If you want to make your first million in the cryptocurrency world, there are a few things you need to clarify: the risks are high, the price volatility is fierce, and you may take a lot of detours at the beginning. Below are some practical suggestions for beginners, but don't forget, don't risk money you can't afford to lose.
First, understand clearly before taking action (this is more important than skills)
Don't think about getting rich overnight
Many stories about getting rich overnight are exaggerated. In the cryptocurrency world, losing money, being scammed, and projects running away are common occurrences.
For example, if you only have 100,000 in capital, you need to earn 10 times; if you only have 10,000, you need to earn 100 times! Think about how high that risk is.
Learn the basics
You need to understand how blockchain operates, how to securely use wallets, what exchanges are, what Gas fees are, and what the economic model of tokens is.
I recommend using a few tools: CoinGecko for data, DeFiLlama for on-chain information, and TradingView for technical analysis.
Second, practical strategies (depending on how much risk you can tolerate)
Low-risk strategies (earning 10%-50% in a year)
Buy Bitcoin or Ethereum, then patiently wait. When the price drops during a bear market, for example, if Bitcoin has dropped significantly, regularly buy a little, and hold it until the bull market.
You can also look for arbitrage opportunities, such as price differences between different exchanges or earning small money through stablecoin mining.
Medium to high-risk strategies (which could either lead to total loss or significant gains)
Try new assets that have just been released, like IEO projects from exchanges, but you must thoroughly research the team and token rules.
Or participate in the Ethereum L2 ecosystem, there may be airdrop rewards, but you need to keep an eye on the progress.
Meme coins can also be played with, but only with a very small amount of money, like 5%, and you must set a stop-loss point.
Extremely high-risk strategies (suitable only for the bold)
Do contract trading, but you need to understand technical analysis very well, and your win rate needs to be high. Beginners are best off practicing on a simulated account first.
Or play around with dog coins, but this is very risky, you must be prepared to lose it all.
Third, how to manage risks
Allocate your money wisely
Most of your money (for example, over 60%) should be in mainstream coins, a small portion (within 30%) in altcoins, and even less (within 10%) in meme coins.
Don't let the loss of each trade exceed 2% of your total funds.
Don't trust rumors
Most of the 'insider information' online is deceptive; you need to check on-chain data to see what the big players are doing.
Set a clear exit plan
If you make money, withdraw some principal; if you lose money, don't stubbornly hold on, for example, if you lose 20%, just walk away.
Fourth, look at other people's examples (this is not investment advice)
For example, when DeFi was booming in 2020, early participants made a fortune, but there were also risks.
Fifth, mental preparation is also very important
You have to accept price volatility, don't panic due to black swan events.
Don't follow the crowd, don't be envious when prices rise, and don't be unwilling when you lose.
Full-time trading requires time for research, but if you don't have time, dollar-cost averaging or long-term holding is also a good option.
To earn 1 million, the key is to patiently accumulate during bear markets and be decisive during bull markets. Don't rush, give yourself 3-5 years to plan. Of course, if you want to speed up, you'll need to spend more time learning on-chain data analysis and project evaluation.
Finally, if you are a beginner and really don't know where to start, finding a reliable person to guide you is also a good choice.
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