"Guide to Avoiding Pitfalls" and Practical Rules for Cryptocurrency Trading: Simple and Rough Version

Three Things You Should Never Do

1. Don't chase the rise, learn to operate in reverse

Many people always think about "chasing hot spots" and rush in when they see the price rise, but they are often trapped. Remember: you should be afraid when others are greedy, and you should be greedy when others are afraid. When the price falls, it may be a good opportunity to pick up bargains, so develop the habit of buying at low points.

2. Leverage is a double-edged sword, use it with caution!

Leverage can magnify profits, but it can also make you blow up your position instantly. For example: use 10 times leverage to buy 10,000, and the price will drop by 10% and return to zero directly. Instead of thinking about "getting rich overnight", it is better to practice with your own funds first, and then use leverage cautiously when you have experience.

3. Don't go all-in

Put all your funds on one order, and once the direction is wrong, there is no way out. There will always be new opportunities in the market, and the cost of full-position operation may be much higher than you think-for example, missing other potential profit points.

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