How can newcomers in the crypto world achieve stable profits? These essentials you must know!
Recently, many friends have asked me how newcomers in the crypto world can achieve stable profits. As someone who has been through it, today I will share some practical experiences to help you avoid detours!
1. Learn the basics
Understand blockchain and cryptocurrencies: You need to understand the principles of mainstream coins like Bitcoin and Ethereum!
Familiarize yourself with trading terms: Spot, futures, leverage, going long, going short… you need to understand these terms!
2. Develop an investment strategy
Hold for the long term (HODL): Choose a good project and hold it, suitable for lazy people!
Dollar-cost averaging: Invest a fixed amount regularly to spread the risk, secure happiness!
Short-term trading: Suitable for experts who have time to monitor the market, but the risk is also high!
3. Risk management
Diversify investments: Don’t put all your money on one coin!
Set stop-losses: Withdraw when losses reach a certain level, don’t stubbornly hold on!
Control leverage: Newbies should never play with too much leverage, be careful of liquidation!
4. Choose reliable platforms
Safety: Choose a trustworthy platform, don’t let hackers target you!
Liquidity: Smooth trading, no bottlenecks in buying and selling!
5. Stay calm
Avoid FOMO: Don’t blindly follow trends out of fear of missing out!
Emotional management: The market is volatile, maintain a steady mindset, don’t let emotions lead you!
6. Continuous learning
Follow market trends: Keep an eye on industry news and policy changes!
Learn technical analysis: Candlestick charts, moving averages, RSI… you need to know how to use these tools!
7. Start small
Start from small: Test the waters with a small amount, accumulate experience before increasing investment!
8. Beware of scams
Identify scams: Promises of high returns, pyramid schemes, don’t believe them!
9. Tax and legal compliance
Understand taxation: Trading may involve taxes, don’t overlook it!
Follow the law: Understand local regulations, don’t cross the line!
10. Seek professional advice
Consult experts: If you don’t understand, ask questions, don’t mess around yourself!
Summary:
There are no guaranteed profits in the crypto world, but through learning, risk management, and calm decision-making, you can significantly increase your chances of profit!
I hope these essentials are helpful to you! If you also have experiences in the crypto world, feel free to share in the comments!
