First, divide your money into three parts and learn to feel the market. Let me tell you how to use each part.
Keep your mindset in check; don’t come in thinking you will make 10 times or 100 times your investment right away. That’s unrealistic.
Many newcomers have added me, and most people's first question is how much money can be made in the crypto space. Honestly, hearing this question leaves me a bit speechless. Indeed, many people in the crypto space have made a lot of money and achieved social mobility, but will that be you as a newcomer?
As a newcomer who has just entered the crypto space, the first thing to consider should be risk, not how much money to make. You should think about how much money you are investing in this project, what will happen if you lose this money, does it affect your life, and how much impact will it have?
For newcomers, the first step in entering the field is to master the most basic knowledge, such as registering on exchanges, making deposits, withdrawals, and transfers, how to add networks in the Little Fox wallet, how to find the contract address of a token, and how to add tokens in the wallet via contract addresses.
For instance, newcomers entering the Bitcoin ecosystem first learn to install, deposit, withdraw, and transfer using wallets like Unisat, Xverse, and OKX. They learn how to switch between wallet address types, switch between mainnet and testnet, how to mint new inscriptions through platforms like ID and GeniiData, how to buy and sell BRC20 tokens in Unisat and OKX markets, how to find NFT collections in trading markets, and how to buy and sell NFTs, etc.
As a newcomer, you need to practice these things. When you have projects, you can start with a small amount of capital to try and make mistakes, participate with a zero-based learning attitude, and gradually accumulate experience, rather than immediately thinking about how much money to make. A newcomer, if they do not improve their execution and learn, even if they happen to make some money now, will eventually lose it back due to a weak foundation or other reasons.
Use a part of your money to 'try and error.' You can experiment with altcoins, try opening contracts, and do swing trading. This part of the money is for paying tuition to help you learn to respect the market.
As long as you are a newcomer just entering the field, too many 'well-meaning people' will message you to guide you.
Newbies are the most favored targets for scammers because they have many questions, and only scammers would be so patient to answer them. Scammers have the highest tolerance for them because they immediately focus on their wallets.
Some will directly take you to play with meme coins, telling you about a certain token. Most of these are self-issued coins that have already formed a complete coin issuance assembly line.
Some might see a trading teacher showcasing contract profits, and upon seeing others display returns of several times or even dozens of times, you get tempted and want to engage in contracts.
Congratulations, you will at least need to pay a large tuition fee in the contracts.
I previously saw an article stating that an ordinary person exploring on their own needs at least three cycles to make money.
In the first cycle, you see various myths of getting rich and enter the market with great confidence, with a high risk tolerance, even borrowing money. But in the end, you can hardly hold onto your wealth, being taken away by various tricks and traps.
In the second cycle, you have learned from the lessons of the previous cycle, mastered basic operations, understood candlesticks, volume and price, and learned the basic cyclical patterns. You learn to diversify your investments.
The bull market arrives, and you watch the coin prices soar with the market's emotions, feeling incredibly excited. Your positions start to double, you taste the sweetness of making money, and you think it will continue because market sentiment is still optimistic. But then the bear market hits unexpectedly, and you haven't learned how to sell, so you likely go through a roller coaster ride with the market.
By the third cycle, you may start to learn how to make money in this market.
These three cycles are very hard to violate unless you can follow experienced people, but that is very difficult.
For the last portion of your money, this is when to start dollar-cost averaging, or to mint new tokens, earn rewards, and arbitrage for profits. This is where you actually begin to make money.
The crypto space is indeed one of the most hopeful avenues for ordinary people to turn their fortunes around, but that does not mean the process is smooth sailing. The essence of life is great ups and downs, gains and losses. What remains unchanged is continuous learning, filling in the gaps in your understanding, letting go of biases, and making money is just a matter of time.
