1. First step into the cryptocurrency world, learning comes first
The first step into the cryptocurrency world is not to rush for the so-called secrets to quick wealth, but to calm down and learn systematically. Master essential skills such as basic concepts of digital currency, trading methods, risk management, market analysis, and information acquisition. Every step is crucial; remember, the accumulation of knowledge is the cornerstone of wealth. Without a solid foundation, any speculative behavior is like building castles in the air.
2. Definitely stay away from contracts
In the cryptocurrency world, regardless of whether you are an experienced veteran or a skilled expert, many newcomers have stumbled badly on contracts. Newcomers must steadily engage in spot trading and hold firmly.
3. Do not touch small tokens
Most small tokens in the cryptocurrency world hide mysteries; they are tools for cutting losses. Once they drop, they may directly go to zero, and drops of over 99% are not uncommon. Do not attempt to invest in small market cap tokens with little reputation; decisively choose mainstream coins.
4. Stay away from small exchanges
Small exchanges carry the risk of running away at any time, or may face situations like disconnecting the internet, making it impossible to withdraw money at that moment. It is recommended to choose mainstream exchanges, and you can also spread your funds across different mainstream exchanges to reduce risk. Currently, the mainstream exchanges are Binance (BN) and OKEx (OK+).
5. The myth of hundredfold returns, view it rationally
Stories of hundredfold and thousandfold returns are always tempting, but remember, such opportunities are rare and often come with huge risks. The era of tenfold or hundredfold returns in the cryptocurrency world has long passed, as major institutions and elites have entered the market. The big dividends are no longer available, so don't blindly pursue high returns while ignoring potential risks. In this market, being stable is more important than being aggressive. Achieving a doubling of funds is already quite good; if newcomers can avoid losses, they have already surpassed over 90% of people.
6. Don't put money in unknown wallets
If you have a large amount of capital, consider using a wallet, but small wallets also carry the risk of running away. If you choose to use a wallet, be sure to carefully select a reliable one.
7. Choose an investment method that suits you; avoid ultra-short contracts, short-term trading, meme coins, and NFTs. The investment methods in the cryptocurrency world are diverse, but not every one of them suits you. The volatility in the cryptocurrency market is extreme; it is not unusual for Bitcoin to drop 20% in a day, and altcoins may even halve immediately. Choose the investment method that best fits your actual situation. For newcomers, ultra-short trading is hard to control, while holding coins may be a relatively safe choice as it focuses more on long-term holding and value growth.
8. Be sure to set stop-loss and take-profit orders
Set goals for yourself; when it drops to a certain position, decisively execute an exit strategy: when it rises to a certain position, sell decisively and don't worry about how much it rises afterwards. Many people lose money in bull markets simply because they don't know when to take profits.
9. Don't invest all your funds into cryptocurrency
The cryptocurrency world is fraught with risks, and both deposits and withdrawals carry risks. It is recommended to first practice with your spare money in the cryptocurrency world.
10. Find a reliable team and teacher
There are numerous traps in the cryptocurrency world, with over 99% of people losing money. Find an experienced and reliable teacher; even if they can't guarantee profits, at least they can help you avoid many pitfalls.
11. Regularly review and summarize
Regularly review and summarize your investment behavior, identify problems and shortcomings, and continuously improve your investment strategy. In the journey of the cryptocurrency world, cautious progress is the foundation of success, and rational investment is the key to wealth. The road in the cryptocurrency world requires careful steps to achieve a wealth legend.$SOPH
Keep it up! I am Xiao Qi, a sincerely wishing you to become rich in the cryptocurrency world.
Continuously pay attention to BTC, ETH, BNB
Bulls have bull strategies, bears have bear plays
Xiao Qi will not lead fans to a liquidation, nor will I blindly open positions
It's all about seeking victory steadily, making steady progress. Those who want to profit, follow Xiao Qi’s lead!
