Several pieces of advice for newcomers in the cryptocurrency world
First Advice
The cryptocurrency market has already gone through its phase of wild explosion; the next stage is formal financialization, a phase of competition among capital institutions.
Stop dreaming about multiplying a coin by tens or hundreds of times; given the current market sentiment, coins that can increase a hundredfold are exceedingly rare.
Even if a bull market truly arrives, there won't be many coins that can multiply by more than 50 times.
Second Advice
Investing in the primary market can indeed yield high returns on small investments, but those who recommend playing in the primary market won't tell you that 99% of projects will go to zero.
Even if you are on some smaller exchanges, when certain KOLs start shedding their chips, they will likely tell you to hold on tight; they have already made their exit.
Third Advice
Playing contracts with full leverage may earn you a lot of money, but it can also lead to significant losses.
I doubt anyone will tell you this, but the essence of trading lies in rolling over positions, not just how much profit you made from a single trade.
Fourth Advice
Generally, when people are wildly speculating on a certain coin, it often means the end is near.
At this point, if you have been holding this coin, you might consider exiting.
If you don't already hold this coin, it's best not to enter the market at this time, as there is a 90% chance you will be left holding the bag.
Fifth Advice
If you are a university student, prioritize your studies and treat trading as a supplement. If you are a young person under 25, focus on self-improvement, using trading as a supplement. If you are under 30, prioritize finding a stable source of income, treating trading as a supplement.
Trading is a tough battle, not something that can be mastered overnight. Additionally, trading is a time-consuming journey. Even exceptionally talented traders need to work for five years to achieve financial freedom. Having excellent off-market earning abilities and a platform that can provide continuous funding plays a significant role in our success, yielding results with less effort.
Sixth Advice
Fortune does not enter a home without virtue, and wealth does not enter through urgent doors.
Under what circumstances is water suitable for nurturing all things? Is it that water is suitable for nurturing all things only when it is still?
So, when you make a profit from trading, please don't be overly arrogant; when you incur losses, don't be overly self-critical. It's crucial to understand the principle of 'profits and losses stem from the same source.' Regardless of whether you are making or losing money, take time to reflect on your trades, questioning why one trade was profitable and why another was a loss. Remember, a person who is emotional cannot trade well.
Seventh Advice
People won't easily tell you how to make money; if someone tells you how much you can earn by investing in this coin, be cautious, as they might just want to fleece you.
Eighth Advice
Don't trust those who post their trading profits too much; they may only have made a profit on a certain position while many are likely at a loss. They post to gain your recognition, possibly to exploit you.
Ninth Advice
People who trade contracts ultimately end up with nothing; the accuracy of this is as high as 99%. Don't doubt it, because human desires are limitless, and very few can truly quit gambling behavior and trade rationally.
After a hundred trades, if you lose control once, all previous profits plus your principal will be lost in an instant.
Tenth Advice
To excel in trading, you should have your own insights rather than blindly follow others' opinions. It's like when a blogger shares their profitable experiences; they can profit from their theories, but when you hold onto those theories and incur losses, it is often due to personal factors. It's like studying (Wang Yangming's philosophy); just because you've read it doesn't mean you can achieve 'unity of knowledge and action' like Mr. Wang Yangming.
Therefore, figuring out your own money-making theory is the key to stable profits; treat others' experiences as fertilizer, serving as a reference for building your own theory regarding what works and what doesn't.
Eleventh Advice
Engage with some veterans in the cryptocurrency space, even if they are individuals who have been trading for years and still incur losses. By spending time with them, you can discover the reasons for your own losses, avoid some of their pitfalls, and trade in the opposite manner, only to find out that, hey, making money is that simple.