Beginners just entering the cryptocurrency space often step into pitfalls and pay tuition fees? As someone who has been through it for years, I've organized these 9 practical tips to help you avoid 90% of the beginner traps—
1. Enter with spare money; going all in = gambling with your life.
Cryptocurrency volatility can make you double your money in a day or lose everything overnight. Only play with 'money that doesn't affect your life'; never touch your mortgage, car loan, or living expenses; and definitely don't use loans to trade cryptocurrencies—there are no winners among gamblers.
2. First, understand the difference between 'mainstream coins' and 'altcoins'.
Mainstream coins (BTC, ETH, etc.): Large market cap, strong consensus, relatively controllable volatility, suitable for beginners to build their foundation;
Altcoins: Small coins can rise and fall like a rocket, potentially doubling or going to zero; it's recommended to understand mainstream coins first before diving into altcoins.
3. 'Guaranteed high returns' = a warning sign for a scam.
Any project that tells you 'guaranteed profits' or 'safe and easy earnings' is 99% a scam. There are no high returns without risks in the cryptocurrency space; remember: what's falling from the sky is not a pie, but a sickle.
4. Learn to read candlestick charts, but don't get addicted to short-term trading.
Understanding some basic technical analysis (support and resistance levels, etc.) can help you avoid pitfalls, but don't chase prices every day. The transaction fees and error rates from short-term trading may cause you to lose faster than you earn. Holding quality assets is more reliable than reckless speculation.
5. Private key = lifeline; losing it means truly 'going to zero'.
Wallet private keys / mnemonic phrases are the only proof of your assets; once leaked or lost, no one can help you.
✅ Correct approach: Write it down on paper, hide it in a safe place;
❌ Absolutely forbidden: Screenshots, storing it on your phone, telling anyone.
6. Don't let 'FOMO emotions' cloud your judgment.
Feeling tempted when you see others flaunting profits? Don't rush to chase! The common rule in the cryptocurrency space is: when you chase high prices, it's when others are cashing out. Remember to 'buy when no one is paying attention, sell when the crowd is clamoring'.
7. If you don't understand, ask, but filter information with your brain
It's fine for beginners to join communities for communication, but be cautious of 'strangers offering private trades' and 'insider information'—80% of scams start with 'enthusiastic guidance'. You can listen to information, but judgment must be made by yourself.
8. Keep learning, don't be a 'cryptocurrency illiterate'
You need to understand basic concepts like blockchain, Web3, and DeFi, otherwise, you might easily fall for someone else's scheme. The industry changes fast; those who don't learn will eventually be eliminated by the market.
9. Don't fantasize about 'getting rich overnight', first aim to 'survive'
Indeed, some people get rich in the cryptocurrency space, but more people quietly lose everything and leave. Lower your expectations, first learn to control risks and accumulate experience, and over the long term, it will be easier to make money.
There are many opportunities in the cryptocurrency space, but there are even more traps. In the beginner stage, 'minimizing losses' is 'earning'. Following these 9 points can at least help you avoid most fatal pitfalls.
If you don't understand, you can ask Duoduo or follow Duoduo's operations, that's also okay. If you want to join, just say: Take me!!!
