As an experienced player in the crypto world, here are a few tips for beginners: to start your journey in the crypto world, you can follow these steps:
1. Basic Knowledge
Understand core concepts: Learn about blockchain, cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), and other basic knowledge. It is recommended to watch the public course 'Blockchain Technology and Applications.'
Essential Terms: Learn about wallets (hot wallets and cold wallets), Gas fees, and terms such as DeFi/NFT.
2. Practical Introduction
Exchange registration and security settings: Preferred platforms include Binance and OKX, complete KYC identity verification, enable Google Authenticator (2FA), and link a separate email account.
Wallet management: Create hot wallets (e.g., MetaMask or Trust Wallet), backup mnemonic phrases and store them offline; configure cold wallets (e.g., Ledger or Trezor).
First trading guide: Fiat currency deposit through exchange OTC purchase of USDT, spot trading suggests market order to buy BTC/ETH, single transaction amount ≤ 5% of liquidity.
3. Risk management
Position allocation strategy: Suggested ratio: 70% mainstream coins (BTC/ETH) + 20% potential altcoins + 10% cash.
Anti-fraud rules: Beware of 'hundredfold returns' meme coins; any links/customer service asking for mnemonic phrases/verification codes are scams; be cautious with contract leverage, the liquidation rate for newcomers exceeds 95%.
Take profit and stop loss tools: Set triggering conditions: sell in batches at a 30% profit, enforce stop loss at a 15% loss; recommended tools: Binance 'conditional orders', OKX 'strategy trading'.
4. Learning paths and resource recommendations
Knowledge acquisition channels: Data analysis (CoinMarketCap, Defillama), industry news (Golden Finance, CoinDesk), tutorial resources (Binance Academy, Bilibili (Xiao Zhen Blockchain Open Class)).
Advanced skill development: Technical analysis (learning candlestick patterns, MACD, RSI indicators, using TradingView to review historical trends), project research (reading white papers, focusing on team background, tokenomics).
Community interaction suggestions: Join official Telegram/Discord communities, be wary of 'shouting groups'; participate in DAO governance voting, understand decentralized decision-making mechanisms.
5. Long-term survival rules
Mindset building: Refuse FOMO (fear of missing out), opportunities always exist in the market; focus on learning during bear markets, practice cognitive accumulation during bull markets.
Compliance and taxation: Understand local policies, such as the requirement to report cryptocurrency income tax in the United States; trading record export tool: Koinly (automatically generates tax reports).
Cutting-edge technology tracking: Focus on Layer 2 scaling solutions (e.g., Optimism), progress in zero-knowledge proofs (ZKP); explore emerging tracks like RWA (real-world asset tokenization).
Through the above steps, novices can gradually build their knowledge system in the cryptocurrency world and continuously learn and grow in practice. Welcome to learn from each other!
One tree does not make a forest, a lonely sail does not go far! In the crypto circle, if you do not have a good network, and lack first-hand information, then I suggest you follow Lao Wang, who will help you get started for free. Welcome to join the team!!!