Advice for Newcomers in the Crypto World

1. Do not touch contracts!!!

In the crypto world, there are not only beginners but also many experienced traders! Many skilled traders have lost everything in contracts; beginners should safely focus on spot trading and hold their assets.

2. Do not play with small coins

Most small coins in the crypto world are designed to exploit inexperienced traders; they can drop to zero, falling by over 99%. Avoid trading small market cap coins that you haven't heard of; stick to mainstream coins.

3. Do not use small exchanges

Small exchanges can have risks of shutting down at any moment, or they might pull the plug, causing you to lose access to all your funds. It's recommended to use mainstream exchanges, and you can also spread your funds across them.

4. Do not have overly high expectations

The era of tenfold or hundredfold returns is over; now major institutions and elites are entering the market, and big profits are gone. Achieving a doubling of your investment is already quite good; if beginners can avoid losses, they are better than over 90% of participants.

5. Do not keep money in unknown wallets

For large amounts, it is advisable to use wallets since exchanges have risks as well. For small wallets, there is also a risk of them disappearing.

6. Do not engage in ultra-short-term trading

The crypto market is highly volatile; it's common for Bitcoin to drop 20% in a single day, and altcoins can be halved. Short-term trading is difficult to manage; it's better to hold onto your coins.

7. Set stop-loss and take-profit levels

Set clear targets for yourself; if the price drops to a certain level, execute your exit strategy decisively. If it rises to a certain point, sell without worrying about how much it goes up afterward. Many lose money in bull markets simply because they don't take profits in time.

8. Do not bring all your funds into the crypto world

The risks in the crypto market are too high; there are risks in both entering and exiting. It's advisable to use some of your spare money for practice in the crypto world.

9. Keep learning

You cannot earn money beyond your understanding; even if you make a lot at first, if your knowledge doesn't keep up, you'll lose it all quickly, possibly incurring heavy losses. Continuous learning is essential.

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