The cryptocurrency space, filled with opportunities and risks, attracts many newcomers eager to try. However, for those new to this area, there are plenty of pitfalls. Here are some suggestions for newcomers who want to venture into the cryptocurrency space.

First, staying away from small coins is a key point. Small coins in the cryptocurrency space often hide huge risks. Most small coins are actually tools for cutting leeks; their price fluctuations are extremely severe. They can lose all their value in the blink of an eye, with declines of over 99% not being uncommon. Never touch coins with very small market capitalizations that you haven't really heard of. In contrast, mainstream coins have withstood the test of the market and are much better in terms of market recognition, stability, and liquidity.

Secondly, do not set your expectations too high. There was once a time in the cryptocurrency space when there were astonishing tenfold or hundredfold price increases, but that era of huge dividends is long gone. Now, with major institutions and elites entering the market, the competitive landscape has changed dramatically. It has become very difficult to achieve significant returns; if you can double your assets, that would already be quite an achievement. For newcomers, just avoiding losses when first entering the cryptocurrency space already puts them ahead of over 90% of people.

Furthermore, ultra-short-term trading also needs to be approached with caution. The price fluctuations in the cryptocurrency space are enormous. For example, Bitcoin can drop 20% in a single day, not to mention altcoins, which can be halved in a very short time. In such an unpredictable market environment, ultra-short-term trading is very difficult to control. Therefore, newcomers should try to hold onto the coins they have and avoid frequent short-term buying and selling.

Next, setting stop-loss and take-profit limits is an important means of ensuring capital safety. Newcomers need to set clear goals for themselves. If the coin they hold drops to the level they set, they must resolutely exit the position and not hold onto false hopes for a rebound. Similarly, if it rises to the set level, they should sell without hesitation, regardless of whether it continues to rise afterward. It’s important to note that in a bull market, many people incur losses because they fail to take profits in a timely manner, losing one opportunity after another due to greed.

Additionally, the amount of capital invested needs careful consideration. The risks in the cryptocurrency space are extremely high, and both entering and exiting involve risks. Therefore, it is recommended that newcomers use a small portion of their idle funds to enter the cryptocurrency space. This way, even if they encounter losses, it won't have too much impact on their life and financial situation.

At the same time, continuous learning is essential. In this market, it's hard to make money beyond one's understanding. Some people may be lucky enough to make some money at the beginning, but if their level of understanding doesn't keep up, they will soon lose that money, and may even go into debt. Newcomers should continuously learn about the cryptocurrency space, including blockchain principles, monetary policy, market trend analysis, etc., to continually improve their level of understanding.

Lastly, if possible, finding an experienced and reliable teacher is a good choice. The cryptocurrency space is full of pitfalls, and in fact, over 99% of people in this circle are losing money. A reliable teacher can not only impart some practical skills and methods but also help newcomers avoid many unnecessary traps, which is greatly beneficial for their survival and development in the cryptocurrency space.

Newcomers must remember these key points to avoid pitfalls and proceed with caution.

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