How can newcomers in the cryptocurrency space avoid pitfalls?

1. Be cautious with contracts

Before beginners engage in contracts, they must understand clearly about position management, full position, incremental position, high and low multiples, take profit, and stop loss. Don't recklessly go all in right from the start.

2. Don't casually trade small altcoins

Most small altcoins in the crypto space are designed to exploit investors, dropping to zero directly, falling over 99%. Avoid small market cap coins that you haven't heard of; instead, choose mainstream coins. Unless you have insider information, it's nearly impossible for retail investors.

3. Avoid small exchanges

Small exchanges always carry the risk of running away, or disconnecting, which means all funds inside can become inaccessible. It's advisable to use mainstream exchanges, or to diversify your funds across mainstream exchanges.

4. Don't store money in unknown wallets

If you have significant funds, it's recommended to keep them in wallets, as exchanges also come with risks. Even small wallets can pose a running risk.

5. Set stop loss and take profit levels

Set targets for yourself; if the price drops to a certain level, exit decisively. If it rises to a certain level, sell decisively, regardless of how much it may increase afterward. Many people lose in bull markets because they don’t take profits in time. Avoid excessive frequent trading.

6. Don’t bring all your funds into the crypto space

The risks in the crypto space are too high, and there are risks with both inflows and outflows. It's advisable to start with a small amount of your spare money to practice in the crypto space.

7. Continuously learn

One cannot earn money beyond their understanding. Even if you make a lot at first, if your knowledge doesn't keep up, you will quickly lose it back, and it can be quite burdensome. Keep learning to improve your understanding.

Follow me for more insights on avoiding pitfalls, and let’s help you reach the peak of the crypto world!

Yesterday, I advised fans to go long on Ethereum at 2900, perfectly taking profit at 2980 and 3020.

Popular altcoin RIVER65 went long, and after taking profit at 77, it plummeted. This is real skill.

Do you want this quality strategy? Take action rather than just thinking about it; choice is greater than effort.