Advice for newcomers to the crypto world! Avoid the pitfalls! Read carefully to avoid detours!!
Don't play with small altcoins; most small altcoins are scams that result in losses. They can drop to zero or decline by over 99%. If you haven't heard of a coin and it has a small market cap, avoid it. Stick with mainstream coins.
Do not have overly high expectations. The era of tenfold or hundredfold returns in the crypto world is over. Now, major institutions and elites have entered the market, and the big dividends are gone. Achieving a doubling of investment is already quite good; for novices, not losing money already beats over 90% of people.
Don't put money in unknown wallets. If you have a large amount, it's advisable to keep it in a wallet, as exchanges also carry risks. If it's a small wallet, there is also the risk of running away.
Avoid ultra-short-term trading; the volatility in the crypto world is substantial. It’s common for Bitcoin to drop by 20% in a day, and altcoins can be halved immediately. It’s very difficult to control the short term, so hold onto the coins you have.
You need to set stop-loss and take-profit levels and establish goals for yourself. If it drops to a certain level, execute decisively and exit. If it rises to a certain level, sell decisively, regardless of how much it may rise afterward. Many people lose in a bull market because they do not take profits in time.
Don't bring all your funds into the crypto world; the risks are too high. There are risks involved in both depositing and withdrawing funds. It is recommended to use your spare change and small amounts to practice in the crypto world.
One must continuously learn; without knowledge, one cannot earn money beyond their understanding. Even if you make a lot at first, if your understanding is insufficient, you will quickly lose it back, and it may lead to even greater losses. Therefore, you must keep learning and enhance your understanding.
The trends in the crypto world are full of uncertainty and challenges, but they also contain potential opportunities. Investors should fully understand the related risks when participating in crypto investments, remain calm and rational, and respond to market changes with a prudent strategy!!!
Adding a bit of personal insight
❤️❤️❤️ Trump's coming to power is the biggest positive for the 2021 bull market. I originally thought that during his inauguration, the Trump coin would reach its peak. In the end, I miscalculated twice: once regarding the inauguration time. The inauguration was on January 20 in U.S. time, but it was 1 a.m. January 21 in China, not during the day on January 21. The second miscalculation was that while Bitcoin surged during the inauguration, it was not Trump coin that was surging. Just like when I was duped by HSR into giving away 12 BTC, the more counterfeit, the sooner the good news comes out. The Trump coin peaked a day early at 8 p.m. Beijing time on January 19 (26 hours before the U.S. inauguration time). I initially thought it could reach 100 U.S. dollars, but the next morning at 10 a.m., Trump's wife launched a coin, and everyone rushed in. I posted that this was an IQ filter and a complete trap. The wife coin had no good news and diverted the cash flow from Trump coin and all the emotional, novice traders in the market, catching people who regretted not following Trump, inexperienced novices, and emotional trend-followers, all in one sweep. At that time, my post was ignored and disbelieved by many, and one post was even taken down. Bitcoin reached its peak at 3 p.m. Beijing time on January 20, 10 hours before the inauguration. After the inauguration, I thought the bull market had begun, but it kept declining. I sold all my Trump coins and exchanged them for Doge, and in ten days, my account dropped from 1.1 million U.S. dollars to 780,000 U.S. dollars. After the big positive news, it turned into bad news.#DOGE冲冲冲
Keep it up, friends$BTC
