Especially for beginners or those looking to reduce risks and increase chances of success:
🧠 1. Understand the market before you start
- Do not invest in a coin just because it is popular or has recently risen.
- Read about the project, the team, use cases, and competitors.
💸 2. Invest only what you can afford to lose
- The cryptocurrency market is very volatile.
- Do not use money allocated for basic needs or emergencies.
📊 3. Diversify your investment portfolio
- Do not put all your money in one coin.
- Spread your investments between major coins (like BTC and ETH) and promising emerging coins.
🕰️ 4. Define a clear strategy (trading or long-term investment)
- Are you planning to buy and hold (HODL)? Or day trading?
- Every strategy requires different tools and analysis.
🧘♂️ 5. Control your emotions
- Do not buy out of greed and do not sell out of fear.
- Follow a well-thought-out plan, not momentary market fluctuations.
🛡️ 6. Use secure wallets
- Do not leave large amounts of coins on trading platforms.
- Use cold wallets for long-term storage.
📈 7. Monitor news and updates
- Cryptocurrencies are heavily influenced by news (regulations, partnerships, hacks).
- Follow reliable sources like CoinDesk and Binance Academy.
📉 8. Use technical analysis tools
- Indicators like RSI and MACD help you time your entries and exits.
- Learn to read candlestick charts and support and resistance levels.
🧮 9. Rely on dollar-cost averaging (DCA)
- Instead of buying a large amount at once, buy gradually to reduce the impact of market fluctuations.
🔐 10. Beware of scams and fraudulent projects
- Do not trust promises of quick profits or non-transparent projects.
- Always check the project's background and its team.