Topic: I don't know if am right or wrong about this. (Read 834 times)

But if he continues to give guidance, I think it is better to do it on demo by teaching him to read the chart because if you deposit $10 while still guiding him, it is still useless. It is better to make him deposit the money and try his own strategy so that he can learn from it. It is really debatable on this, as others don't want a demo while learning as there is no feeling in it, but this depends on what he wants. But for sure, you are still worried right now, so don't give him more advice.

when you have explained about the risks, and he accepts it, then you are beyond that responsibility. if you still feel bad about it, then stop giving information about trading to him, and tell him to find out the information himself. tell him that when you have started, then come to yourself and share about his experience. However, if you still want to guide him, then try to minimize risk by using a minimum deposit on an exchange to do a trial error in trading. maybe $10 is enough. I'm pretty sure that he will get an idea of what trading really is and the risks involved. However, it's all beyond your responsibility, and you don't need to feel bad about this, in fact, you are giving new knowledge to your friend.

Perhaps, it was the minimum requirement before trading otherwise, like many other traders out there who lose their money a few days after the start. So, we have to heavily think about it but we don't bother ourselves also thinking about the risk because it can lessen once we fully understand trading and how it works, and most of all, if we know how to analyze the market trend. We don't need to be perfect, mistakes is possible but all of these things can be changes when we have experience.

Explaining how to trade to someone without experience even on stock market will take more than weeks. There is too much to consider before dipping one leg to this market unless OP guide his friend in every step.

These few weeks and possibly in the next few months, the market will experience a lot of turbulence and this will be a setback traders trying to live off the market. What I can suggest let the newbie trade in the bull run, so he can taste the greatness in crypto. Let him stop trading in bear.  Its less risky.

My dear, for me I didn't see anything wrong with what you did ooh, and what you feel in the first place is also good, because it's because of the attitude of some people that makes you feel that, and at last you behaved maturedly, and I salute you my dear,you have done what a Christian needs to have done to his or her friend and if anything happens after he or she will not blame you at all,, and when he or she become rich and if he is a wise person he will never forget about you in his or her entire life because you are the person who made him or her what he or her is today....

My brother I am talking with an experience that I have had with some people,i have been told to participate in this kind of thing you are talking about, things like MMM, I did and lost my money there,but I didn't complain to anyone even the person that introduce me to it, even as of this month now someone also introduce me to site like that which I did and I still lost My money too, even as much as I told the person who introduced me that I will not do this again because of my past experiences but she promise me that she is going to pay me back if the money lost and we agreed on that,but later on,when I the money lost i didn't confront her I let everything go..so that is just it my dear, it's all about understanding ok..

If at some point the investment can bring in enough money that you no longer need to work, then I see no point in continuing to go to work, even if you like it. And in this case, you will have the opportunity to continue to invest and make it your main income. I'm not sure if the same can be done in trading, especially if you are talking about day trading, for me it is associated with the same work that requires my daily presence.

It will suffice to tell him that trading in cryptocurrency market is risky and that he must carefully control the risk. In addition, if you specify that he should have knowledge about the market, follow the news and do his own research before taking any action, there will be no situation where you have to take responsibility.
It is also necessary to remind your friend to trade in the cryptocurrency market with his savings that he does not need in short or mid term, because a beginner can lose all his savings in cryptocurrency market as a result of greed, and this can hurt him a lot.

I have seen people who trade most of the time keep an eye on the cryptocurrency market. If you want to trade you need to keep an eye on the cryptocurrency market. If you choose the right coin you can make a profit. If you invest in the wrong coin you will  There will be a risk of losing money. I think first we need to start trading with a good understanding of the market.

day trader there is a daily job. if capital indeed they use large funds. but they don't put all their money into trading or investing in the online world. diversification in various business fields is carried out to obtain a source of income. at first it was income from trading, but after profit sharing, there are funds allocated to other business or investment fields, for example property or the business of opening a coffee shop so that the finances get stronger and have a more stable psychological impact, of course by being able to control emotions affecting performance their trades

No need to hide anything from him,Think it is better to tell him all about trading and the risk it involves and that it is a game of wins and losses,cause nobody can avoid them.You can help him with Trading courses, Tutorials and some educational materials.Help guide him through the learning process who knows he may learn the process and be a profitable trader like you someday.

Basically, it's a side hustle, but let's not talk about those professional traders that are really good in trading as they are fulltime on it and they invested a lot of their time and money on it. Let's just talk about the same thing to us, which is that it is very impossible to go fulltime without any backup source of income. It is better to have another stable source of income like a job or, let's say, a business that can provide your needs because in trading, it is not always profit, it is not always you will win your entries. There are times that your portfolio is in red. That is why it is better to be ready for those times than only expecting the green days.

those who invest and trade really shouldn't make it their main income. it's not just a matter of emotional control, it's really important. but no less important, a gambler must wisely share their main income from work done for trading or other activities. the most important thing is not to interfere with the family finances.
I don't know if there really are day traders who make trading their main income to make ends meet. maybe there is but that is a day trader with a fairly established capital.

Right because if you consider trading as a sole way of earning so if you sometimes don't succeed to earn then you will not have any other option to get money to manage expenses. If a person has a salary but not enough then trading is a good way because if unfortunately you don't win there will already be a choice of your salary which will then be satiable for life expenses. controlling of emotions is also very important so be patience with your saving otherwise it will be risky for you.

I feel if the chance to do close mentorship will not be there there is no point releasing the video to your friend to avoid a situation where wrong understanding of the concept taught becomes what is applied.

Trading is one skill that requires patience and discipline and this two can only be achieved through close mentorship, Knowledge about trading can be learnt anywhere including online videos and books but when the discipline is lacked it will difficult to apply the knowledge correctly.

You are right about it ,I think that one of the things that you should talk to a friend about is to consider that if you put money in the market it has to be for investment (in the long term, it is better) and that you have to Refrain from taking that out losing money,or being a Market speculator, and when you Realize that bitcoin has a very high potential to rise, that its last ATH was close to $70k and that the next one may be close to $200k, don't I think there is another Motivation, because only in this way to have money, buy bitcoin and save it is the best thing to do.

Dear OP, I think you did nothing wrong as he was persistent and he is the one to ask you to teach him about crypto, and who knows how good he will become in trading. Maybe he will cross you, as it all depends on the mentality of one. As many people just want to make money when they see making someone and they only focus on the good side while they ignore the downs of it.

You should have told him the same feelings that you have shared in your post and told him that crypto trading is full of risk and also you must have shown him the losses you have made. Because if he has seen only profits then he is totally in for gains and ignoring losses. Well, the good side is, you will have a crypto buddy with whom you can share your crypto trading theories.

People will approach us as always when they see that we are doing trading they serve more curiosity on them it is really way to earn money here?, it is not a scam?, people think trading is just place your money and let your money makes more money to you while you are sleeping but they keep ignoring the possible risk on this because they focus on the earning. Better to let him know more about trading because in that thing you can get a trading buddy and you can both exchange an idea with your trading journey. Let him know the basics until he knows the other way to know and to earn. Just observe yet if they still curious once they lose their money.

You mentioned only Binance's trading method. Apart from Binance, there are many trading sectors in cryptocurrency.  All exchanges and wallets related to cryptocurrency trading should be aware of how they work and all the risks associated with investing.Many new investors have lost money in cryptocurrencies.  Just as trading requires money, it also requires knowledge.Cryptocurrencies Many people don't want to believe, even though your friend is interested in cryptocurrencies, but when you see that your friend has lost all his money in cryptocurrencies, he will get angry with you.Although you can share everything related to cryptocurrency with your friend, do what works best for both of you.

You said each has their own business? That's true and that is why there are people who invest blindly because they are not wise or knowledgeable than the other but it does not mean that they can not lose anymore. Losing is still there but it can only occur rarely to them.

If someone approach us, we don't need to force them anymore but this is better than the other way around because they will shoulder the consequences and will only blame their own self if the plan didn't go well. When a newbie enters, the most common thing they want to know is if it's profitable. Just don't lie and say yes but also tell them the catch. It's okay if they get discouraged. It does not totally affect the adoption anyway as it's only a tiny part.

The issue is actually a little broader. From my understanding, the OP is a little uncomfortable discussing cryptocurrencies and his income through trading, which is understandable because I also prefer not to mention this matter so much. This generally depends on the person, but cryptocurrencies are usually presumed to be something exotic that only a few know about, and such conversations are often goofy and pretty much pointless because explaining the whole concept of cryptocurrencies and making money off them can't be that simple.

More often, the discussion is always steered towards how they can make money through them, expecting a direct answer like it's a simple step-by-step process, which is something I hate, because usually they're being pushy and keep asking you, but we all know that it's not that simple.