Topic: I don't know if am right or wrong about this. - page 3. (Read 848 times)

Legally speaking if you do not tell people to buy something, if you just show them how to do something they asked you to, then you will not be responsible for it. If they end up losing money and blame you, that is just blame, at  the worst case you will lose a person in your life, but if you are worried about that too much then don't do it at all, if you are not worried about some blame, then know that it is not going to end up with any trouble at all, it should be a decent situation.

I hope that it will do as well as the friend hoped for, but if it goes south then there won't be any issues, at least not legally speaking and it will not be a trouble. I personally helped a few friends, and they did lose money, but they knew what they were getting into so they understood it had nothing to do with me.

At this point just tell him that whatever he does from here on out is totally up to him. You can not take his personal decisions and he has to be the one to do it. So the first thing is to learn and gain experience. Then try the main thing.
I guess everything he needs to know, you should teach him. But that all you should do. Everything that comes next is totally up to him. If he's not doing his own analysis and placing his own trades and listening to other's opinion, then all you can do is told him to stop. But never suggest anything. He has to figure it out on his own and learn from his mistakes. Seems a bit harsh, but that's the best way.
And no, you did not do anything wrong. You just showed him the road. Now it's his job to walk on it.

It's important to be honest about the risks involved with cryptocurrency trading, and it's good that you shared this information with your friend. It's always a personal decision whether or not to share trading advice, as there is always a risk involved in any investment. However, it's important to make sure that people are aware of the risks and that they have access to information that can help them make informed decisions. If you're uncomfortable giving advice, it's perfectly acceptable to direct your friend to educational resources and let them make their own decision. Ultimately, it's up to each individual to decide if they are willing to take the risk of trading cryptocurrency

Probably the most important thing to do when you are introducing trading to one of your friends or someone that you know is to lower their expectations, many people really believe the ads they watch online and they think that trading is not only very easy but at the same time the profits they can earn are very high, by reducing their expectations to something more realistic, and even mention them that many newbie traders do not make any money at all, then you can prepare them psychologically to the losses they will inevitably suffer at the beginning of their journey and avoid taking the blame for those losses.

You are sending the course that you bough right? if ever he really made an account in Binance and verify it then he gets back to you then give the course you bought , for sure the very first of the course or the introductions are tackling about the risk of trading so for sure he is not dumb to not get it. As long as you are not telling him to deposit $100 in trading platform then its okay. Also he is the one who approach you and not the opposite.

Since your friend asked you about Bitcoin trading, you should tell him in detail about it. Even if there are risks, you should discuss with him in detail about trading and the risks of trading. Knowing that there is risk in trading but you are trading and with risk you have earned some profit as you have taken the risk so considering the positives and negatives of trading your friend can also take this risk. If he expresses interest in this matter, then you will tell him that if his finances are damaged for any reason, then he is never responsible. You have to take full responsibility.

If you explained everything to him about the risk in trading, then you're all good. You didn't force him to do so, he insisted, so clear your mind and just guide your friend whenever he have a question about trading. Always include disclaimers, that'll help too. If your friend really wanted to do trading, I'm sure he knows himself that it is not that easy if he already started doing so.

Yeah indeed some people just know that crypto is easy money maker but the truth is different hahaha. and for now I don't recommend people to invest in crypto or usually I always put #DYOR so they can do own research first. Last time I recommend people about crypto he ended up getting lose, mee too actually but I feel guilty I will made the money back someday.

Good for you that you are earning thru trading already because you've said that it's your income source already. As for the risk, the risk is higher when the knowledge of the person wanted to trade is lower, and vice-versa. More knowledge = lower risk. Less knowledge = higher risk.

I don't know the feeling TBH of teaching somebody to trade because I didn't ever shared to anybody that I'm trading, but I know that feeling of being uncomfortable because you might be blamed whenever your friend lose your money because of trading.

Well, you did your part already. As long as you explained the possible risks of trading then I guess let him experience trading, and decide after making some trades. Sometimes, letting the person experience something is the key for them to realize if it's for them or not. Let him trade. If he losses, he might stop trading already.

Tell to him that you don't have any liabilities at all if he losses. Tell him that he will not blame you if he losses money because of trading. That will make you safe... I guess.

Overall, I think you're helping your friend, and you are sharing many information already. As for the part where you are saying if you are right or wrong, like I said you did your part already, so I guess there's nothing wrong with that. As long as you shared the information needed, you shared the risks involved in trading, and you already told that he might loss all of his money at the start, then you did the right thing. Like you said, he's very persistent to do trading. Let him trade, and let him decide after getting some experience.

Trading Bitcoin is risky truly, but the fact that you are making profits from it due to your experience overtime that aids your trading decision to remain always at a profit position and the money you are making from trading is reflected in your lifestyle and your friends are seeing that impact, it will make it easy for them to remain motivated even when the odds fall against them while trading since you already enlighten the friend on the risk associated to Bitcoin trading.
And also i will suggest, you teach the friend the basic trading techniques that will help him to minimize the risk of loses, and leave him to discover his own trading path since that is the best help you can offer him at this time since he is passively demanding to be thought how to trade.

At least they know your situation and are aware that not all who come into the crypto space make money so easily and much more on trading.
A reason why we should not force people to come here and join the investment, instead it was their decision to be here and never blame anyone for whatever happen to them.

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And you OP, you'll nothing have to worry about his situation as you did your part already and it was your friend's decision if he pursues trading or not.
Because your intention is to give him some awareness, ideas, and crypto education, not to scam him.

The most important thing is you told him the risk in trading that anytime he can lose anytime tell him to start a small amount that he can afford to lose.
Other people they don't like risk but I think your friend is interested so teach him a lot and tell to search more and study more about trading crypto.

Common worries of people who became the reason why a person engage himself in crypto. I understand you well because i'm once in such situation wherein I was held responsible of someone I just helped. But I don't see anything wrong on what you did since you already told him the risk yet he's still interested.

What you can do is help him understand more about trading. Remind him that it's not easy and gaining is not guaranteed. So he will keep in mind that even trading works for you or for other traders who are earning a decent, it's still different for every traders since it depends how knowledgeable and good you are when you trade.

you are not wrong at all if you tell the risk to your friend, trading is risky and do trade on Spot only is the best rather than on futures. because if we are trade on futures it need understand how the market works and time and etc.

I mean I usually tell my family or friend that the crypto world is risky business and sometimes I tell how much I lose or get scammed.

Thats why He is there as friend , to guide him all the wat , but OP feels bad if something went wrong when this is behind his hands, the interest comes from His friend so let him be.
the more he give advises is the more safer the friend can get.

and what kind of interest is showing , means he is capable in what ever may come , actually that is the sign that the person in topic is  strong and passionate and that is what crypto market needs nowadays.

He is persistent in asking so why feel like that, you should not mate because in the end it is His money and he will be the one responsible , you are just letting Him had another option how to earn.
as long as you did not lure Him inside to invest then of course no guilt will come to you whatever happens.

you should be more passive when it come to these kind of things, your friend want to do trading and learn, you just give them resource to binance's tutorial and you're set no need to take the blame, if your friend got profit he'll not share with you but if he lose you'll take the blame sounds like really bad deal honestly, therefore if i was you, i'd just let him learn on his own and just give caution about the risk involved of losing money here and there.

moreover, i think someone with common sense should know that every decision in trading is coming from the traders itself not someone else, there's absolutely no reason that you gonna be accused as a scammer, even if they did, that just means that they don't really understand, but my advice still stands, if someone want to learn trading they should be learning from the proper resource coming from the platform that makes profit off their trades and most of these platform don't lack any resources.

One thing I must tell you op is that his passion and interest matters a lot because there are some people who don't have passion or interest but would want to venture in trading due to the profits. If you have fully explained everything to your friend then let him decides for himself whether to further continue the trading or not, so that when there is any lost then he would bear the consequences by himself. The best is to open up to him and roll along with him otherwise him might make silly mistake and still run back to you.

@OP, As long as the person is eager to learn, then you are not making any mistake; the only mistake you will make is not telling them that trading will make them lose some funds in the early stages. Tell him or her that they are at their own risk, and you shall not be held responsible for any loss they incur.

Even spot trading is at least less risky for me compared to futures trading. But the only problem with spot trading is knowing the right token to buy and when to buy them, because you could just buy at a particular time and the next morment, you are already losing some percentage of your funds due to a price dump, but at least the coin will still be in your account and the price can still rise after some times, but in the future trading, once your money is gone, it's totally gone for real. So, just make sure you explain to the person what's really involved in trading.

You don't need to feel sorry about it, you can guide him and always give him advice or caution about cryptocurrency. As long as you are giving him good advice then all good, but be careful also with your advice, tell him always it's not guaranteed and always remind him that he may lose his money when doing this especially it is about cryptocurrency trading.