Newcomers in the Cryptocurrency World: Ten Rules to Help You Avoid Pitfalls
As a newcomer in the cryptocurrency world, do you feel like there are pitfalls everywhere? Don't worry, I'm here as an 'old bird' to give you some tips to ensure you thrive in the crypto space!
Make Your Own Decisions, Don't Trust 'Gurus'
There are many 'gurus' in the cryptocurrency world, but who can tell the real from the fake? Remember, investing is your own business, don’t be swayed by others’ words. Do your own research; that’s the hard truth!
Invest Spare Money, Don't Go All In
Investing in cryptocurrency is frighteningly risky, and with one wrong move, you could lose everything. So, play with spare money, and never touch your essential living expenses, let alone borrow to invest, or you will regret it!
Start with Mainstream Coins, Take Steady Steps
Mainstream coins like BTC and ETH have smaller fluctuations and stable long-term value. Newcomers should start with these before considering others once they gain experience. Altcoins can be too risky; newcomers should be cautious!
Stay Away from 'Pie in the Sky' Projects
Projects promising 'capital preservation with high returns' or 'guaranteed profits' are red flags. Remember, there are no free lunches; only traps fall from the sky. Don’t be blinded by these sweet words!
Learn Some Candlestick Basics, Don’t Get Hooked on Short-Term Trading
Learning some basic technical analysis can be helpful for investing. However, don't get obsessed with short-term trading; fees and mistakes can lead to faster losses. Holding quality assets for the long term is the way to go!
Protect Your Private Key, Don’t Leak It
The private key or mnemonic phrase of your wallet is the lifeline of your assets. It must be stored offline securely; never take screenshots or share it with anyone! Otherwise, your assets could be wiped out!
Stay Calm in the Face of FOMO
Seeing others making a fortune? Don’t get tempted. Often, chasing high prices leads to regret. Remember the popular saying in the crypto world: Buy in despair, sell in euphoria. Stay calm and don’t let emotions control you!
Ask When You Don’t Understand, Filter Information
As a newcomer, don’t hesitate to ask questions. You can join several cryptocurrency chat groups, but learn to discern true from false information. Especially when strangers contact you, be cautious and guard against scams!
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