Topic: I don't know if am right or wrong about this. - page 6. (Read 822 times)

It's an unpleasant feeling, I was in your situation, and I was unlucky when my friend lost money a few days later. Although he didn't blame me for trading on his own without consulting me, I was always annoyed that I was the one to guide him to this market. If it's my money, I'll never get upset, but it's someone else's money, I always feel a bit guilty. That's why I don't want to give anyone any offer or investment advice, even though they say they will take responsibility for everything.

The risk involved in trading is obvious but with the passage of time when a trader uses it he learns trading risk management. So there is no reason to be shy if you really share information in a genuine way because this is the universal fact that every business involves risks of failure.


This is very common with fellow mates, they usually try to pick up new things always, and there is only a 5% chance such types of Rockies are going to start trading. You don't need to be uncomfortable he is your friend guide him well. He will understand and pick your tips more intentionally than a stranger teacher. This is your responsibility as well if your friend is facing some type of financial issue and you think of it that trading skills may help him. Just guide him that he should stay aways form the Future market.

Reading a few comments on Copy trading I would strongly recommend not trying to copy trading at the start of your journey because it will directly effect your learning phase. 

    -    Entering cryptocurrency trading is possible if you say it's not a joke, Yes, it really can be a source of income if you have a deep understanding of it, because if your understanding of it is not that deep, you cannot engage in crypto trading activity here in the crypto space.

Because if the step we take is rash, our hard work here will surely go to nothing if the step we take is wrong of course.

It is a mistake to consider trading as a sole source of income, and the risk of this error increases if the person supports his family or has to fulfill some payments such as the costs of a loan, a house, a car, or any financial activity related to a certain time, such as electricity bills and rent.

Trading can be considered an additional source of income if you can bear the risks resulting from it, and it is easy for you to lose that money, but you are ambitious and plan to make the most of that money and multiply it.

Here, trading will be acceptable, but with a rewarding financial return, due to the ease of controlling your emotions and not needing money with time restrictions.

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.

Since you told him about all the risks involved, you never went wrong, you did the right thing in the first place. But from your words, I understand that your friend has a lot of desire to know. You teach him with maximum effort and you must clearly show him the picture of the loss from your trading. Especially if you don't take him to the futures trading platform in the first place. Futures trading platform is one such platform where one small mistake can result in the loss of all one's money. So I would like to tell you that you better teach him about spot trading in the first instance. Because in the spot trading platform, even if there is a loss in the first stage, there will be a possibility of recovery later.

There are additional reasons for maintaining confidentiality when it comes to trading cryptocurrency. Firstly, there is a prevailing perception among some that traders who remain invested in cryptocurrency during prolonged bear markets are not perceived as wise or intelligent. Secondly, during bull markets, traders may encounter unwarranted requests for financial assistance, particularly when the widespread awareness and euphoria surrounding cryptocurrency are at their peak.

^Open up all the risks that will probably he encounter and let him know the potential losses I think, your friend is not a kid anymore and he has a wise decision too and at least you did not force him to join in trading, and his willingness to join in trading. However, it is commendable that you took the time to educate your friend and provide resources for him to learn more. And, it is up to each individual to weigh the risks and benefits of trading and make their own brilliant decision.

I see you're worried about your friend and you fear he might end up having series of losses and a blown account and which you don't want to have it blamed on you. It's an evidence of a good conscience you possess but the truth is that you ain't doing anything wrong at the moment. You have told him in clear term about the risks involved and he still persist in wanting to learn how to trade. So take him onboard, I believe his interest will drive him to be a good trader eventually.

 My candid advise to you is to make sure to also make it clear to your friend not to put into trading an amount he can't afford to lose. In this way since it's inevitable he  may make losses in the beginning he would only have to consider those losses as part of an experience in his trading journey and wouldn't be affected psychologically by the losses.

You talk about using binance for your trading, hope you understand binance is a centralized exchange and it's risking leaving your money their especially in periods you ain't trading. Why not create a non-custodial wallet where you would have your money stored there only to use it on binance when trading and a return to your wallet after being done with your trade. It's important. I'll want to use this opportunity to introduce to you AgoraDesk, a no KYC exchange platform for your convenience and privacy. You might want to give it a try.

I dont know but this one feels like on shilling out that crypto course or something or i might really be just that too advanced on thinking or paranoid when it comes to these things.

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Lets talk back about that hindrance or the fear of being that getting blamed by someone whenever the market would really be making out some bad move or going against on the position
on what your friend had able to commit out. This is really just a simple problem which you could always tell them that the market is risky, invest and deposit only on the amount which you could afford to lose.
Dont make out some assurance to your friend so that he wont really be expecting something out from those words which it would really be just that simple.
Its not your responsibility if they would be losing up money out of their investment, as long you arent assuring them about on being simple or easy money to make via trading
then i dont really see a thing for you to worry up that much because we know that this isnt how the reality works.

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.

As long as you provided your friend with accurate information and made it clear that there are risks involved, you have done your part in guiding him,

the decision to invest in cryptocurrency or engage in trading should be made by each individual based on their own research and risk tolerance.

you did the right thing by explaining the risks involved from the Start. he'll learn eventually, by education or experience.

Well you already told him the risk involved. It's entirely up to him whether he would trade or not. Not sure how Binance handle unverified accounts these days, but I would suggest to not verify the account of your friend first so he would at least test the waters if trading would be really for him as trading is not really meant for everybody including me. I had my horrible experience trading, although I learned a lot. It is just way of a mental stress for me to handle.

Not sure why would you feel uncomfortable about it, you already told him everything he needed to know before attempting to do trading.
This is also worth mentioning considering that OP didn't really collect any money from his "friend". There were no other projects involved. Another thing worth explaining to your friend is "why Binance over all other exchanges that you told him?" Surely he would be confused on why you chose Binance.

I don't see any harm in someone who introduces or provides advice about cryptocurrencies to someone who decided learn. sofar you don't collect any money from anyone, I don't think anyone will accused you of being wrong, whether you teach someone short trading or other in thing in crypto industry. But if I were you, I would advise that your friend to start by learning the fundamentals of the cryptocurrency industry as a Newbie to the system. Starting out trading as newbie in crypto industry is not always a good idea, and if he or she is motivated to join the system by the profits others are achieving, I would simply suggest that you tell him/her to purchase Bitcoin and hang hold it for a while in order to be on the safer side of the cryptocurrency market.

The best idea to advice a newbie coming into cryptocurrency but they wouldn’t aid to that advice because they want to earn on a daily basis and holding doesn’t gives them the profit they want in a short period of time.

Since he insisted I will only advise the OP to teach him the necessarily aspects like the fundamental analysis and the rest. Warn him not to invest money that is huge. It is better he starts with spot trading. Because if you are reluctant to teach him he would take as something. Just guide him through, we might learn from few loses.

Lol. I feel you. Logically speaking, you're not at fault if such situation occur but then again people can be unreasonable during tough times and no one wants that kind of drama in their life.

Honestly, you don't have to do something you're uncomfortable at. They may be your friend but that doesn't mean you'll do whatever they want, no? Try to sit down with them and be honest about your worries - that you feel burdened about the whole thing and would feel some kind of responsibility in case something goes wrong. If they still insist, then just make up an excuse like it's because you're not confident with your knowledge/skills or a flat you're just as newbie as them.

I think its all fine, since you said you have properly explained the risk involved when trading but I guess if am in your shoes I would have snubbed a introduction to trading especially when it crypto trading. The volatility involved in this type of trading increases the risk and human are found of many obnoxious behaviors and like you said it won't be any surprise if he/she eventually turns up and start blaming you when he/she experience losses in the trading classes. I have tried out trading myself but couldn't seem to work for although I was trading on synthetics and I concluded the trading to be one major term which is "advanced gambling" you can never be too sure so I left it and I won't try to convince any one to trading and definitely not crypto trade.

You shouldn't discuss these matters with your friends or family members especially when you are good at what you are doing. Some of them won't believe you, some will get jealous, some will want to learn and mess it up badly... In the end you will have to death with all those different people and it will become tiring. Why spend your energy on them while you can make even more money? In the end your friend will probably not get it right, lose money and blame you for it. Nope. Don't do that. It is best not talk about any money business at all.

Yes that’s true and since no trader has privacy (but for the exception of no kyc required exchanges)then there won’t be any privacy issue. But one thing I can also point out is his friend is a newbie and many newbies aren’t versatile in their research if he starts him with a centralized exchange like binance in trading he may see binance as his go to place even for buying and selling of his Crypto,

but like you said it’s simpler for traders using centralized exchanges also using decentralized exchange has its down side too and one of them is that the conversation fees are very high especially on instant exchanges.

If someone really wants to know what it is all about even after knowing all the risk then you should go ahead and tell him about it.
But keep reminding him about the losses you have encountered as well as show him the history of the crypto market.
Make him self aware about the fact that whatever losses he makes will be at his own will and that way you can pass this situation.
If someone really wants to try their luck then we can't help them but let them try it anyway.