A Beginner's Guide to Cryptocurrency Trading

Many newcomers often feel confused and helpless when they first enter the cryptocurrency circle. They often lose more and more money when they play around. Whenever someone asks me if I can guide them, I am actually very embarrassed because in this market, only scammers can guarantee to win money. All I can do is to share what I know with you as much as I can.

Here are some things I have sorted out that newcomers must do:

1. Choose an exchange: There are so many exchanges that it is dazzling. If you ask casually on social media, a lot of people will come up to recommend it to you. But here you should pay special attention to the fact that many platforms have customer losses (that is, they pull you in to lose money, and they share the money with the platform). At present, relatively safe ones include BN, OKX, GATE, etc. Among them, BN is the largest, OKX is the simplest to operate, and GATE has the highest cost-effectiveness. Remember to download exchange applications from reliable channels to avoid encountering fake platforms.

2. Avoid high-leverage contracts: The main reason why many newcomers lose money is the blind use of high-leverage contracts. I suggest that novices should not touch contracts at the beginning. You can buy some spot or try to use contract grid robots to familiarize yourself with the market for a month, and then make a decision after you have a certain understanding.

3. Continuous learning: The currency circle is a place where you need to keep learning. Only by constantly learning and improving your trading system can you slowly start to make a profit. The tuition paid in the early stage must be small, otherwise you will find it difficult to make up for it later. You can watch videos on social media to learn what are support levels, pressure levels, moving averages, MACD and other indicators. With these foundations, you will at least have a direction, instead of blindly guessing the rise and fall.

4. Open a rebate account: The handling fees for short-term contract transactions are often very high. If you don’t open a rebate account, the handling fees may become your biggest source of loss. Regarding the handling fee issue, you can consult professionals.

5. Pay attention to the news: The currency circle attaches great importance to the news. Sometimes a sudden good news can make the currency price rise sharply. If you don’t pay attention to the news, you may feel confused and don’t know why the currency price suddenly rises or falls sharply. But a person's information is always limited, so it is very important to join a good circle where everyone can share the news they see in the group in a timely manner and take care of each other.