Before entering the crypto world, it's essential to understand some basic concepts clearly; otherwise, it's easy to step into pitfalls from the start.

First and foremost, the biggest difference is that cryptocurrency trading hours are completely different from stocks. Stocks have fixed trading sessions, but the crypto market operates 24/7, 365 days a year, with no closing hours. Holidays like Labor Day, National Day, Spring Festival, or weekends don't exist in the crypto world because users are spread across different time zones worldwide, and market fluctuations can happen at any time. That's why some say the crypto market never sleeps.

Another important difference is the lack of daily price limit restrictions. Those who have traded stocks know that A-shares have daily涨跌停 (limit up/down), but the crypto market has no such restrictions. This is part of what makes trading exciting—the price can be stable one second and then skyrocket or nearly zero out the next. Such extreme volatility isn't seen in the stock market.

The entry barrier is also much lower. The minimum purchase unit for stocks is 100 shares, but in crypto, you can buy as little as 0.0001 BTC. With just a few hundred or thousand dollars, you can start trading without waiting to accumulate whole units.

In terms of trading methods, stocks follow T+1, meaning you buy today and can only sell the next day. In contrast, the crypto market achieves true T+0 trading—you can sell whenever you want, anytime you want to buy or sell, with no restrictions.

When it comes to placing orders, there are two main types to understand. Limit orders are when you specify a price—for example, if Bitcoin is at $6,500 and you want to buy at $6,300, you place a buy order at $6,300. Once the price drops to that level, the order executes, possibly even at a lower price. Market orders are executed immediately at the current market price—fast but the price may not be ideal.

The concepts of bull and bear markets are also very important. A bull market is characterized by a generally rising trend, lasting a long time, with optimistic market outlooks; a bear market is characterized by a declining trend, with significant drops and bleak prospects. These moods influence the entire market environment.

Profit-taking (止盈) and stop-loss (止損) are skills every trader must learn. Profit-taking involves selling at a certain profit level to lock in gains and avoid missing the peak; stop-loss involves closing positions when losses reach a certain point to prevent further damage. It sounds simple, but in practice, it can be psychologically challenging—especially stop-loss, as many traders hope for a reversal, but often losses only grow larger.

Being "stuck" (套牢) means after buying, the market moves against your position, and the loss exceeds your risk tolerance, with no sign of recovery in the short term. "Unsticking" (解套) refers to the market rebounding later, turning losses into profits.

Overbought and oversold are technical analysis concepts. Overbought indicates that the price has surged rapidly in a short period, with buying exhausted, and is about to decline; the Relative Strength Index (RSI) usually exceeds 75%. Oversold means the price has dropped sharply, with selling exhausted, and is about to rebound; RSI typically falls below 25%. Simply put, prices have reached extremes and are due for a correction.

Manipulative tactics like誘多 (诱多) and誘空 (诱空) are common tricks used by market makers.誘多 involves creating a false appearance of an upward trend to attract buying, only to see the price fall instead;誘空 involves creating a false downward trend to induce selling, but the price then rises. Recognizing these traps is crucial.

"Cutting meat" (割肉) is a painful term—it refers to buying at a high point and then selling at a low to cut losses. Although it sounds unpleasant, cutting losses is a necessary skill for investors. Unrealized losses are just on paper; only when you actually sell do they become real losses. Don't hold on stubbornly out of stubbornness, as that only increases your losses.

FOMO (踏空) means missing out on a rally or having sold your coins before they rise again. This feeling of regret is common in crypto trading.

In summary, the flexibility of trading hours and the freedom of trading rules in the crypto market are both opportunities and risks. Because there are no time restrictions or daily price limits, market movements can be very rapid, creating many opportunities and traps. Understanding these basic concepts is essential for better survival in the market.