Remember, trading cryptocurrencies is not about getting rich overnight, but taking one step at a time:
1. Never invest money that you cannot afford to lose.
For example, putting your entire living expenses for three years into the crypto market could be a big pitfall. If you can't make money, can you still sleep well? If you lose money, you might even be worried about the numbers in your wallet while dreaming at night.
2. When the market moves, stay calm, and don't let temporary madness cloud your judgment.
When the market is booming, not everyone can become a harvesting machine for retail investors. Remember: 'What rises too quickly may fall just as fast.' Don't be impulsive, stay calm, and have confidence.
3. Do not put all your eggs in one basket.
Don't put all your funds into one cryptocurrency. If you hit a landmine, the loss will be significant. Diversification is to ensure that even if one coin crashes, you can still preserve some profits from others.
4. Remember: Long-term is gold, short-term requires caution.
If you can hold onto your coins for a few years without selling, you might earn more; however, short-term speculation can easily lead to confusion from market fluctuations.
5. Don't listen to others' nonsense; do your own homework.
When watching market forums and WeChat groups, don't easily believe others' so-called 'money-making secrets.' No one will easily tell you their secrets to making money; all successful investors have spent countless hours on research.
6. Do not let fear and greed control you.
When you hear that the market is in panic or greed, never act impulsively to make a decision. Fear is a signal to sell, and greed is a reverse signal to buy. Respond calmly and make rational decisions.
7. The moment you start to think you know everything is actually the most dangerous time.
This is a major taboo in the crypto world. Every seemingly simple market fluctuation may hide risks that you haven't seen. Stay humble and be ready to accept the lessons the market gives you.
8. Manage your funds well, and never over-leverage.
Leverage is a double-edged sword; if used improperly, it can lead to huge losses. Leveraged trading is like walking a tightrope at a high altitude; a slight mistake can result in a severe fall. Remember, don't gamble with your luck.
These iron rules are like the 'survival laws' of the crypto world. Understand them well, reflect on them, avoid the mentality of extreme ups and downs, prepare well, stay calm, and seize opportunities.
Likes contracts, enjoys researching market trends and technical analysis. With years of experience and skills in the crypto world, I share for free. I'm waiting for you in the circle, always online, welcome to discuss and improve together.