Today, I want to share an article by Ama. It’s not long, but every word is precious and useful, full of firsthand experience. I recommend saving it and reviewing it repeatedly, reminding yourself daily!
Advice for young people in the cryptocurrency space
In the past, I made some small money from secondary trading (mostly relying on the market and luck), and I know well the cruelty and difficulty of the secondary market; that’s why I have always said on Weibo, don’t get addicted to short-term trading and contracts as they are a form of mental opium. Most people cannot make money from it, and even if they do, they often end up returning it due to dependency; you must find a stable way to earn money that belongs to you. Here are some suggestions for newcomers in the cryptocurrency space, especially young people; it may not be correct, consider it just a thought:
1. Absolutely do not borrow money or go into debt to invest; do not dig a pit for yourself to jump into.
2. Don’t fantasize that making money from trading is simple. Avoid blindly trading contracts and using high leverage, and instead seek stable, high-risk-to-reward ways to earn money; being a water seller is not worse than being a gold digger.
3. If you want to achieve something in trading, first learn and practice, then use less than 5% of your cryptocurrency assets for trading. Once you achieve stable profits, gradually increase your funds. If you have the right framework, even small amounts of capital can yield quick results; what limits your ability to make money in trading is not the amount of your capital.
4. Staying away from the market is the only way to make money in the market. The balance and profit and loss in your account are actually a reflection of your own ability and understanding. As your understanding and ability improve, you will naturally be able to make money.
5. If your family background is decent and you have a good education, focusing on real-life achievements is more beneficial than gambling in the cryptocurrency space. Strive for a degree, work hard to find a partner, and your sense of happiness and social status will be much stronger than most people who have only made some money in the crypto world.
Do not trust so-called big influencers
There used to be a Weibo group that mainly served as a casual chat space, where I met quite a few great friends. Later, as the number of people increased, many contract gamblers and copycat gamblers joined, and the conversations began to revolve around betting on market trends. I felt the atmosphere was poor and left the group that I had created myself. Later, a few members started becoming influencers: one was a student who had just entered the field, mainly earning pocket money by recruiting others for commissions and managing a signal group. Their clients were likely drawn from other sources, maintaining a good separation from Weibo. Another was an older member who frequently spoke in the group, he bought 10,000 followers and opened a paid group, posting some meaningless jargon on Weibo daily. Because some of his recent posts were shared by big influencers, there began to be interactions below his Weibo posts, coincidentally attracting many past members who were unaware of the truth. Some people even started DMing him intending to buy into his group, charging 1,000 a month and 3,000 for six months. Here’s a reminder for past group members:
1. 99% of secondary trading groups in the cryptocurrency world cannot help you make money. Even if the group creator has proven their ability in the secondary market, you won't be able to make money by following them because you can't replicate their positions, stop-losses, or mindset; let alone those who are just fishing in troubled waters. If you want to give it a try, the real accounts of Feizhai, Tony, and many others who can achieve stable profits are public, just follow them directly. However, after several years, how many people have actually made a fortune by following others?
2. This person entered the cryptocurrency space in November last year, trading strategy was to watch big influencers on Weibo for signals to buy copycat projects and trade contracts, basically not making any money, spent a month learning but couldn’t even use a wallet, thought about making trades with NFTs after buying them, good at making promises and boasting; in less than two months, they became a big player posting wildly on Weibo every day. I won’t publicly name names; it’s not good to cut off someone’s source of income. I just feel the need to remind people of what they should be aware of, hoping that old friends and followers won’t get taken advantage of; if you recognize who it is, just turn and leave, don’t get too entangled. Do not believe in any secondary trading groups, money is not that easy to make.