7 Tips I Wish I Had Known Earlier About Crypto š„š„
Hey fellow crypto enthusiasts! š Iāve been trading on Binance for a while, and Iāve learned some lessons the hard way. Here are 7 tips I wish Iād known earlierāhope they save you from my mistakes! š
1. Master the Fees šøāØWhen I started, fees ate into my profits without me noticing. Then I discovered: use BNB to pay fees for a 25% discount, and place limit orders instead of market orders to potentially pay less. Check your fee tier in account settings!
2. Secure Your Account Like Fort Knox šāØI once got a phishing email that looked so real. Luckily, my anti-phishing code tipped me off. Enable 2FA (Google Authenticator or SMS) and set an anti-phishing code in your settings. Never share your password or seed phrases!
3. DYOR - Do Your Own Research šāØI jumped into a trending coin on Twitter onceālost 50% in a week. Now, I dig into Binance Research or the coinās whitepaper, team, and community. Hype is not your friend.
4. Use Stop-Loss to Sleep Better š”ļøāØA market crash hit, and my stop-loss saved me from a deeper dive. Set them to sell if prices drop (e.g., buy BTC at $30k, stop-loss at $28k). Heads up: they might not trigger in crazy volatility.
5. Diversify Your Portfolio š§ŗāØI went all-in on one coin once. It tanked, and so did I. Now, I spread investments across coins and sectors on Binanceādonāt put all your eggs in one basket!
6. Stay Informed š”āØI missed a delisting announcement and got blindsided. Now, I keep up with Binance Announcements and global news. Knowledge is your edge!
7. Patience is a Virtue ā³āØIāve watched coins crash 30% then soar to new highs. If you believe in a project, hold steady through the ups and downs. Cryptoās a marathon, not a sprint.
Cryptoās a wild rideākeep learning, stay safe, and happy trading! šŖ