The glare of the screen at 3 a.m. is so blinding that the blood, sweat, and tears of new players in the crypto world are just as hot.

I bet if you've ever touched crypto assets, you've definitely experienced scenes like this: your eyes glued to the candlestick chart, unable to move; cigarette butts piling up one after another; your heartbeat perfectly synchronized with the ups and downs of the candles. Just a second ago, you were secretly celebrating a "perfect bottom fishing," and the next second, the market gives you a free fall, and the red on your account can compete with the Spring Festival couplets. You tap your finger on the screen to stop the loss, but at this moment, the system lags, or you hesitate for half a second, and you're immediately caught in the middle of a mountain. At that moment, you wish you could slap yourself: "Why didn't I act decisively?"

Don’t think this is an isolated case. This is a "must-lesson" that I have performed three times and seen others perform thousands of times in my eight years in the industry. Believe it or not, I have blown up my account three times early on. From the initial confidence of "I am smarter than the market and can precisely catch the highs and lows," to being repeatedly crushed by the market, the tuition fees paid are enough for a down payment on a house in third- or fourth-tier cities.

Over the years, I’ve watched countless newcomers rush in with dreams of overnight riches, only to exit filled with despair over losing everything. But I’ve discovered a pattern: they don’t lose to luck; they step into the same six traps. Today, I’ll share these real lessons from my years of experience. Each one is a price paid in real money. Understanding them can save you three years of unnecessary detours.

Misconception 1: FOMO = Actively Giving Money to the Market

This is the trap most beginners fall into, with no exceptions. Seeing someone share profit screenshots in WeChat groups, seeing market alerts about a coin skyrocketing 50%, the brain instantly activates, and only one thought loops—jump in quickly and don’t fall behind. Rationality? Trading plan? Risk management? All sidelined. When this "fear of missing out" dominates, you’ve already lost. Because the market loves this kind of impulsive, illogical chasing. The result is often buying at the top, becoming the last bag-holder.

That’s how I was initially cut. Seeing a coin surge, I rushed in without considering my capital size, stop-loss points, or profit targets. When the last wave of the market reversed, I realized that anxiety and greed are the two biggest killers of an account. Later, I set a strict rule for myself: before opening a position, I must determine three numbers—how much I can lose, what my target profit is, and what the time frame is. Without these three numbers, no action should be taken.

This is just the first lesson. These six mistakes, when linked together, can almost explain why most newcomers in the crypto world are losing money.