop loss, it would take less than a week to lose all the principal. So simply talking about trends and stop losses is useless.

Did we get liquidated because the leverage was too high?

This is still a useless general principle. How high is considered high, and how low is considered low? Even if you do it right with 10x leverage, it's not considered high, and even if you do it wrong with 0.1x leverage, it's not considered low. Looking back, on the night of "312," traders using leverage of less than 1x should have been able to escape, but the fundamental reason is that someone "died" for them. Whether it fell by 10%, 50%, or 80%, the specific percentage is not the point. The point is to wash out a large number of long positions. So if everyone had positions of less than 1x, then even a 99.9% drop would not be impossible.

Some people died for others. Those who "died" lost wealth, emotions, time, faith… and the living enjoyed the next two years of life for the sacrifices. Just like on the night of December 24, 2017, when I attended mass at the Church of Jesus the King, the price of Bitcoin plummeted. I bottomed out and added to my position in front of God, and instantly, the account of over 3 million became 900,000, 600,000… I did not hesitate, 600,000, 900,000, 1 million, 2 million, 3 million, 5 million…

I know that someone died for me, so I enjoyed the next few years of life for them. Just as the end of the yang fish in the Tai Chi diagram hides the seed of the yin fish, the seeds of danger come from the fruits of good deeds, and danger is always quietly hidden and growing at the peak. And the end of the yin fish also hides the seed of the yang fish. For the traders who suffered heavy losses on the night of "312" and can still persist until today, they must have gained wisdom: we are experiencing "312" at this moment.

The essence of "312" is not the crash, but a one-sided extreme market. It can be a one-sided decline or a one-sided rise. The essence of the countless traders being liquidated in "312" is not that they guessed the bottom wrong, not that the leverage was high, not that there was no stop loss, but that they did not realize that they were gambling, did not accept and allow themselves to gamble, and did not design alternative plans for gambling gone wrong. The "312" in 2020 set a historic low, will the "312" four years later set a historic high? If it is an upward "312," wouldn't that be interesting? They will be like two distant lighthouses echoing each other, illuminating wisdom for traders.

Don't think too much, it's not what you think. "312" is not a date, but a period of market movement, a kind of alert. It can happen today, or it can happen tomorrow. The important thing is, if you have not gained the wisdom of "312," then any day can become "312," and even every day of yours could become "312." If you choose to gamble on the drop without any protection measures just because the current price is unbelievably high, then your "312" is happening.

On the other hand, is blindly going long the right thing to do? There is no right or wrong direction, no distinction between high and low leverage, and profits and losses come from the same source. Once you are obsessed, you are wrong. "312" is a gamble, and there are winners and losers. There is no need to talk about blockchain cognition or blockchain logic. The failure lies in the understanding of the world and trading. Of course, we understand ETFs, and we understand the mission of blockchain. The question is, after the baptism of "312," can you accept that we are all gambling?

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