I have been playing cryptocurrency since 2013. Over these ten-plus years, I have seen too many legends of overnight riches and witnessed even more people get wiped out and go to zero. Some lessons can only be learned with real money, so today I will share these hardcore experiences.

If you are new to the crypto world or have been slapped in the face by the market a few times, these insights can help you pay less tuition.

**1. The three most common pitfalls**

Never chase high during an uptrend. When the group is boiling over, a certain coin is skyrocketing, and everyone is afraid of missing the train—people rush in impulsively. And then? The price drops shortly after. This is a typical FOMO emotion. When a coin goes from exploding in industry communities to just normal chat groups, and the once lively group suddenly becomes dull, it’s usually a sign that the market is nearing the end. I’ve fallen for this trap many times in the past. Now, I follow one rule: better to miss out than to make mistakes. There are plenty of market opportunities, but your capital is limited.

Another deeper pit is not daring to cut losses. Many people want to "wait until they break even before selling," but end up stuck. The data shows: assets with losses over 50% typically take more than 120 days to recover, with very low success rates. I have a painful lesson myself. I set a $1.50 stop-loss on a certain coin, and when it dropped to $1.40, I was reluctant to sell. As a result, it slid all the way down to $0.80, doubling my losses. Now, I strictly enforce stop-losses, whether based on technical support or psychological thresholds.

Remember one thing: discipline is more helpful for longevity than the dream of getting rich overnight.