When you enter a new industry, you need to learn from the beginning. You can learn the fastest from other people’s experiences! This article will talk about the pitfalls and mistakes that are easy to make in the currency circle, as well as some scams. It will definitely be helpful to you! These are my own personal experiences and those of people around me. These pitfalls have caused us to lose a lot. If only we had understood earlier!

We hope our experience can help you save a lot of money and avoid many detours!

1: Wrong account transfer

1: Wrong address

2: Wrong link

I myself transferred the wrong link once when I first joined the circle, and some people copied one digit less. Remember to check carefully to see if the numbers before and after are correct.

2. Stealing a wallet

This has happened to too many people. Everyone should pay attention and put safety first.

1. My friend downloaded an AVE app. The interface was exactly the same, but it was fake. This app would scan the phone album. It happened that his mnemonic was saved in the phone, and tens of thousands of dollars were stolen. The mnemonic must be kept safe. Download the app from the official website. Even if it is real, some apps may steal wallets, so be careful.

2. Authorize various websites, and the authorization may be stolen. You need to use revoke to remove the authorization. If you don’t know how, you can ask me for help.

3. Receive airdrops, but they will be stolen once traded

Three: Holding on to it and not selling it, believing in rubbish knockoffs

Most people make this mistake. At the beginning, they have no experience, don't understand, and believe everything others say. My friend raca made 2 million yuan but didn't run, and many people watched aidogge keep falling but didn't sell.

4: Stick to the past hot spots

Now many people still ask me if people, sand, and gmt can be bought, and the loss is pitiful. This circle likes new things and dislikes old things, and everyone quickly forgets the previous hot spots. The heat has passed, and you will only lose money if you still stick to it. The heat of the metaverse and blockchain games has long passed.

5. The contract is not safe

When buying on the chain, you must at least know how to check the contract. We suffered a lot of losses in the past because we didn't know how to check. Later we slowly learned how to do it. We have encountered all kinds of Pixiu and pool withdrawal. If you don't know how, I can teach you

6. False advertising

There are all kinds of fake propaganda in this circle, you have to verify it. For example, Musk called for orders, did he really call for orders? You have to go and check it out. There are too many fake news.

7. Fake officials and fake online promotion

I have seen a lot of this. Some people will imitate and make the same. With experience, you will know how to distinguish them. There are a lot of fake pushes by Sui.

8: Private fundraising by unfamiliar people

The risk is very high, it is best not to participate if you are not familiar with it, there is nothing you can do if you run away. At least go through the platform

Nine: Trust others’ frequent transactions

Don't believe those who lead you to trade frequently, and don't trade frequently yourself. You are not a god, and there is no god. Running away after making a little profit will develop bad habits. There are no people on this earth who make money through day trading. They are all scammers. I hope you don't do that yourself, don't take detours, the right way to cook is to take the long line. On the wrong path, you can't reach the end of the plate. The biggest enemy of investors is not the market, not anything else, but the investors themselves. Only big fluctuations can make you make big money!

10: Going against the trend

Don't go against the trend, this is very important, the trend is unstoppable. The market trend is the most real, the market trend is always right, you must respect the trend. Some people go against the trend to make orders, such as fil, eos, icp, these trends are falling, if you buy up, it is against the trend

11. Heavy warehouse

Everyone knows this, but you really need to change it. Even if you only have 10,000 U, you should split it up and do a few hundred U at a time. A really good opportunity can be a 10% position. Never go all-in. It affects your mentality and makes you unable to hold the order. Moreover, a loss will seriously damage your vitality. Do a good job of position management. It is not too late to increase investment when you are really capable. The only thing to worry about is that you will be hurt when you are not capable enough.

12. Don’t stop losses if you lose money

You must set a stop loss immediately when placing an order, and never resist an order. It is nothing to make a mistake once, everyone makes mistakes. Don't lose a lot at once.

13. Don’t trust other people’s orders casually

Can't you tell whether a person has the ability or not? In this circle, you have to rely on yourself. You can learn from other people's opinions, but you must not believe them completely. If you don't understand, ask and learn more.

14. Don’t put too much money in small exchanges

There are many that have run away. Recently, DNX went bankrupt, as well as FTX. There are too many!