Newbies in the crypto world, avoid these pitfalls quickly!
When I first entered the crypto world, I naively thought that as long as I picked a "rising coin," I could get rich overnight.
Later I realized that what really determines whether you can make money is how many pitfalls you can avoid.
Here are 5 common pitfalls I personally experienced and summarized as a newbie in the crypto world 👇 ⸻ ❌ 1. Listening to "teachers" calling trades, only to end up being "fed to the wolves" Many of the "teachers" in the groups appear to help you make money, but in reality, they earn commissions from your trades or set you up for losses. You should know that if the "teachers" could make money, they would have already made their families rich, why would they bring you along?!
Suggestion: DYOR (Do Your Own Research), don’t blindly follow trades! ⸻ ❌ 2. Jumping straight into contracts, only to get liquidated Newbies are easily tempted by high returns, leveraging to chase highs and cut losses, ending up with a mess.
Suggestion: Start with spot trading, understand the basic rules before considering contracts, don’t gamble with your life right away. ⸻ ❌ 3. Seeking cheap trades at unknown exchanges, resulting in asset theft Seeing low fees may seem appealing, but they are often not legitimate. Once withdrawal becomes difficult or they run away, you won’t even have a place to file a complaint. Rogue exchanges cause significant harm!
Suggestion: Only use mainstream exchanges, such as Binance, OKX, etc. (recommended secure entry points with rebates) ⸻ ❌ 4. Jumping on trends blindly, chasing hot topics When you see a coin suddenly rise by 10%, and everyone in your circle is talking about it, you rush in, only to buy at a high point and be left holding the bag.
Suggestion: Trend ≠ opportunity, you must have your own judgment, don’t be the last one to pick up the bill. ⸻ ❌ 5. Being fooled by "xx coin is about to skyrocket," investing in worthless coins Scam coins have no projects, no teams, and no uses, relying only on a bunch of people calling trades and making empty promises, resulting in a mess.
Suggestion: Look at the coin's background first, the team + whitepaper + practical application are all indispensable. ⸻ 💡 Finally, here’s a saying for every crypto newbie: "The money you earn is a realization of your understanding; the money you lose is the tuition for your understanding." You can take it slow, but don’t rush blindly; you can start with a small amount, but be aware of safety.