How to avoid pitfalls for novices in the cryptocurrency circle
1. Don’t touch contracts!!!
There are not only novices in the cryptocurrency circle, but also many veterans! Experts! They all die in contracts. Newbies should do spot trading steadily and hold on.
2. Don’t play with small currencies
Most of the small currencies in the cryptocurrency circle are for cutting leeks. If they fall, they will directly return to zero, and fall by more than 99%. Don’t play with those with small market value and those you have never heard of. Choose mainstream currencies.
3. Don’t play with small exchanges
Small exchanges are always at risk of running away, or unplugging the network cable, all the money in them will not be able to be withdrawn. It is recommended to play with mainstream exchanges, or funds can be opened in mainstream exchanges separately
4. Don’t expect too much
The era of 10 times or 100 times in the currency circle has passed. Now that major institutions and elites have entered the market, there is no big bonus. It is very good to double it. Novices have already beaten more than 90% of people if they do not lose money
5. Don’t put money in unknown wallets
If you have large funds, it is recommended to put it in a wallet, because the exchange also has risks. If it is a small wallet, there is also a risk of running away
6. Don’t play ultra-short-term
The currency circle has a large rise and fall. It is also very common for Bitcoin to fall by 20% a day. The altcoin is directly cut in half. It is difficult to control the short-term. Hold the coins in your hands
7. Set stop loss and stop profit
Set a goal for yourself. If it falls to a certain position, resolutely execute and exit.
If it rises to a certain position, resolutely sell it, and don’t care how much it rises later.
Many people lose money in the bull market, but they don’t stop profit in time.
8. Don’t bring all your funds to the cryptocurrency circle
The cryptocurrency circle is too risky, and both deposits and withdrawals are risky. It is recommended to use your own spare money and small funds to practice in the cryptocurrency circle first.
9. Keep learning knowledge
People can’t make money beyond their own cognition. Even if they make a lot of money at the beginning, if their cognition is not up to par, they will lose it quickly, and they may also be responsible for a lot of things. They must continue to learn and improve their cognition.
10. Find an experienced and reliable teacher
There are many pitfalls in the cryptocurrency circle. More than 99% of people lose money in the cryptocurrency circle. Find a reliable and experienced teacher who can learn knowledge. Not to mention making money, at least you can avoid many pitfalls. But don’t look for a teacher who takes orders to do contracts.
