He made $8.5 million (about 62 million RMB) in real profit with just a mobile phone on Binance's contract ranking list, and made a net profit of $5 million in a single ETH contract.

His ID is "If I don't understand" (hereinafter referred to as "No Understanding"). He chose this name because 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 things, what right do I have to make money? He wants to use this name to remind himself that he needs to fully understand before making a judgment.

On June 24, this rarely seen top trader appeared in Binance's Chinese live stream and talked about his growth experience "outside the ranking list" with SiSi.

Not a traffic player, no team packaging. Many people think that those who can sit at the top must either have extraordinary talent or hit the big luck. But after listening to his sharing, everyone found that "No Understanding" is more like a natural growth player: whenever he encounters difficulties, he thinks about them, and when he falls into traps, he immediately reflects. He is always more sensitive and self-reflective than others. This is the first impression left by "No Understanding" teacher.

From an ordinary internet worker to a greenhorn in contracts, and then to a quiet number one on the ranking list, this path has no legend, only continuous trial and error and repeated correction. At the same time, an indispensable factor is that "No Understanding" teacher never gave up his main job, which allowed for later accumulation and breakthroughs.

If you only look at the result, you may think it's a victory of extraordinary talent; but if you have seen the countless times of zeroing out and rebuilding nights behind his account, you will understand that the so-called "Contract King" is actually a capability gradually developed over time.

How did he go from knowing nothing to becoming the Contract King on Binance?

One, Foggy Start: Ordinary People, Crypto, Binance

"No Understanding" entered the crypto market in much the same way as most people.

He was originally an internet worker, and his initial exposure to crypto was purely out of curiosity.

The initial capital was not much, he bought mainstream coins, played chain projects, made quick money, and also lost the principal.

Choosing to trade contracts on Binance was simple: the liquidity was the best, any order could be filled, the depth was sufficient, and there was no concern about slippage.

For ordinary people trading contracts, the platform depth and matching experience almost determined whether they could eat big moves.

In the early years, he was more of an observer on the edge of the market, neither excited nor dreaming of quick wealth. He liked to study the market in his own way. When others discussed hot projects, he usually spent time analyzing the underlying logic instead of rushing to follow the trend.

Most of the trades were done by himself, and he accepted both profits and losses, as no one could cover for him. He experienced multiple drawdowns in the early days, and sometimes a wrong judgment would eat up several months of profits with a single large order.

This trial and error process was not dramatic, but for most traders who eventually survived, it was an essential stage they had to go through.

Two, On-chain Trial and Error, Cultivating Market Sense

Most people's crypto enlightenment starts with small bets. "No Understanding" was no different. At the beginning, he was still working in the internet company, and his daily salary was the main source of income. The money left over each month was not spent carelessly, but used to buy mainstream coins or participate in on-chain projects. For him at that time, contracts were a distant high-risk area, and the real capital was mostly invested on-chain.

"In the early days, I mainly focused on on-chain projects, such as airdrops, GameFi, and inscriptions, going where the crowd gathered. Mainstream coins were more stable, while playing GameFi and new chains was more exciting. Sometimes I made more, sometimes I lost a bit, but as long as my main job was not lost, my mindset remained. Those years, the principal slowly grew from three thousand to millions, and the pace was always relatively restrained."

Contracts for him were another set of rules. Initially, he only dared to use small amounts to test, and each contract was a learning process of how to lose money. "At first, I used very small positions, thinking that losing was losing, but I had to experience what liquidation meant." This was one of the points he repeatedly emphasized in the early days: the crypto contract market is a place where you risk your life, and without practical operations, it is hard to understand the true level of risk.

"On-chain relied on diligence and research, and most projects didn't lose much money, but contracts were completely different." He recalled that his initial mindset for trading contracts was simple: the money wasn't much, if it was liquidated, it was liquidated, and if it made money, it was like treating himself to a good meal. It was precisely because of this relaxed attitude that he made fewer major mistakes than many newcomers. Supporting the on-chain with the main job, and the on-chain supporting the contracts, keeping room for position and mindset allowed him the opportunity to try and error over the long term.

Three, ETH Contrarian Operation, One Battle Became a Legend

One of the most watched operations of "No Understanding" in this contract competition was his decision to go long on 40,000 ETH contracts openly in a market that was overwhelmingly bearish towards ETH.

In the live stream, he detailed the overall composition of the gains from this contract: the paper profit of this single ETH trade was $7.5M, and after deducting previous drawdowns and adjustments, the final net profit was around $5M, with a settlement gain of $7M. In addition, his short-term bearish trade on ETH in mid-May contributed $1M in gains, and the remaining $2M came from other trading strategies, totaling a total gain of $8.4M in the contract cycle.

This ETH long trade was critical because it occurred at an extremely emotional moment. Almost the entire network was bearish towards ETH, and the mainstream view was that the trend was weak, possibly even setting new lows. However, "No Understanding" publicly opened a position and continuously posted on Binance Square to express his bullish reasoning. His decision-making logic was based on multiple dimensions of signal resonance:

ETF fund inflows continued: He noticed that ETH ETF products had been showing net inflows for ten consecutive days, and the inflow intensity exceeded BTC in multiple time periods.

Event expectation critical point approaching: The Grayscale staking rights ETF is entering a key window, and the SEC may release results at any time after June 2nd, creating conditions for a "needle-piercing" market movement.

Technical resonance: ETH showed a massive rally on the daily chart, and the rebound momentum under the ETF narrative was clear; the ETH/BTC ratio line reversed for the first time from a long-term downward trend.

Emotional and market sense judgment: He pointed out that in terms of short-term market sentiment, ETH was clearly stronger than other currencies, often observing a state of eager funds, which was also verified by the momentum judgment model.

Structural advantage and position selection: From a technical structure perspective, ETH's monthly chart was still weaker than BNB and SOL, and the daily chart had not effectively broken below the low. If not for BTC unexpectedly breaking below 102000 and being manipulated by the main force to 2380, the ETH rally might have happened earlier.

Clear logical main thread: "No Understanding" emphasized that the core of this ETH rise was not due to strong fundamentals, but rather passive capital inflows caused by BTC's new high. On-chain fundamentals such as GWEI remained low, and ETH itself lacked active buyers, but due to institutional allocation driven by ETFs, the logical loop was established.

Market philosophy judgment: He has mentioned in multiple public occasions that "if everyone can understand the market move, then it shouldn't be our turn to make money." This time, he chose to ignore the overall sentiment and put his own understanding into real trading.

In the live stream, he added that this heavy position operation was never a shot in the dark. And once BTC drew back or a key level was broken, he would quickly adjust, without emotionally holding the position.

Four, How to Read Profitable Clues

There are many signals in the market, but very few are useful. Most people believe that technical indicators and various K-line formulas can find the secret to success. After several years, "No Understanding" gradually abandoned the worship of indicators and preferred to trust data and market details themselves.

He likes to review the flow of large funds on-chain, watch the main players' position changes on Binance, pay attention to ETF fund flows, on-chain staking unlocks, and large transfers of old projects. The logic of the mainstream coin market is actually clear: when big orders actively buy, when the market shows abnormal orders, and what kind of fluctuation is "washing" or "main force changing clothes," these details are more reliable than any "magic indicator."

Event-driven is the part he values most in trading. Every real big opportunity almost comes from core events inside and outside the industry, such as ETF implementation, US stock liquidity shift, or significant contract changes on-chain. These things can only be reflected immediately on platforms with sufficient liquidity and timely information feedback. Binance, as the world's most liquid on-exchange, is naturally the most sensitive and easiest to observe structural changes.

He gradually formed his own trading habits: pre-positioning at key nodes, judging the main force's intention through review; not easily chasing highs, not changing the big direction due to market noise; when facing major events, prioritizing logic and cost-effectiveness, willing to miss opportunities rather than follow blindly.

Market data, market structure, and event-driven became the bottom basis for his order selection, position determination, and adjustment.

Those who truly catch big moves never rely on rumors or short-term heat, but rather have the patience to thoroughly dissect every signal.

Five, Survivors Rule

Outsiders see the top traders with some mysterious filters. But in "No Understanding" himself, the ability to rise from countless accounts relies not on talent, nor on the legendary luck, but on self-reflection and self-control in real trading.

The truth of the crypto market is actually simple: everyone can win once, but few can keep profits and cross bull and bear cycles. Especially in a market like Binance, where there are many experts and changes are fast, any luck or speculation will be corrected by the market in a timely manner.

He frankly admitted that the real pressure was not from liquidation, but from the anxiety of constantly facing risks after the account curve reached a high. The later it got, the more he realized that every decision and every position needed extreme restraint. As the account size increased, the heartbeats brought by market fluctuations also increased, and any overconfidence or laxity could undo all previous efforts.

He no longer blindly pursued maximum leverage, nor did he believe in the thrill of doubling once. Instead, he spent the most effort on position management, stop-loss execution, and risk control. The larger the capital, the more conservative the strategy, willing to make less profit to survive longer.

Many colleagues around him, most of them collapsed due to emotional loss of control and lack of risk management. Some made huge profits and "got carried away," some couldn't resist the desire for quick money, and finally returned their principal to the market.

"No Understanding" has always reminded himself that the number one is just a result of a stage, not the end. Only by focusing on the process, discipline, and mindset can one sail through the next storm.

It is better to say that he is the contract king, rather than a survivor who lived through the right timing, location, and people.

Many people attribute the first place on the list to talent or luck, but in fact, those who can get to the end are those who forced themselves to evolve in each cycle. What the outside sees is the title of a "talented trader," but he himself believes more, "As long as you can keep learning, dare to admit mistakes, and have a cold heart, anyone has the right to stand in this position."

Six, Some Suggestions

"No Understanding" said that his trading style was gradually developed through practice 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 screen, position control depends on volatility, and the selection of multiples should follow the coin, not chase a uniform template. Before opening a position, he habitually observes conservatively, and once confirmed, he acts decisively. If he can't get it, he would rather miss it than chase the price.

As for whether contracts are suitable for you, he said directly: "If you don't have your own profit logic, don't touch contracts yet."

He experienced a series of violent crashes from 3700 to 890, and also had experiences of zeroing out with five days of no sleep and day-and-night monitoring.

Now, his trading principles are simple:

Be able to withstand anything that may happen and be prepared for everything in advance.

This sentence is his advice to everyone, and also the reason why he has reached this position today.

Disclaimer:

This article is for industry exchange and experience sharing, and does not constitute any investment advice. The views expressed in the article represent the personal position of the author and are unrelated to the platform. The information in the article is not intended as investment, financial, legal, accounting or tax advice, nor does it constitute a recommendation, offer or solicitation for any digital asset. Digital assets (including stablecoins and NFTs) are highly volatile and carry high risks. Please carefully assess based on your own situation before investing. If you need professional advice, please consult your legal, tax or investment advisor. Readers are encouraged to understand and comply with relevant laws and regulations in their respective regions, and bear the risks themselves.

This article is from a submission and does not represent the views of ChainThink

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