Topic: Friends and Family members want me to invest for them, help! - page 3. (Read 5864 times)

In my little time in cryptocurrency business, personal experience and those I learnt through the mistakes of others has made me to never think of stomaching the idea of helping others to invest in their stead with their money. For the risk is beyond just you lossing that money you use to invest. Surely you will be held responsible for any loss of their money.
There's always this feeling of pressure and anxiety within when you're using another person's money to invest for them. A pressure of not to loss the money, with many distracting thoughts running through your about what their response and reaction might be  if their money fail to yield profit but rather loss.
So it should be better you encourage them to invest in by themselves in the coin of their choice but make sure to advise them to chose to invest in bitcoin cause the coin would really be a good start for them.

If his friends and family are new to investing and trading in cryptocurrencies, it is best that they already know what to know about this investment, its advantages, and its disadvantages. Trading and investing in cryptocurrencies is not always furnished with profit gains. There is a possibility that they will lose their money in this risky investment, even if they are very knowledgeable and experienced in the crypto market, The OP should advise them to educate themselves and gain experience, then decide whether to invest with what they can lose or undo their decision. Good knowledge and conducting research are their first and last weapons in successful investments, and when trading, this will make them obtain information, which will increase their confidence and help them avoid risks.

Having an understanding of how hard it is, and how hard it could be, that could actually be a quite big deal. People who join should realize that there would be at times their 10 dollars will become 2-3 dollars, and that may not look great, but it is actually time to go in even more, whereas there will be times that 2-3 dollars will bounce back to 30-40 dollars.


So, it is not easy to comprehend that type of volatility normally, we in crypto world got used to it already but people who are your friends and family may not understand the logic behind it, and that could cause them to lose a lot of money. That's why you should warn them about the volatility.

Influence has been a common problem to us. We've thought that buying very cheap coins will give us a huge return once it turns bullish but unfortunately, we are just buying shitcoins that have no guarantees that they will move high during the bull season. I become a victim of that thinking as well, I buy them in bulk and hold them, but after many years of waiting and to bull season comes still, nothing happens.

Now, it is to realize that buying cheap/shitcoins are no good at all. We've better packed with expensive ones at least we earn a few bucks in the end.

But not all does have the patience on waiting up yourself  for the price to make out recovery or having those increase and the fact where people do usually get in fear whenever they do see bearish or red market
which it is really the reason on why they are really that missing out those opportunities to get in because they do really have those kind of doubts.In speaking about investment in behalf of your family then its
better that make them know about the risk of this market so that they cant just easily make out decisions that they would invest because most of the time the first impression of those who dont have
any idea of crypto will really be that easy profits.If you dont like to create something conflicts in the future then its better not to handle out investments from them.

After investing, if you can't stay in the bearish price, then you can never make a profit by investing. Before investing, the most important thing is to be bearish. Before investing, think carefully and then invest.  If you want, you have to keep a cool head and invest after that. Then you can make a profit by investing.

That's why if someone asks me about crypto trading then without saying anything directly, I give a link to some important information so that he can know the thing by himself. Those who have not been in this situation will not understand how much pressure it is to manage someone else's fund, I have this bitter experience during the bear market of 2018. So I know how frustrating it is, it has made our relationship worse.

Borrowing money for any investment is risky because it is not always possible for many expert traders to understand the next movement of the volatile market. Everyone expects profit and they never try to understand your situation, they don't even try to understand that you don't really control this market. So if you want to have peace of mind and stress-free trading like yourself, it is better to take less pressure with your funds.

This is why its not really that a good idea on telling them that they would make money or do profit overtime or some period of time which on the time that they would really be getting their profits then your fucked

up and this is why its not really that good on handling out other peoples money.It is really better that you should ignore or refuse if once they would really be approaching you to handle out their money.Its better

that you do tell them about the basics of crypto currency and the things attached to it specially with investing and make them aware on how volatile this market so that they wont really be shocked when
they do saw their investment becomes negative.Just tell them about the truth and its whether they would be accepting it or not.

If you do make yourself agree on putting up into that situation then that pressure is really that extreme.You cant really make out assurance that you would be able to make money
and since those relative or family members or friends of yours whom had entrusted up their money would really be mainly be expecting that they are really making money passively
since you are the ones who had been handling it out which it is really that hard to make out conclusions or assurances that the market condition will really be going on what you are expecting.
This is why its never been recommendable for me or something i dont really allow that others do make their money be handled by me.I cant just take up the responsibility.

There's a pressure indeed. I hate using other peoples money to generate profit since there I'm pretty sure there are constant question and updates you need to do in to the one who provided the money. It is always better to just use your own money in trading or any other crypto generating profit to avoid these kind of pressure and unnecessary hassles. Another disadvantage on using other money is it can break the trust and relationship especially if it is a friend or a family member, I've seen many relationship fall apart because of the money.

I'm personally not a fan of using other money in any reason. I hate borrowing or co-investing! especially if it intended to use in investing.

In any market, one should not invest by bringing funds from others if that person does not have enough idea about that particular market. Now if you trade or invest by taking funds from someone else then that person will always put you under pressure with various questions, because those who offer to do such investment are mostly greedy and they expect quick profit.

So trading with this kind of pressure is very difficult, even an experienced trader will lose his rhythm. And if for any reason you lose that fund, then you will be in trouble in many ways. So it is best to trade with your own funds, even if you lose, you will not have to answer anyone.

Perhaps this is also part of your fault, what you told them about investing in cryptocurrency that they are ready to give you money,  don’t even know what you will invest it in? Let's start with the fact that people are lazy and no one wants to bother looking for reliable investments, and then you appear and talk about what you can invest instead of them, of course they are ready to give you money, especially since these are your friends and relatives, they trust you. But I doubt that I could entrust my money to anyone, especially if I had not been informed in which coin my funds would be invested.

Why do you need it? Give them all the information they need and let them decide what they want to invest their money in. This situation would not have happened if you had not told anyone that you are dealing with cryptocurrency, I think this is an important rule that everyone should follow, this can save you from many problems in the future.

In my earliest days of being involved with cryptocurrency, I was referred some altcoins to buy and I got to know what shit it was. Mind you, I asked for directives just as they are asking now but, the result and expectations has always been at all time low still and keeps dipping. Tremendous lose if you ask me. I don't know how my referrer feels but, I know it's not good as his bound to feel downplayed on his knowledge and to have made me come by some loses.
I tend to understand bettee now haven't been in the cryptospace for sometime now and I save the individual the pressure of haven't mislead me to buy some shit altcoins.

You might as well save yourself the stress at OP by not giving any reference. Just teach them what you know and leave them be with whatever they would do with such information.

After a few weeks and almost a month of your posting, have you decided on what you will do? I know a lot of people who are really lazy on researching for themselves and to decide what to do with their money. It’s kind of a tiring thing because they are always going to be dependent on who is the expert.

I tried that kind of thing and it just doesn’t make it worth it, but having a larger capital would be an ideal thing. If you always do the right thing and you predict the right coins to go up or something like that as long as you’re profiting, I think there’s no problem with it, and the problem would come from when you lose.

Cryptocurrency is not a field of surety there will be not exact information about any coin and i think that make investment for someone other is a foolish idea because he will not understand the situations but will blame you. Also trading requires patience and is a work full of difficulties so i just thing that investing for others does not sound good.

Due to the risk associated with investing in cryptocurrencies, it is not a good idea to invest on their behalf. The best course of action is to show them how and where to place their investments so that they will not hold you responsible for any losses in the event that they do occur. Many people with trading experience have lost a lot of money in trading because sometimes the market situation is harsh and it will not favor anyone.

You know, sir, I just remembered something from what you said in my past. In 2017 I was just a newbie in this industry and about a few months later I also experienced earning quite well in cryptocurrency, and because of this incident, my neighbors noticed that I was always at home and they knew I don't have a job, they wonder how and where I get money for my expenses and my billings.

One day a neighbor asked me what I was doing, of course, so as not to embarrass him I just said that I am a crypto enthusiast, then I just told him to visit this bitcointalk platform, in the summary of the story, I taught him how to earn here, until a few years have passed until now, as far as I know, he is still active here, and I also know that somehow he has experienced income here through mediation.

The only sad thing is that I saw him change his behavior and I noticed that he only made a little money here on the forum, his head has grown and he's arrogant and he doesn't pay attention to me anymore as if he's proud of me, after all, it's not a big deal to me, I just thought that if it wasn't for me, he wouldn't have experienced making money here in cryptocurrency. Also, as far as I know, he is still a Member rank now because when he entered here, there was a merit system. Then I was also taught a lot but now they are all gone not for long because they thought it was easy to make money here in cryptocurrency.

You told them about the risks and gave them information and tried to help them learn about the market, but they ignored and wanted you to do everything. Well, since they aren't giving any effort to learn or know anything, I don't think they are ready to invest in crypto currencies. They are making you do everything, and I am sure they say they "trust" you and knows what you are doing. But, you know once thing? Once the market crashes and they see the price go down, the "trust" they had on you will disappear and will blame you for everything. So best not take the whole responsibility.

If family members are the one asking you favour to invest in crypto on their behalf I think that's okay (i'm doing it too with my sister). But before accepting the money, I made it clear to her how risky it is and there's a possibility to lose the money since everything is uncertain no matter how good the investment is. So regardless of how it turned out, no one is to blame here and she agreed.

However this is not the case when it comes to friends as I already experienced to be held responsible for their losses even i'm just the one who introduced it to them. These friends forgot that it happened due to their wrong decision since they have their own way of thinking for their investment and obviously i'm out of it. Hence, if possible just teach them and stay away yourself to future problem.

They are interested in profit and forget about others. Basics about risk management, wallets, security and safety for their cryptocurrency in non custodial wallets or in their accounts on centralized exchanges.

First of all, you must tell them about risk in cryptocurrency, recommend them to stay away from leverages, future tradings.
Second, you should teach them about basics of cryptocurrency wallets: custodial and non custodial wallets, what they should use, and how to back up then recover their wallets. Also remember to tell them backup their 2FA code if they use a centralized exchange.
Lastly, don't invest for them on behalf of them. It's their capital so let's force them to invest it by themselves