How to buy new coins in the cryptocurrency circle?
Buying new coins, especially those that have just been launched, is indeed very tempting. After all, many new coins are low-priced and have a large room for growth, but it is also full of pitfalls. If you really want to try it, it is recommended to follow these steps:
1. Study the project background first: Don't "rush" right away.
See who the project owner of this new coin is, whether there are actual application scenarios, whether the white paper is reliable, what the team background is, etc. Many new coins will be hyped up when they first come out, but there are not many that really have technology and team support. We must have our own judgment and don't blindly chase hot spots.
2. Choose a reliable exchange: New coins will generally be launched on small exchanges first, and then have the opportunity to go to large platforms, so if you decide to buy, you must find a safe and reputable exchange. Be careful of those "wild chicken" platforms, which may deceive you into coming in, and then run away, and your money and money are gone. While big platforms like An, Huobi, and Coinbase are highly secure, most new ones will first appear in some small exchanges, so you should pay more attention to the risks.
3. Test the water with a small amount of funds, don't bet heavily: the new market fluctuates greatly, and the ups and downs are drastic when it is just launched, so try it with a small amount of money first, don't be too lazy. Buy a little at the beginning, find out the trend and then decide whether to increase the position, and control the risk. If it falls, you won't lose too much. If it rises, it will be a good start.
Choose the right time: when the new currency is just launched, there will often be a surge first, and then a sharp drop immediately. This is called "smashing the market", mainly for early holders to cash out. Therefore, don't rush into the market as soon as it goes online. You can observe for a few days and wait for the price to stabilize slightly before considering buying. Don't rush to "chase high", be calm, there will always be opportunities.
Be ready to stop loss at any time, and stop when you see a good opportunity: the new currency fluctuates greatly, sometimes it rises several times overnight, and it may be cut in half the next day, so you must have the awareness of stop profit and stop loss +. When you earn a certain percentage, you can sell part of it first, leaving some profit, at least to make yourself "back". If the price keeps falling, you must leave the market decisively when it falls to the stop loss point you set. Don't expect it to "rise back up", there are many cases where the new currency becomes "dead currency".
