If youâre at the start of your journey on the Binance platform, these rules will save you from a lot of losses and set you on the right path:
Invest only what you can afford to lose: donât borrow money or use your essential savings for trading. The cryptocurrency market is highly volatile.
Avoid futures contracts (Futures) entirely: as a beginner, focus only on spot trading (Spot) to protect your capital from liquidation.
Do your own research (DYOR): Donât buy a coin just because someone recommended it or you saw it in a video. Study the project and the strength of its team before making a decision.
Donât chase green candles (FOMO): Buying out of fear of missing out when a coin is soaring often ends in losses. Wait for a correction (a price drop).
Use a dollar-cost averaging (DCA) strategy: divide your capital and buy in installments over time instead of investing all your money at a single price point.
What was the first cryptocurrency you bought, or are thinking of buying? Share with us in the comments! đ