With just a mobile phone, he made a real profit of $8.5 million on the Binance contract list, and a single ETH contract netted $5 million. His ID is "If I Don't Understand" (hereinafter referred to as "Don't Understand"), and the reason for this name is that when he registered the account, he remembered CZ's words "If you cannot hold, you will not be rich".
He said: If I don't understand these, how can I be qualified to make money? He wanted to use this name to remind himself that he needs to have a comprehensive understanding before making a conclusion.
First interview
On June 24, this rarely seen top trader appeared in the Binance Chinese live broadcast room and chatted with SiSi about his growth experience "outside the list".
He is not a traffic player, and he is not packaged by a team. Many people think that those who can sit on the top of the list are either talented or lucky. But after listening to his sharing, everyone found that "Budong" is more like a talented growth player: he thinks about problems when he encounters them, and immediately reviews the situation after stepping on the pit. He is always more sensitive and self-reflective than others. This is the first impression that "Budong" teacher leaves on everyone.
From an ordinary internet worker to a contract-trained leeks, to the current low-key top of the charts, there is no myth on this road, only continuous trial and error and repeated corrections. At the same time, the factor that cannot be ignored is that the teacher never gave up his main business, which gave him the capital for the later development.
If you only look at the results, you would think this is a victory of natural talent; but if you see those nights behind his account where he repeatedly reset to zero and started over again, you will understand that the so-called "King of Contracts" is actually an ability that is slowly developed over time.
How did he go from knowing nothing to becoming the king of Binance contracts?
1. The fog is beginning to rise: ordinary people, the crypto, and Binance
Entering without understanding is no different from most people.
He is an Internet practitioner by profession, and he got involved in the crypto in the early days purely out of curiosity.
The initial capital was not much, so I bought mainstream coins, played with on-chain projects, made quick money, and also lost capital.
The reason for choosing to do contracts on Binance is simple: it has the best liquidity, any number of orders can be executed, there is sufficient depth, and there is no need to worry about slippage.
For ordinary people who do contracts, the depth of the platform and the matching experience almost determine whether they can benefit from the big market in the end.
In the first few years, he was more of a wait-and-see person on the edge of the market, neither getting carried away nor fantasizing about getting rich overnight, and he liked to study the market in his own way. When others were discussing hot projects, he would usually spend time pondering the logic behind them, rather than rushing to follow the trend.
Most of the transactions are done by yourself. You have to accept the profit and loss, and no one can help you. I experienced many fund drawdowns in the early days. Sometimes a misjudgment and a large order can eat up the profits of the previous few months.
This trial and error process is not dramatic, but for most traders who survive, it is a stage that they must go through.
2. Trial and error on the chain and develop a sense of the market
Most people’s introduction to the crypto begins with a small amount of money. “Not understanding” is no different. When he first entered the circle, he was still working in an Internet company, and his daily salary was his main source of income. He was reluctant to spend the money left over every month, so he used it to buy mainstream coins or participate in on-chain projects. To him at that time, contracts were just a distant high-risk area, and the real principal was basically on the chain.
“In the early days, I mainly worked on projects on the chain, such as airdrops, GameFi, and inscriptions. I would join in any excitement. Mainstream coins are more stable, and playing with GameFi and new chains is more exciting. Sometimes I make a lot of money, and sometimes I lose a little, but as long as my main business is not lost, my mentality is still there. In those years, the principal was actually rolled up slowly, relying on the chain to slowly increase from 30,000 to several million, and the pace has always been relatively restrained.”
For him, contracts are a different world of rules. At first, he only dared to use a small amount of money to try out orders. With every contract, he was learning how to lose money. "At the beginning, I used a very small position, thinking that if I lost, I lost, but I had to experience what it meant to blow up my position." This is also a point he repeatedly emphasized in the early days: the crypto contract market is a place where you have to lick blood on the knife edge. Without actual operation, it is difficult to understand how big the risk is.
"On-chain depends on hard work and research, most projects don't lose a lot of money, but contracts are completely different." He recalled that his mentality when doing contracts in the early days was actually very simple: the money was not much, if it went wrong, it went wrong, and if it made money, it was a good meal for myself. It is precisely because of this ease that he makes fewer big mistakes than many novices. His main business is to support the chain, and the chain supports the contracts. He always leaves room for positions and mentality, so he is qualified to make long-term trials and errors.
3. ETH reverses the trend and becomes a leader in one battle
In this contract competition, one of the most watched operations of "Budong" was that he chose to openly go long on 40,000 ETH contracts amid the market's bearish sentiment on ETH.
In the live broadcast, he shared in detail the overall profit structure of this round of contracts: the paper profit of the ETH order was 7.5M USD, and after deducting the previous retracement and position adjustment, the final net profit was about 5M, and the settlement profit was 7M. At the same time, his extreme short-term short short of ETH in the first half of May contributed 1M profit, and the remaining 2M came from other trading strategies, totaling 8.4M USD in the contract period.
The reason why this ETH long order is critical is that it occurred at a time of extreme emotions. The entire network is almost unanimously bearish on ETH, and the mainstream market view is that the trend is weak and may even hit a new low. However, "Don't Understand" publicly opened a position and continued to post on Binance Square to express his bullish reasons. His decision-making logic is based on the resonance of signals in multiple dimensions:
- ETF funds continued to flow in: He noticed that ETH's ETF products had seen net inflows for more than ten consecutive days, and the inflow intensity even exceeded BTC in multiple time periods.
- The expected critical point of the event is approaching: Grayscale's pledged equity ETF has entered a critical window. The SEC may release the results at any time after June 2, and there are conditions that trigger a "pin-in" market.
- Technical resonance: ETH has seen a huge increase at the daily level, and the rebound momentum supported by the ETF narrative is clear; the ETH/BTC ratio line has reversed for the first time from the long-term downward trend.
- Judgment of emotions and market sentiment: He pointed out that in terms of short-term market sentiment, ETH is significantly stronger than other currencies, and it is often observed that funds are eager to try, which is also verified by the momentum judgment model.
- Structural advantages and position selection: From a technical perspective, ETH's monthly line is still weaker than BNB and SOL, and the daily line has not effectively fallen below the low. If BTC had not unexpectedly fallen below 102,000 during the period and the main force took the opportunity to push it to 2,380, ETH's pull-up would have likely occurred earlier.
- The main line of logic is clear: "Don't understand" emphasizes that the core of this round of ETH rise is not the strong fundamentals, but the passive funds brought by the new high of BTC. The fundamentals on the chain such as GWEI are still sluggish, and ETH itself lacks active buying, but due to the institutional configuration driven by ETFs, the logical closed loop is established.
- Market philosophy judgment: He has mentioned on many public occasions, "If everyone can understand the market, then it should not be our turn to make money." This time, he chose to ignore the sentiment of the entire network and put his own cognition on the actual market.
He added in the live broadcast that such heavy-weight operations are never made on impulse. Moreover, once BTC retreats or key positions are breached, he will quickly adjust and will not hold orders out of emotion.
4. How to read money-making clues
There are many signals in the market, but few are really useful. Most people think that they can find the secret to success by relying on technical indicators and various K-line formulas. After a few years of "not understanding", I gradually abandoned the worship of indicators and was more willing to believe in the data itself and the details of the market.
He likes to review the large capital flows on the chain, look at the changes in the main players' positions on Binance, and pay attention to the inflow and outflow of ETF funds, the unlocking of on-chain pledges, and the large transfers of old projects. The logic of the mainstream currency market is actually very clear: when large orders are actively bought, when abnormal orders appear in the market, and what kind of fluctuations are "washing" or "main force replacement". These details are more reliable than all "magic indicators".
Event-driven is the part he values most in trading. Every round of real big opportunities almost always originates from core events inside and outside the industry, such as the launch of ETFs, the shift in liquidity of US stocks, and major contract changes on the chain. These things can only be reflected in the first place on a platform with sufficient depth and timely information feedback. As the most liquid market in the world, Binance is naturally the most sensitive and easiest place to observe structural changes.
He gradually formed his own trading habits: ambushing in advance at key nodes and judging the intentions of the main players by reviewing the market; not chasing highs easily and not changing the general direction due to market noise; when encountering major events, giving priority to logic and price-effectiveness, and preferring to miss out rather than follow the trend meaninglessly.
Market data, market structure and event-driven factors become the underlying basis for him to select orders, set positions, and add or subtract codes.
Those who can truly grasp the big market trends never rely on gossip or short-term enthusiasm. Instead, they are able to be patient and thoroughly analyze every signal.
5. Survivor is king
Outsiders will have some mysterious filters when looking at the top of the trading list. But in my opinion, being able to climb out of countless accounts is not based on talent, nor the legendary luck, but on self-reflection and self-control in real trading.
The truth about the crypto is actually very simple: everyone can win a game, but very few can keep their profits and survive the bull-bear cycle. Especially in a market like Binance, where there are so many experts and things change so fast, any luck and speculation will be corrected by the market in a timely manner.
He admitted that the real pressure did not come from the liquidation, but the anxiety of facing risks after the account curve reached a high point. The later it got, the more he realized that every decision and every position had to be extremely restrained. As the account size grew, the heartbeat caused by market fluctuations also grew. Any overconfidence or slackness could ruin all the previous efforts.
He no longer blindly pursues the maximum leverage, nor does he believe in the pleasure of doubling his money. Instead, he spends the most effort on position management, stop loss execution, and risk control. The larger the funds, the more conservative the strategy, and he would rather earn less but live longer.
There are many colleagues around me, and most of them have failed due to emotional out-of-control and lack of risk control. Some people get "overwhelmed" after making huge profits, and some people can't stop wanting to make quick money, and finally they all return their principal to the market.
I don’t understand. I keep reminding myself that being number one is only a result of a certain stage, not the end. Only by focusing on the process, discipline and mentality can I survive the next round of storms.
Rather than saying that he is the king of contracts, it is better to say that he is a survivor who survived with the right time, place and people.
Many people attribute the first place on the list to talent or luck, but in fact, those who can really make it to the end are those who can force themselves to evolve in every cycle. What the outside world sees is the title of "genius trader", but he himself believes that "as long as you can persist in learning, dare to admit mistakes, and have a cool heart, anyone is qualified to stand in this position."
6. Some suggestions
"Don't understand" said that his trading style was developed little by little from actual combat and review. Everyone's formula is different, as long as it can repeatedly match the results, it is a good system.
He emphasized that momentum judgment depends on watching the market, position control depends on fluctuations, and the multiplier selection should be based on the currency type, not following a unified template. He is used to conservative observation before opening an order, and decisive action after confirmation. It is better to miss it than to chase the rise.
As for whether contracts are suitable for you, he said directly: "If you don't even have your own profit logic, don't touch contracts."
He had experienced a series of critical drops from 3,700 to 890, and also had the experience of not sleeping for five days and watching the market day and night until the market was cleared.
Now, his trading principles are simple:
Be able to withstand everything that may happen and be prepared for all responses in advance.
This sentence is his advice to everyone and the reason why he can stand where he is today.
