I have to be honest. When I first entered the market, I was a typical "new coin hunter"—seeing a new launch go live and getting excited, hearing about potential 100x returns and immediately throwing money in. During that half-year, I invested half my salary; the projects either disappeared without a trace or dropped below the issuance price right after launch. I did doubt myself during that time.

After five years of struggling in this market, enduring losses and finally achieving stable profits, I realized: 90% of the pitfalls in the IPO game are ultimately caused by beginners stepping into them themselves. Today, I want to share the core experiences I've summarized over the years, hoping that newcomers can at least lose less.

**The first pitfall: Treating IPOs as a "get rich quick" shortcut**

This is the most deadly misconception. Many newcomers, upon entering the scene, are brainwashed by the wealth stories in the community. They can't wait to grab a new coin, thinking they can just sit back and earn effortlessly. But the reality? I've seen too many projects with whitepapers that sound incredibly impressive—claiming to "revolutionize industry patterns"