Newcomers in the Crypto World, Pay Attention
Newcomers in the Crypto World, Pay Attention
Recently, many friends have been asking me how to play in the crypto world. As someone who has been through it, today I will share some "unwritten rules" of the crypto world with you to help you avoid detours and become wealthy sooner!
1. In a bull market, never say it's at the top; in a bear market, never say it's at the bottom
The volatility in the crypto world far exceeds your imagination. You might think it has peaked, but it can still multiply several times; you might think it has bottomed out, but it can still be cut in half. So, don’t easily predict the market; going with the flow is the way to go!
2. Don’t go all in, diversify your investments
The risks in the crypto world are extremely high; never put all your funds on one coin. Diversify your investments to reduce risks, so you can sleep soundly. Remember, as long as the mountains remain, there’s no worry about firewood!
3. Information is very important, but don’t blindly follow the trend
There’s a flood of information in the crypto world, making it difficult to distinguish between truth and falsehood. Don’t rush in when you see good news, and don’t panic when you see bad news. Study the project's fundamentals more, and rational judgment is key.
4. Learn to take profits and cut losses
When you’ve made money, don’t be greedy; take profits in time. When you’re losing money, don’t stubbornly hold on; cut losses in time. The crypto world is highly volatile, so keep a steady mindset, and don’t let emotions dictate your actions.
5. Hold long-term and wait patiently
The crypto world is highly volatile in the short term, but in the long run, quality projects will always stand out. If you believe in a project, it might be wise to hold patiently and wait for the returns over time.
6. Don’t borrow to trade crypto
The risks in the crypto world are extremely high; borrowing to trade crypto is akin to gambling. Once the market drops, you will face enormous repayment pressure and may even face liquidation. Remember, invest with spare money; don’t gamble with essentials for living.
7. Keep learning and continuously improve
The crypto world changes quickly; new technologies and new projects emerge endlessly. Only by continually learning can you keep up with the market pace and seize new opportunities.
Finally, remember this: the crypto world has risks; enter the market with caution! I hope everyone can find their own wealth code in the crypto world.
