First, divide the money into three parts; first, learn to feel the market. Let me tell you how to use each part.
Keep a good mindset; don’t think right away that you want to earn 10 times or 100 times. That is unrealistic.
A portion of the money is used for learning to farm, participate in new projects, and other on-chain operations.
Many newcomers added me, and most of them start with the same question: how much money can be made in the cryptocurrency world? Honestly, hearing this, I am somewhat speechless. In the cryptocurrency world, indeed, many people have made a lot of money and achieved a leap in social class, but will that be you as a newcomer?
As a newcomer just entering the cryptocurrency world, the first thing you should think about is risk, not about how much money to make. You should consider how much money you are investing in this project, what will happen if you lose that money, and how it will affect your life and to what extent.
For newcomers, the first step in entering the field is to master the most basic knowledge, such as registering on exchanges, depositing, withdrawing, and transferring, how to add networks in the MetaMask wallet, how to find the contract address of tokens, and how to add tokens through the contract address in the wallet.
For example, newcomers entering the Bitcoin ecosystem should first master the installation, depositing, withdrawing, and transferring of Unisat, Xverse, and OKX wallets, how to switch these wallets' address types, how to switch between mainnet and testnet, how to participate in new projects through platforms like ID and GeniiData, how to buy and sell BRC20 tokens in Unisat and OKX markets, how to find NFT collections in Me trading market, and how to buy and sell NFTs, etc.
As a newcomer, you need to practice these. When projects come up, you can start with small funds to experiment and practice, participating with a zero-sum learning attitude to gradually accumulate experience, rather than coming in thinking about how much money to earn right away. If a newcomer does not improve their execution and learning, even if they happen to make some money now, they will eventually lose it due to a lack of solid foundations or other reasons.
A portion of the money should be used to 'experiment'; you can try altcoins, engage in contracts, and do swing trading. This part of the money is meant for tuition, teaching you to respect the market.
As long as you are a newcomer just entering the field, too many 'well-meaning people' will message you, wanting to take you to play.
Newbies are the most favored by scammers because they have many questions, and only scammers will patiently answer them. Scammers have the highest tolerance for them because they immediately focus on their wallets.
Some will directly take you to play with low-quality coins, telling you about a certain coin. Most of these are self-issued coins, and a whole set of coin issuance processes has already formed.
Also, you might see some teachers flaunting contract profits, and when you see others showcasing returns of several times or dozens of times, you get tempted and want to engage in contracts.
Congratulations, you will at least have to pay a lot of tuition in contracts.
Some scammers create paid contract groups. When you ask, they might say 2000 U for a month to join the group or 500 U for a month to join. Some might even say for a year.
If someone says they have been in this for a year, they must be a novice and haven't played before, because no one stays in a contract group for a year without losing everything by then.
Also, some groups are free, but you must register your account using their invitation code, and you must have trading funds; they will verify your capital. Then they will show off to you, and you won’t be able to resist depositing and trading. Your trading fees will also have rebates.
The profit is your trading fees; if they are even more unscrupulous, they might take you to small exchanges to eat losses together.
I previously read an article saying that an ordinary person exploring on their own needs at least three cycles to make money.
In the first cycle, you see all kinds of get-rich myths and enter with confidence; those with high risk tolerance may even borrow money. But in the end, you can hardly keep your wealth and are taken away by various tricks.
In the second cycle, you have learned from the lessons of the previous cycle, mastered basic operations, understood candlesticks, volume and price, and learned the basic rules of cycles; you learn to diversify your positions.
The bull market has come, and you watch the coin price rise with the market’s emotions, feeling extremely excited. Your position starts to double, you taste the sweetness of making money, and you think it will continue because the market sentiment is still optimistic. But the bear market comes unexpectedly; you haven’t learned to sell, so you likely follow the market on a roller coaster.
By the third cycle, you might learn to make money in this market.
These three cycles are hard to violate, unless you can follow experienced people, but that’s very difficult.
The last part of the money should be invested at this time, either for dollar-cost averaging, participating in new projects, farming, or arbitrage to make profits; this is when you start to make money.
The cryptocurrency world is indeed one of the ways ordinary people have hope to turn their lives around, but that doesn’t mean the process is smooth. The essence of life is ups and downs, with profits and losses. What remains unchanged is continuous learning, filling in knowledge gaps, letting go of prejudices, and making money is just a matter of time.
Still the same, if you don’t know how to operate in a bull market, click on my avatar, follow me for bull market spot planning, contract strategies, and free sharing.
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