Brothers, the market is booming recently, but many people who message me in private are crying about being stuck, it really hurts! Today I must speak from the heart and discuss how to avoid pitfalls in the crypto space. Don't think you can just close your eyes and rush in during a bull market; stepping into some traps might not even give you a chance to recover! (Personal opinion, for reference only)
1. Choosing a platform is more important than choosing an object.
Don't be fooled by those small platforms offering "high returns" and "benefits"! Last year, over 200 small exchanges globally went bankrupt, averaging a loss of over 30,000 per person. Remember three points:
Only trust big companies: Choose well-known large platforms, don't be tempted by cheap deals at shady exchanges;
Check for licenses: Just like a store needs a business license, platforms must have proper financial licenses from legitimate countries;
Look at the reputation: Search online to see if anyone has criticized it, if there are many negative reviews, run away quickly!
2. Control your hands to survive longer.
Have you seen a college student lose 800,000 in five minutes? It's all due to reckless leverage! Here are three tips for survival:
Don't go all in: Use 5% of your spare money for a trial, even if you lose, it won't affect your life;
Don't put all your eggs in one basket: Allocate 30% to Bitcoin and Ethereum, 30% to stablecoins (equivalent to saving), and consider other coins with the remaining amount;
Set automatic brakes: Stop loss at 15% drop, take profit at 50% gain, don't be greedy!
3. Learn to walk before you run.
Jumping in without understanding the principles of Bitcoin? You deserve to get cut! Here are three essential things to do:
① Thoroughly read three books: (Bitcoin Whitepaper) (The Bible of the Crypto World), the technical documentation written by the founder of Ethereum, and the virtual currency regulations of your country;
②Install anti-fraud tools: Download an app that can check the real data of tokens (like Etherscan), and avoid the top 10 accounts holding over 60%;
③Beware of AI scams: Scammers now clone customer service voices using AI, always run a security scan before any operation!
4. These new scams specifically target beginners.
Fake tax office demanding taxes: This year, Chinese people have already lost 83 million, if you receive a threatening email, call 110 first;
Metaverse investment schemes: They claim "buying virtual land guarantees profits," but the project team ran away with 470 million;
High-interest investment traps: Those promising over 50% annual returns are 99% scams, remember that there's no free lunch!
5. Train your mindset to be robotic.
Uninstall garbage software: Don't check prices more than three times a day, set up a schedule and strictly follow your plan;
Stay calm when others panic: Buy in batches during market crashes and secretly sell 10% during surges;
Beat the market makers with time: Data does not lie! 98% of those who hold Bitcoin for over four years have made a profit.
Lastly, let me say something heart-wrenching: The crypto space has never lacked opportunities, but it lacks people who can survive.
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(This content is a compilation of personal experiences and does not constitute advice! The market has risks, decisions should be made cautiously)
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