There is a saying in the cryptocurrency world: it's easiest to lose money in a bull market. So how do you correctly survive and gain profits in a bull market? This article is sourced from a piece by the author Based Money Lich King, compiled, organized, and written by Shen Chao TechFlow. (Background: The importance of cashing out in a bull market: to improve life and continue investing) (Background Supplement: Traps for novice investors: it's difficult to exit a bull market, but preserving profits is key) In the last market cycle, whether in a bear or bull market, I made many mistakes due to a lack of experience. However, these mistakes were valuable lessons for me. I paid an expensive 'tuition fee' for the market, but I also avoided many traps that nearly caused me to lose all my profits. I have summarized these lessons into a set of rules and strictly adhere to them. Today, I want to share these rules with you. The purpose of these rules is not to make you rich; that's up to you. The real significance of these rules is to help you survive in this high-risk market. It’s important to know that even in a bull market, risks still exist, and you could 'get liquidated' due to operational errors. Of course, the following rules are not absolute, but they can help you reduce risks in this uncertain market. Rule 1: Never be among the first participants in highly anticipated blockchain events. If a blockchain event has garnered widespread attention, the first participants are usually punished. For example, early investors in Sushiswap suffered losses, and the Otherside deeds project faced similar issues, with many like cases. Those who bought Sushi too early ultimately paid a painful price. The correct strategy is to patiently wait until market sentiment stabilizes, the panic selling (FUD) or excessive hype gradually calms down, and then reassess whether the risks and returns are worth it. If the entire crypto community (Crypto Twitter, CT) is buzzing about something, early participation is often a failure. Rule 2: Never recklessly use perpetual contracts (Perps). Perpetual contracts are designed for 'giga whales,' not ordinary retail investors. Most people are not GCR, Hsaka, Andrew Kang, or Nexus. You should not trade perpetual contracts. This tool is usually used by whales to supplement positions or make small bets with low leverage. Using leverage of 10x or more is like putting yourself under the control of a demon, and you should never attempt it. Perpetual contracts are the fastest way to wipe out funds, no exception. Rule 3: Always assume others have malicious intent. You are in the 'Wild West' of finance. There are no real friends here; even if someone acts like your friend, they are not an exception. There are countless stories of people being scammed in the market, many of whom were betrayed, attacked, or defrauded by those they trusted. You should assume that these people may be malicious strangers or even potential scammers. Don't trust anyone easily; assume everyone is willing to sell your assets in the market. Rule 4: Do not blindly idolize founders. In this market, founders are among the most suspicious types of people. They often cause losses for investors and token holders. For instance, Do Kwon, Dani Sesta, Andre Cronje, among others, have repeatedly disappointed investors, as have Chef Nomi, the Starknet team, and the founders of Celsius. Don't treat founders as heroes; assume they may deceive you, as they likely will. Rule 5: If the team's behavior is suspicious, you must 'create panic' and 'pretend to care.' This rule supplements Rule 4. If you notice that a founder or team is behaving suspiciously, you should actively 'create panic' (FUD) for your assets and 'pretend to care' (concern troll). By questioning the project's behavior, encourage more people to join the ranks of questioning until the team abandons its dubious actions. Those who blindly support the team may lose everything, while you need to protect your interests. Rule 6: Never lock up your tokens. Locking tokens for months is one of the biggest mistakes I’ve ever made. Remember, you must not do this! Locked tokens may face risks of smart contracts being hacked. Also, when a team knows that investors' tokens are locked, they often engage in some disreputable behavior. For example, the Opening Ceremony incident of TempleDAO is a typical case. Do not lock your tokens to avoid being passive. Rule 7: Stay away from Sisyphus. Sisyphus once conducted a rug pull amounting to 60 million dollars and has evaded justice ever since. If possible, try to avoid him and the projects he participates in as an 'angel investor.' In this circle, Sisyphus is the most notorious seller. His actions can be described as on-chain 'predators' and 'destroyers.' Stay vigilant and take responsibility for your assets. Rule 8: Do not buy assets that have skyrocketed. Do not chase assets that have increased in price parabolically. While it may occasionally succeed, the probability of failure far outweighs that of success. Instead of taking risks, it’s better to patiently wait for the market to adjust. Rule 9: Focus on market capitalization, not unit price. Many people fall into the trap of unit price, especially supporters of XRP who believe XRP can rise to 10,000 dollars, or that Shib will rise to 0.01 dollars. However, these targets are actually unrealistic. We should judge based on whether the market cap is achievable rather than focusing solely on price. However, if others are willing to believe in those unrealistic price targets, you can let them be. Rule 10: Remember to take profits. If you are currently experiencing financial difficulties, selling some assets to resolve those issues is entirely reasonable. This market will always exist, and opportunities will always be there. Many people pursue an ideal target number (such as 50,000, 100,000, 200,000) and end up experiencing profit withdrawal. If these numbers can change your life, then decisively take profits. As Foo said, the goal is to earn an amount equivalent to two years’ salary from the market. This sense of financial security will make you a better trader and also allow you to live more comfortably. In the long run, this adjustment in mindset will greatly benefit you. Rule 11: Do not connect to unfamiliar applications casually. Be cautious when using any new applications, as this may lead to your assets being stolen. It is advisable to first test with a smaller wallet amount and ensure safety before using your main wallet. Rule 12: Do not believe in the concept of 'super cycle.' The so-called 'super cycle' refers to the view that the market will continue to rise. Is this really a super cycle? I can't be sure. But if it isn't, I don't want to make mistakes because I believed in this concept. Rule 13: Do not give up in a bear market. When we enter another bear market, I hope you have followed Rule 10 and taken profits in time. Bear markets are not scary, so don’t give up because of them. In fact, the biggest gains often occur at the end of a bear market. I am a living example of this. In a bear market, you should focus on improving your abilities, honing your trading skills, and preparing for the next bull market.