What mistakes did I make when I first opened a contract? I might be different from most people.

I was more foolish than most, shaking my head every time I think back on it.

At that time, I happened to see online that cryptocurrency was the only low-cost way to get rich in the current financial market. Hearing legends of tenfold and hundredfold coins, I was excited to prepare to invest. When searching for cryptocurrency exchanges, I mindlessly got hit by an advertisement for an exchange that specialized in contract futures, followed by a series of operations that were more impulsive than shopping.

I downloaded the app and directly deposited a considerable amount of savings (the only silver lining was that I had just entered the workforce, so I didn’t have much money). Without understanding what contract margin was, the difference between buying and selling, or what tenfold and hundredfold leverage meant, I started to 'buy' coins that looked good to me.

I didn’t adjust the leverage, skipped over stop-loss and take-profit because I didn’t understand them, and just watched the numbers on the screen start to jump up and down. Perhaps because ignorance is bliss, I looked at it quite calmly, just feeling it was normal; the volatility was so large, no wonder it was the 'crypto world.'

After a week or two, my money was almost gone under the operation of small gains and large losses, and I finally started to panic. Under this circumstance, I finally searched for more information and downloaded Binance. I looked at the community and checked out the Binance Academy tutorials, and only then did I realize what kind of fire pit I had blindly jumped into.

In summary, the mistake I made when I first opened a contract was entering the wrong exchange.

If I had chosen Binance from the beginning, at least there would have been tutorials and quizzes before starting contract trading to ensure that users really know what rules they are participating in. This way, I could also avoid taking a detour of losing money to gain basic financial knowledge. 🫥