I don't know if am right or wrong about this. - page 5.

Oilacris

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

Trading of bitcoin has been one of my source of income for quite some time now but find it difficult to tell some other persons to engage in trading because of the risk involved.

Last week a friend of mine saw me trading so he tried to know more about it, at first I never wanted to tell him due to the risk involved, but then based of his persistence I first of all explained to him the difference between spot trade and futures, but I told him I do only spot, how I buy low and sell high, even as I was explaining it to him I was feeling uncomfortable because of the risk.

I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.

As long you arent giving out some guarantees on making profits then you should be fine.Usually people do make out some argumentation or really have those kind of blaming on the time that they would really be making some assurance that profits is really that in sure manner. We know that this market is really indeed speculative or something unpredictable on which it would really be just that right that you should really be having those speculative approach too but in the sense you've been using those traditional method which is to make use of technicals and fundamentals.

You cant really just simply be able to find yourself succeeding on this industry if you havent realized on what are the things that you must do in order to survive out.This isnt just on
putting up money and just simply carelessly make out some actions without any basis because this is where people do commit out mistakes.

jaberwock

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Quote from: cydrix on April 29, 2023, 11:32:23 AM

When you are good at what you do, you shouldn't talk about these things with your friends or family. Some of them won't believe you, some will get envious, and some will try to learn but do a terrible job of it. It will get boring having to deal with all those different folks in the end. Why put effort into them when you can increase your income instead? Your friend is likely to make a mistake, lose money, and then hold you responsible. Nope. Avoid doing that. It is preferable to avoid discussing any aspect of money matters.

Lately I keep seeing the phrase "move in silence". Maybe this relates to what you are telling there. We should be silent on what we are doing. Just let them approach you if they need a help and we must not hesitate to help them according to our own knowledge.

There are some experts who like to share what they know and they can also use their knowledge to make money by selling a course or offer a mentorship program. Sometimes it's only about our preferences. His friend is a newbie so yes, mistakes are expected but I know his friend won't blame the OP. He will just ask for another advice and encouragement which the OP should provide because he is his friend.

Russlenat

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Quote from: Silberman on April 28, 2023, 09:33:45 PM

Quote from: Kara3 on April 28, 2023, 11:42:58 AM

Trading of bitcoin has been one of my source of income for quite some time now but find it difficult to tell some other persons to engage in trading because of the risk involved.

Last week a friend of mine saw me trading so he tried to know more about it, at first I never wanted to tell him due to the risk involved, but then based of his persistence I first of all explained to him the difference between spot trade and futures, but I told him I do only spot, how I buy low and sell high, even as I was explaining it to him I was feeling uncomfortable because of the risk.

I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.

Your friend is the one that took the initiative of asking you questions about what you were doing, so in the case they try to become traders and they fail you have no reason to feel guilty about it, as you are warning them about all the possible dangers that they could possible encounter, yet they could still blame you as this is simply human nature, so be very careful how you say things to your friend from now on, and always tell them that at the end whatever decision that they take is their responsibility and not yours.

With how you manage your friend’s conversation with you, it’s really possible that in the end, once he fail from his investment, he might put some blame on you because you were the one who advised him to open a centralized account. Though he’s the one very eager to trade, but at least you should have told him to do his own research before he will decide to trade. Remind him that you’re ready to answer all what confuses him, but be careful on giving advices as it may make him completely believed that you are giving assurance to him.

Smack That Ace

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

...
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.

Overall, what you do is correct, it is true that crypto has risks, but there is no denying that the opportunity of the crypto industry is also huge, so there is nothing wrong with you sharing the opportunity with everyone, especially your loved one. Not everyone succeeds in investing in cryptocurrencies, and what you need to do is explain all the risks associated with this industry rather than the returns. Let them be fully aware of the consequences they may receive and so they can make their own decisions.

Yamifoud

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

...

I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.

What you did is right. You're not asking your friend to trade but it was himself finding a way to try. He asks you because he has an interest in it and he owes you actually. He can't blame you either for whatever happens to his trade because, in the first place, you have already explained it so well. Besides, you never hold his money, he is the one controlling it.
Anyways, he would understand more about trading when he gains more experience. Might be hard for your friend to adjust so he always seek your guidance and idea, and don't worry about it as sooner, he is able to stand on his own feet.

gunhell16

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Quote from: milewilda on April 29, 2023, 03:59:39 PM

There are really people who do really mind much about peoples emotion or situation and this is why whenever they do introduce something then they do really mind off about those possible outcome.
We know that crypto investment or trading is really that risky and we dont really like for our friend or someone who do experience up some losses, if he would really be that
serious on dealing with it then just let them be as long you do give out some warnings or cautions about on the certain risks which it is really just that normal.

That's why we who know more will guide them as much as we can so that they can learn from their own actual experience so that can see the nature of doing crypto trading in our real life here.

At least, with this experience they can see and say that it is not really easy and there is something to focus on so that we can earn here as individual traders in the cryptocurrency industry. So you are right that this is just normal behavior in crypto trading.

jcojci

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You are right, but you should be able to explain more that trading is not easy and need time to be a pro trader. He should learn more from various sources to improve his analytical skills. You can also teach him about what you know so he can learn from you. Would it be better if you guys could study together?

You have to clarify that you don't use big money to trade, especially if he doesn't have enough knowledge. And don't forget to tell her that trading is not a quick way to get rich.

irhact

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.

You did the right thing, you have told him the risk involved and he still wants to learn so in future if something happens to his capital, you're not liable to that because you have done your part. I'll suggest you don't allow him start trading immediately. Make sure he goes through the course you want to give to him first and make sure he understands what he's about doing before he starts trading

Trading is risky and people can lose all their capitals but that doesn't mean we should stop encouraging people to learn and start practicing when we know trading can change their life's because of the profits that'll be coming into their account and helping them for carrying out other life issues.

Viscore

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

Trading of bitcoin has been one of my source of income for quite some time now but find it difficult to tell some other persons to engage in trading because of the risk involved.

Last week a friend of mine saw me trading so he tried to know more about it, at first I never wanted to tell him due to the risk involved, but then based of his persistence I first of all explained to him the difference between spot trade and futures, but I told him I do only spot, how I buy low and sell high, even as I was explaining it to him I was feeling uncomfortable because of the risk.

I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.

The moment you told him to open a centralized account, you were wrong there. In the first place, you should have not instructed him that way, better to play safe than to carry the blame later on. It’s a very right decision to educate him and tell him the risks when it comes to trading, particularly that he enters trading as quickly as he can be without even making a lot of effort in researching and reading reviews about how dangerous trading is. If he’s really interested, then let him do the research on how to start trading, and not that you are obliged to feed him the details. Trading can be a great way of making and earning profits, but it’s undeniable that a lot who enter trading do not succeed on it, simply because they are not prepared on it, and they don’t have the significant knowledge and skills that a successful trader needs.

goaldigger

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You already told about the risk, and its for your friend to decide either to continue or not.
If your friend asked you for other questions then give only the knowledge you know, but you also need to tell your friend that you will not be responsible for his losses and you can only guide him the rest will depend on him. Trading is not easy, there’s always a risk and this is just a first step for him there’s a lot more to learn.

milewilda

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

Trading of bitcoin has been one of my source of income for quite some time now but find it difficult to tell some other persons to engage in trading because of the risk involved.

Last week a friend of mine saw me trading so he tried to know more about it, at first I never wanted to tell him due to the risk involved, but then based of his persistence I first of all explained to him the difference between spot trade and futures, but I told him I do only spot, how I buy low and sell high, even as I was explaining it to him I was feeling uncomfortable because of the risk.

I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.

As long you didnt give him some sort of guarantees or assurance that he would be making money out of trading or crypto investment then it should be fine. It is really giving off that kind of good feeling whenever you do introduce Bitcoin into someone specially with your friend which you do share up the opportunities that it gives because we arent that blind nor dumb not to know on what are the things that it do offers or the benefits
that it do gives when you do get involved into it. If they would really be molding or creating those kind of impression on the time that they would be suffering some losses then just let them be, because self realizations and learnings is something that they would really be having later on.

Quote from: Bobrox on April 29, 2023, 02:29:36 PM

I don't think you have in the wrong position because talked about risk with trading in cryptocurrency, indeed still general explanation about Binance trading maybe your friend try with future not spot trading. I faced with your position not only when recommended some one trading in spot or future they are forget us when earning profit position, but if loss they will fault us because not recommended them which one coins have to trade.

Don't worry, you have right decision talk him about risk when start trading, recommended Binance as exchange market is right decision because most securing exchange but wrong choose when your friend loss their fund depending on their coins for investing or have interested with future trading.

There are really people who do really mind much about peoples emotion or situation and this is why whenever they do introduce something then they do really mind off about those possible outcome.
We know that crypto investment or trading is really that risky and we dont really like for our friend or someone who do experience up some losses, if he would really be that
serious on dealing with it then just let them be as long you do give out some warnings or cautions about on the certain risks which it is really just that normal.

Stable090

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

Trading of bitcoin has been one of my source of income for quite some time now but find it difficult to tell some other persons to engage in trading because of the risk involved.

When you explain trading to someone that knows nothing about it, if they deposit money and they started trading, whenever they are in profit they will be happy but whenever they are in loss, they will end up getting angry and calling you different names, they will end up saying you introduced them to Ponzi schemes, it’s really difficult to teach someone that knows nothing about trading how to trade.

Quote from: Kara3 on April 28, 2023, 11:42:58 AM

Last week a friend of mine saw me trading so he tried to know more about it, at first I never wanted to tell him due to the risk involved, but then based of his persistence I first of all explained to him the difference between spot trade and futures, but I told him I do only spot, how I buy low and sell high, even as I was explaining it to him I was feeling uncomfortable because of the risk.

Since he is your friend and he wants to learn trading, it won’t make sense if you don’t explain to him but make sure you lay emphasis on the risk associated with trading, and make sure you don’t have access to his wallet, let him know you don’t have access to his wallet, so whenever he is losing money, he won’t think you are the one stealing from him, and also he won’t be able to blame you whenever he is losing because you told him about the risk already.

jrrsparkles

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

Trading of bitcoin has been one of my source of income for quite some time now but find it difficult to tell some other persons to engage in trading because of the risk involved.

Last week a friend of mine saw me trading so he tried to know more about it, at first I never wanted to tell him due to the risk involved, but then based of his persistence I first of all explained to him the difference between spot trade and futures, but I told him I do only spot, how I buy low and sell high, even as I was explaining it to him I was feeling uncomfortable because of the risk.

I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.

You did the right thing but don't brag everything on your shoulders, just let them to decide whether they can handle the risk involved in cryptocurrency trading and others meanwhile you can also propose him about try trading using demo account and also teach him something basic about technical analysis but don't let him to start day trading as a complete beginner because there is a high chance that he might lose his money and that you expect don't want to happen.

Start with mid term trading and then day trades with small and let's see whether it is working for him or not.

Bobrox

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I don't think you have in the wrong position because talked about risk with trading in cryptocurrency, indeed still general explanation about Binance trading maybe your friend try with future not spot trading. I faced with your position not only when recommended some one trading in spot or future they are forget us when earning profit position, but if loss they will fault us because not recommended them which one coins have to trade.

Don't worry, you have right decision talk him about risk when start trading, recommended Binance as exchange market is right decision because most securing exchange but wrong choose when your friend loss their fund depending on their coins for investing or have interested with future trading.

NotHatinJustTrollin

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

Trading of bitcoin has been one of my source of income for quite some time now but find it difficult to tell some other persons to engage in trading because of the risk involved.

Last week a friend of mine saw me trading so he tried to know more about it, at first I never wanted to tell him due to the risk involved, but then based of his persistence I first of all explained to him the difference between spot trade and futures, but I told him I do only spot, how I buy low and sell high, even as I was explaining it to him I was feeling uncomfortable because of the risk.

I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.

It is essential to educate others who are interested in trading so that they can make informed decisions. You were honest with your friend about the risks and even recommended a course and platform for him to learn more and get started.

It's important to note that you cannot control the fluctuations in the cryptocurrency market, and there is always risk involved in trading. However, by being transparent about the potential risks, you have done your part in ensuring that your friend understands the risks and can make decisions based on that knowledge.

Ultimately, it is up to your friend to decide whether or not to engage in trading Bitcoin. As long as you have been honest and transparent throughout the process, you have done your part in educating your friend, and he can make a decision based on the information provided.

usekevin

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Their is not risk in the cryptocurrency trading,if you are ready to hold till the price back to the old price.Because most of the trusted cryptocurrency had their own pattern,So the same price will come twice with certain period of time.If you are doing the trading for the full time,then you are doing of day trading.In day trading,you need to satisfy with the minimum profit as compared to the maximum profit.When the trade with minimum time period,fix the trade profit with the range of 5% as your profit.The five percentage also like you get into the wallet balance,So you can target the money with the percentage of the 7 percentage as the minimu profit from the investment.

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Quote from: Kara3 on April 28, 2023, 11:42:58 AM

I don't know if am wrong or right for opening up, even though I told him of the risk involved.

You would've been wrong if you didn't expose it to him after he became persistent to learn from you. You haven't done anything wrong as long as you also told him the cons and pros of it. Letting him know about the risk and loss side of crypto trading and making him realize that it's not always rosy is the caveat you've applied. If tomorrow he engages in trading and loses, he won't cry to you. If he does, just remind him of the caveat. Crypto trading isn't for the faint hearted, actually.

SamReomo

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I don't think that you have done anything wrong. When your friend saw you doing trading he became interested to trading. You should not worry about anything, just go to your friend and explain the risks that are involved in crypto trading. Teach him about the basics of Bitcoin in general and recommend him to trade Bitcoin only because it's the safest option for beginners.

Other than that you should also tell him to learn about trading through online courses and other available materials before delving into it. It should be better to guide your friend that crypto market is so volatile, and someone who has not yet developed a strong mind won't be able to go so far in this endeavor.

You should also guide your friend that a trader should have a proper plan for trading, and the person should be an active learner who could learn from the mistakes. Other than that you should also explain that a proper strategy is a necessity for long term trading.

Once you have explained everything in full details now let your friend decide that if he's ready to enter the world of crypto trading or not. If he's ready to start crypto trading then help him with your knowledge in initial days after that he will learn from his experience.

Sanitough

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Quote from: Furious 7 on April 28, 2023, 04:40:07 PM

Well, in this case, it doesn't matter whether it's right or wrong, because of course all decisions come back to your friend.
But on the other hand, apart from talking about the risks, you also have to say that trading, especially being a day trader, is one of the actions that new people cannot do. Because seeing from your story, he is a new person in my opinion so in this case it is clear that it will be very difficult and even likely to be impossible to do.
Actually telling is something very good but for the sake of smoothness it's better to also tell him that he won't be suitable for trading because this besides requiring a strategy, this also requires a much more understanding than that and when just trying it without having the slightest basic knowledge it would just be like suicide.

I can sense that your friend has quickly invested without proper education and thorough knowledge on the type of investment that he’s going to enter. You should have warned him in the first place that trading is actually hard for beginners, especially for those who have no knowledge and experience in trading. Yes, it can be profitable in the long run, but it also depends on one’s skills and strategies. If your friend do not have that, clearly he’s up for a suicidal decision.

cydrix

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When you are good at what you do, you shouldn't talk about these things with your friends or family. Some of them won't believe you, some will get envious, and some will try to learn but do a terrible job of it. It will get boring having to deal with all those different folks in the end. Why put effort into them when you can increase your income instead? Your friend is likely to make a mistake, lose money, and then hold you responsible. Nope. Avoid doing that. It is preferable to avoid discussing any aspect of money matters.

Topic: I don't know if am right or wrong about this. - page 5. (Read 779 times)