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李大嘴
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Advice for Newcomers in the Cryptocurrency World
1. Don't touch contracts!!!
In the cryptocurrency world, there are not only beginners but also many experienced and skilled traders who have lost everything in contracts. Beginners should focus on spot trading and hold their assets.
2. Don't play with small coins
Most small coins in the cryptocurrency world are designed to exploit inexperienced investors. They can drop to zero or lose over 99% of their value. Avoid playing with lesser-known coins; stick to mainstream cryptocurrencies.
3. Don't use small exchanges
Small exchanges carry the risk of sudden shutdowns or losing access to funds, making it impossible to withdraw your money. It is advisable to use mainstream exchanges and consider spreading your funds across these exchanges.
4. Don't have overly high expectations
The era of tenfold or hundredfold returns is over. Now that major institutions and elite investors have entered the market, big profits are no longer available. Achieving a doubling of investment is already quite good; if a beginner can avoid losses, they have outperformed over 90% of traders.
5. Don't store money in unknown wallets
For large amounts of money, it is advisable to use wallets because exchanges carry risks. If using small wallets, there is a risk of them disappearing as well.
6. Don't engage in ultra-short-term trading
The cryptocurrency market is highly volatile; it's common for Bitcoin to drop 20% in a day, and altcoins can lose half their value overnight. Short-term trading is difficult to control; instead, hold onto your assets.
7. Set stop-loss and take-profit levels
Set targets for yourself. If the price drops to a certain level, execute your exit strategy. If it rises to a certain point, sell decisively and don't worry about how much it goes up afterward. Many people lose in a bull market simply because they don't take profits in time.
8. Don't bring all your funds into the cryptocurrency market
The risks in the cryptocurrency market are too high. Both entering and exiting can involve risks, so it's recommended to use your spare cash and start with a small amount to practice.
9. Continue learning
People cannot earn money beyond their understanding. Even if you make a lot of money initially, if your knowledge doesn't keep up, you'll likely lose it all back quickly, and it could lead to significant losses. Keep learning continuously.
1. Don't touch contracts!!!
In the cryptocurrency world, there are not only beginners but also many experienced and skilled traders who have lost everything in contracts. Beginners should focus on spot trading and hold their assets.
2. Don't play with small coins
Most small coins in the cryptocurrency world are designed to exploit inexperienced investors. They can drop to zero or lose over 99% of their value. Avoid playing with lesser-known coins; stick to mainstream cryptocurrencies.
3. Don't use small exchanges
Small exchanges carry the risk of sudden shutdowns or losing access to funds, making it impossible to withdraw your money. It is advisable to use mainstream exchanges and consider spreading your funds across these exchanges.
4. Don't have overly high expectations
The era of tenfold or hundredfold returns is over. Now that major institutions and elite investors have entered the market, big profits are no longer available. Achieving a doubling of investment is already quite good; if a beginner can avoid losses, they have outperformed over 90% of traders.
5. Don't store money in unknown wallets
For large amounts of money, it is advisable to use wallets because exchanges carry risks. If using small wallets, there is a risk of them disappearing as well.
6. Don't engage in ultra-short-term trading
The cryptocurrency market is highly volatile; it's common for Bitcoin to drop 20% in a day, and altcoins can lose half their value overnight. Short-term trading is difficult to control; instead, hold onto your assets.
7. Set stop-loss and take-profit levels
Set targets for yourself. If the price drops to a certain level, execute your exit strategy. If it rises to a certain point, sell decisively and don't worry about how much it goes up afterward. Many people lose in a bull market simply because they don't take profits in time.
8. Don't bring all your funds into the cryptocurrency market
The risks in the cryptocurrency market are too high. Both entering and exiting can involve risks, so it's recommended to use your spare cash and start with a small amount to practice.
9. Continue learning
People cannot earn money beyond their understanding. Even if you make a lot of money initially, if your knowledge doesn't keep up, you'll likely lose it all back quickly, and it could lead to significant losses. Keep learning continuously.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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