From Broke Degen to Earning $5.5M Annually: The Legendary Trader "Ao Ying's" Comeback from Liquidation and Profit Secrets
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From Broke Degen to Earning $5.5M Annually: The Legendary Trader "Ao Ying's" Comeback from Liquidation and Profit Secrets
On June 21, legendary trader Ao Ying (@thankUcrypto) joined the OKX Chinese livestream, engaging in an in-depth conversation with Mia Milier (@mia_okx).
Navigating Web3 tides with focused insightsHe was once an internet product manager, yet plunged headfirst into the ever-changing world of Web3;
He was once a heavily indebted degen, repeatedly blown up by the "200k curse";
Yet today he has repeatedly achieved million-dollar profits on single coins, with annual returns exceeding $40 million.
He has topped exchange signal leaderboards three times, creating legendary alpha-leading results in live trading: 20,000% returns, $140,000 profit on a single coin, and followers earning $180,000.
This is not just a simple rags-to-riches story—it's a profound, real-life evolution of a trader filled with hardship, deep reflection, and continuous growth: How exactly was Aoying forged?
I. Lost at the Crossroads: From Web2 “Screw-Turning” to Web3 “One Trade to Legend”
Every legend begins with unseen confusion and struggle. Aoying’s journey is no exception. His path into Web3 started from dissatisfaction with the status quo and a desire for a side income. "I used to work in internet products," recalls Aoying. In 2020, due to work requirements, he first encountered the emerging field of Web3, and officially began his futures (contract) trading career in 2021. At that time, far from being all-in, he approached it cautiously and experimentally.
"My initial capital was very small—earning over ten thousand RMB per month, I could only allocate three to five thousand RMB for trading." Aoying resembled countless young people entering crypto—eager for wealth growth, carefully testing the waters with part of their salary. But reality quickly hit hard: "The result was mixed wins and losses, but overall, I lost more than I gained."
The deeper reason lies in the dual bottleneck Aoying felt in both career and life at age 24 or 25. "Financial pressure—responsibilities like buying a house and car, giving my girlfriend a better life"—these practical concerns made him urgently seek a side hustle. Web3 trading became his perceived "lifeline." He admitted he hadn’t fully decided to commit entirely; rather, it was an exploratory shift, hoping to find new possibilities.
A turning point came unexpectedly. Despite ongoing losses, Aoying didn't give up. He began trying copy-trading features on OKX, operating under the signal account named "all in crypto." "With this 'all in crypto' signal account on OKX, I achieved triple returns within half a year, with very low drawdowns, and gained my first batch of followers." This successful signal performance solidified his decision. "From then on, I quit my job and went independent as a full-time trader, continuing down this path to this day."
II. The Rogue Alchemist: Learning from Live Traders, Avoiding Countless Pitfalls
"Everyone learns Web3 differently. My approach was quite 'rogue,'" Aoying candidly admits. While most people buried themselves in technical indicators and candlestick theories, his focus shifted to real, consistently profitable traders visible on live trading platforms.
His learning method was brutally simple yet highly effective: "I studied real traders’ positions across various live trading apps, reached out to them, tried every way to join their fan groups, and asked about the logic behind each trade." He emphasized targeting only those traders who had "large live profits and were willing to share." This near-apprenticeship-style mentorship gave him direct access to the freshest trading cases and genuine trading mindsets.
Aoying acknowledges he didn’t learn a rigid systematic methodology from these mentors, but instead acquired invaluable practical experience and anti-loss guidance. "What I learned wasn’t a formal framework, but insights that helped me avoid many pitfalls and save a lot of money." Such experiential knowledge often cuts closer to the essence of trading than textbook theory.
Losses are the best teacher—developing market intuition through repeated blowups. "Following real traders’ shared insights and live trades, asking them why they won or lost on each trade"—this was the core of Aoying’s early learning. Yet practice makes perfect—the real growth came from personal experience, especially painful losing streaks. Slowly, through trial and error combined with relentless live trading and repeated losses, Aoying gradually "earned" his experience the hard way.
III. Rebirth from the Ashes: Breaking the “200k Curse,” A Degen’s Epic Comeback
Growing from thousands to tens or even hundreds of thousands in capital is already impressive for many traders. But Aoying was once trapped in what he calls the "capital threshold" or "psychological barrier"—repeatedly growing his funds to around 200k RMB only to lose it all again. This recurring pattern became known as the "200k curse." Breaking free required catching a historic market move and experiencing a soul-shaking "loss awakening."
The true turning point came in 2024. Aoying admits, "Honestly, it was luck." But luck favors the prepared. "Between March and June 2024, there were actually two major market waves—one in AI, one in meme coins—and I caught both." Not only that, he also precisely timed the resurgence of inscriptions beforehand. "I rode all three waves successfully, which allowed me to break through my previous capital ceiling."
This consecutive capture of three major trends acted like divine intervention, exponentially increasing his capital size. More importantly, this massive success allowed him to repay all debts and accumulate substantial profits. From that moment, he felt he could finally "keep going," freed from the shadow of constant losses.
When losses become unbearable, real trading begins. Regarding the "200k curse" and repeated blowups, Aoying offers deep reflection. He believes such capital barriers are less about technical skill and more about psychology. "It’s psychological—not that you failed to master indicators, didn’t watch charts diligently enough, or can’t pick coins. It’s that your character and mindset aren’t ready yet."
During his debt phase, his trading became distorted, and his mentality increasingly underwater. He described himself back then as "not having lost painfully enough." Despite losing large sums, multiple high-value trades—even some worth hundreds of thousands only to be wiped out—he still hadn’t changed fundamentally. "Only when I lost to the point where I couldn’t afford another loss, when one more loss would leave me with nothing—that’s when I truly 'felt the pain,' and that solved everything." This "loss awakening" was a wake-up call, transforming his attitude toward trading. He began "approaching every trade extremely cautiously, executing each order honestly and rigorously."
IV. Aoying’s Secret: Ditching Indicators, Building Millions via “Event-Driven” Trading
In his early days, Aoying studied every popular trading method—dual moving average systems, EMA, price action, Fibonacci, Elliott Wave, Dow Theory, Turtle Rules, and more. But now, aside from occasionally checking price action, moving averages, and volume, he uses almost none of them. "Indicators might help you enter a position slightly better, but they don’t determine whether you’ll make big money. So I’ve basically abandoned all indicators. They may still sit on my charts, but I don’t use them for real technical analysis."
"Don’t blindly trust indicators. I’ve fallen into countless traps myself. I once thought I’d found a high-win-rate strategy, or even the 'Holy Grail' of trading, but eventually realized it was all false—only your own understanding is real." For example, Bollinger Bands might work during Bitcoin’s sideways movement, but completely fail during strong trending markets. Thus, indicator reliance is dangerous.
When trading small-cap altcoins or niche mainstream coins, Aoying prioritizes one key factor above all else—whether there’s a catalyst event driving momentum. His biggest gains have come from "event-driven" trades. For instance, he shorted DOGE for $100,000 based on the macro-event of Trump vs. Musk drama, and later longed ETH for $130,000. During ETH’s 80% surge over four days, he went long on “Hippo” (a nickname for a specific token), growing his position from over $100k to over $500k across nine trades without a single loss, netting over $4 million. These moves weren’t based on indicators, but on market sentiment ("fear of missing out") and exchange listing patterns. However, note that for major assets like Bitcoin and Ethereum, Aoying follows broader market trends.
"My trading has no fixed system—I adapt completely as needed. I can trade any market condition and employ any type of stop-loss." Aoying operates with extreme flexibility and exercises great caution with leverage—his actual leverage is much lower than nominal. Though his trade screen may show 10x leverage, his real exposure is around 5x, and with gradual entry, it drops to approximately 4.5x. As his capital grew, he used even less leverage, because lower leverage allows him to "hold longer and stay calmer," creating a positive feedback loop and increasing profitability.
Longtime fans know Aoying’s first breakthrough trade was going long BCH with 5x leverage in March 2024, turning $3,000 into $10,000. He noticed unusual activity in BSV, predicted BCH would catch up, and captured a 2.7x gain, boosting his account equity by over 40%. Afterward, he cycled through AI and MEME coin rallies—from Watercoin to PEPE to CRV bull/bear reversals—with stable win rates and clear logic, growing his account from $20,000 to $10 million. Throughout this process, except for that initial 5x BCH trade, he mostly used 3x, 2x, 1x, or even 0.8x and 0.5x leverage, ultimately achieving his multi-million dollar transformation.
"What really compounds capital is logic, strategy, and execution—not leverage multiples. What truly separates winners is understanding, not leverage." Aoying emphasizes.
V. The “Lead Car”: No Exploiting Followers’ Liquidity, No More Public Positions
"I don’t exploit my followers’ liquidity because I open positions based on logic." Aoying clarifies that every coin he announces is transparent—no hidden bags. Even if he were a "rat," he’d be an open one. He never secretly enters a position before calling it out, and most of his followers actually exit ahead of him. Often, those who act immediately on his signals achieve higher returns than he does—this transparency earned him a loyal following.
But now, Aoying’s mindset has shifted. "I’ve noticed some projects now treat me as 'exit liquidity.' Market liquidity is so thin that whenever I publicly participate in a good event, many people end up stuck at the top. So I’ve become cautious. I don’t want to be a 'lead car' anymore. I’d rather quietly profit, follow my own logic—if you trust me, you can follow; if not, that’s fine too. I won’t proactively disclose my positions anymore, because doing so now actually harms my followers."
The "following logic" mentioned above is Aoying’s most frequently discussed "secret," a mindset that has defined his entire trading journey. "Beyond constantly absorbing new information, events, and policies, my trading approach hasn’t changed—I still profit using my own trading logic." In stark contrast, many diligent learners still lose money. Aoying believes those who haven’t profited aren’t necessarily on the wrong learning path—the key is whether they grow after losing. Those who respond to losses with just "whatever" should consider exiting the market altogether, perhaps permanently.
Ultimately, making big money comes down to personal综合素质. One needs risk management skills and market sensitivity. Especially when the right market condition appears, you must have the courage to "go all in." Many skilled traders Aoying knows are one-hit wonders—they boldly enter and exit during one cycle, making tens of millions, but never catch another wave. So during the optimal window, you must act decisively, without hesitation. Trust your judgment, respect it, and execute fearlessly. If you hesitate when opportunity knocks, it’s gone. The ideal trading personality is—daring to judge, daring to act, aligning knowledge with action.
"If you succeed, you’re the one sitting here sharing. If not, you remain in the audience listening."
VI. Aoying’s Outlook: Expect 25% Pullback Ahead, Will Go Long After
On future market outlook and Bitcoin prices, Aoying firmly states, "I will never be bearish on Bitcoin." An extreme "deep bear" market is unlikely now, but he expects a 25% correction ahead. Once that happens, he plans to go long again.
For retail users hoping for a comeback, Aoying advises against trading with debt or gambling on volatility in secondary markets. Instead, directly participate in project building. Only after accumulating sufficient capital and understanding should one consider futures "swing trading." Additionally, he recommends following proven live traders like Chuanmu, Fangchengshi, Maomao Da Wang, Tony Laoshi, and Longwang. These traders manage funds starting from $50 million, many exceeding $100 million. They are truly worth learning from—their content is insightful and instantly valuable upon review.
From a debt-ridden degen to a legendary trader earning tens of millions annually, Aoying’s journey is dramatic and rich with profound trading wisdom. His story and insights offer immense reference value for anyone navigating the financial markets.
Disclaimer:
This article is for informational purposes only. The views expressed are those of the author and do not represent the position of OKX. This article does not constitute (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. We do not guarantee the accuracy, completeness, or usefulness of the information provided. Holding digital assets (including stablecoins and NFTs) involves high risk and may experience significant price fluctuations. 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 solely responsible for understanding and complying with applicable local laws and regulations.
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