A much-requested feature added to Mastodon 4.2.0 is the ability to follow accounts in Lists while hiding them from your Home timeline.
To do this:
1. Log into your server's website
2. Click on Lists (on mobile it's an icon with three dots and three lines)
3. Click on the list whose contents you want to hide on Home
4. Click the slider icon in the top right corner
5. Activate the option labelled "Hide these posts from home"
(Note that this hides that specific list's entire contents from Home.)
The Federated timeline on your server will be a bit of a firehose, you might find the Explore section more useful?
There are also many other ways of discovering accounts and posts, for example you can follow hashtags and then tags on those topics will start appearing in your home timeline.
To follow a hashtag, search for it, select the tag you want, and then click the follow button in the top right corner.
More ways to discover people here: https://fedi.tips/how-do-i-find-accounts-to-follow-on-mastodon-and-the-fediverse-how-do-i-find-my-friends/
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