1. Entering the cryptocurrency world, learning comes first
The first step in the cryptocurrency world is not to rush to find so-called secrets to quick wealth, but to calm down and learn systematically. Mastering the basic concepts of digital currency, trading methods, risk management, market analysis, information acquisition, and other skills is crucial at every step. Remember, the accumulation of knowledge is the foundation of wealth; without a solid foundation, any speculative behavior is like a castle in the air.
2. Absolutely stay away from contracts
In the cryptocurrency world, whether experienced veterans or skilled experts, many have stumbled significantly on contracts. Newcomers must steadily focus on spot trading and hold firmly.
3. Do not touch small altcoins
Most small altcoins in the cryptocurrency world hide mysteries and are tools for cutting losses. Once they drop, they may likely go directly to zero, and declines of over 99% are not uncommon. Avoid trying those with small market capitalizations and little fame; decisively choose mainstream cryptocurrencies.
4. Stay away from small exchanges
Small exchanges always carry the risk of running away or might experience disconnection. At that time, the money inside may not be withdrawable. It is advisable to choose mainstream exchanges, and you can also diversify funds across different mainstream exchanges to reduce risk. Currently, the mainstream exchanges are Binance (BN) and OKX.
5. Rationally view the myth of hundredfold coins
The stories of hundredfold and thousandfold coins are always enticing, but please remember that such opportunities are rare and often come with huge risks. The era of tenfold and hundredfold returns in the cryptocurrency world has long passed, with major institutions and elites entering the market, and large dividends are no longer available. Do not blindly pursue high returns while ignoring potential risks. In the cryptocurrency world, stability is more important than aggressiveness. Achieving capital doubling 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 the amount of funds is large, 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, hoarding coins, yield farming, NFTs, etc. The investment methods in the cryptocurrency world are diverse, but not every method suits you. The price fluctuations in the cryptocurrency world are extreme; it’s not unusual for Bitcoin to drop 20% in a day, and altcoins might even be halved directly. Based on your actual situation, choose the investment method that suits you best. For newcomers, ultra-short trading is very hard to control. Hoarding coins might be a relatively safe choice as it emphasizes long-term holding and value growth.
8. Be sure to set stop losses and take profits
Set goals for yourself. When the price drops to a certain level, decisively execute an exit operation; when it rises to a certain level, sell decisively and don’t worry about how much it rises afterwards. Many people lose money in bull markets because they do not take profits in time.
9. Don’t invest all your funds into the cryptocurrency world
The risks in the cryptocurrency world are enormous, and there are risks in entering and exiting funds. It is advisable to first use your spare cash and small amounts to practice in the cryptocurrency world.
10. Find a reliable team and teacher
There are many traps in the cryptocurrency world, and over 99% of people are losing money. Find an experienced and reliable teacher; even if they cannot guarantee profits, they can at least help you avoid many pitfalls.#香港加密概念股 #下一任美联储主席人选 #币安Alpha上新 #币安钱包TGE #币安HODLer空投SAHARA