I have a relatives who ask advise to invest, what should I do?

Mahanton

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Quote from: stomachgrowls on May 31, 2021, 05:48:56 PM

Quote from: magneto on May 31, 2021, 05:44:06 PM

Relatives are probably the worst of the bunch to get investment advice from.

I suggest that you stray away. Unless you have a good reason to invest in BTC and believe in the technology for the long run for yourself, then you're simply going to panic dump as soon as your relative does the same.

Don't get me wrong, it's not just your relatives. When anyone close to you starts talking about how great an investment is going to be when they have had no previous experience, then they are likely succumbing to the FOMO, have no good reason to be in the market in the first place, and will be at the front of the queue to sell low when the markets go down.

When you do try to read up again on whats been mentioned or talked in OP then you would see that his relatives are the ones who had been asking out for some tips and recommendation for some coins
since OP does have the experience into this market more than into his relative which would really be a tough situation on giving out advices since this market doesnt give out guarantee.

I do really hate up when someone do approach me asking for some financial advice and make out their steps basing on what you had said because if the market turns out to be
salty or sour then thats the time you should expect for some blaming.

I had already experienced for you to get blamed when they lost money.So ive decided on not to give any advices anymore to avoid such circumstances.

You are right mate I think the best thing to do is not to tell any suggestion on what coin they are going to invest if there is someone who ask about what is a good coin for investing. Beause crypto is risky and if the coin you suggest is failed they will surely blame the person who suggest that coin for thier loss. I also have many relatives that ask me about crypto investing or what coin is good but i didn't do any comment or suggestion I always say mind your own research to avoid loss.

Just tell them that they should do their own research but its not bad to tell even with the basics at least they do have idea.Always tell them about the risk
and trying to make them realize that this market isnt something that generates easy money or profit.You would be still needing to risk for you to earn.
Helping them isnt bad but dont try to feed up on what they are expecting because as stomachgrowls said you would really be blamed if
they do lost money on this investment.Tell them that you had warned them at least.

acener

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The only thing that you need to do is advice them to DYOR and invest at their own risk,
When it comes to investment advice I always tell them to do their own research cause I don't want to be responsible if they lose in it.
If they thinks that I am selfish for that advice or because I don't want to help them then it is their problem,
It is better that way than to be blame for their laziness to research about what they are investing on.

stomachgrowls

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Quote from: magneto on May 31, 2021, 05:44:06 PM

Relatives are probably the worst of the bunch to get investment advice from.

I suggest that you stray away. Unless you have a good reason to invest in BTC and believe in the technology for the long run for yourself, then you're simply going to panic dump as soon as your relative does the same.

Don't get me wrong, it's not just your relatives. When anyone close to you starts talking about how great an investment is going to be when they have had no previous experience, then they are likely succumbing to the FOMO, have no good reason to be in the market in the first place, and will be at the front of the queue to sell low when the markets go down.

When you do try to read up again on whats been mentioned or talked in OP then you would see that his relatives are the ones who had been asking out for some tips and recommendation for some coins
since OP does have the experience into this market more than into his relative which would really be a tough situation on giving out advices since this market doesnt give out guarantee.

I do really hate up when someone do approach me asking for some financial advice and make out their steps basing on what you had said because if the market turns out to be
salty or sour then thats the time you should expect for some blaming.

I had already experienced for you to get blamed when they lost money.So ive decided on not to give any advices anymore to avoid such circumstances.

magneto

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Relatives are probably the worst of the bunch to get investment advice from.

I suggest that you stray away. Unless you have a good reason to invest in BTC and believe in the technology for the long run for yourself, then you're simply going to panic dump as soon as your relative does the same.

Don't get me wrong, it's not just your relatives. When anyone close to you starts talking about how great an investment is going to be when they have had no previous experience, then they are likely succumbing to the FOMO, have no good reason to be in the market in the first place, and will be at the front of the queue to sell low when the markets go down.

bryant.coleman

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Well... this is a dilemma that I have faced before. Back in 2012 and 2013, I tried to convince some of my friends to make investment in cryptocurrency. Some of them ridiculed me, while some others accused me of promoting Ponzis. A few of them came back to me in 2014, and asked my advice to invest in Bitcoin. Fortunately, I refused to help them. And within a few weeks, Mt Gox closed down and the prices collapsed. And the same happened in 2017 as well. This time a larger number of friends were asking me for advice. The same cycle followed. I don't know whether they made their investment or not, but the exchange rates crashed after a few weeks.

romero121

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First of all give some basic understanding to them regarding the market volatility. Once after that if they're ready to take the risk, then ask them to invest at the right occasion. As per my understanding, the market has turned little bearish. This can be used as an opportunity to invest, if not the better choice is to invest on low price altcoins on the top order.

jargom

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the best advice is no advice I guess so if they ask just share your experience

Stedsm

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Of course BTC will be the first choice for anyone, but I've got some coins for you to suggest to your relatives:

- WRX
WazirX, an Indian cryptocurrency exchange which is currently serving the whole countries crypto related needs and is number one at present. Currently at $1 billion marketcap but you can see BNB and decide where will this go.

- OMI
Ecomi is the next Pundi X because they are going to announce various big partnerships with major firms as well as they're also going to burn a very big percentage of their current total supply.

coin-investor

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Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

You can help him by educating him, and let him know the many risks if you are pointing the risk and the benefits and explain your side why you prefer him to choose the coins that he'd like to invest and not you recommending him coins to invest.

There are a lot of articles and discussions about investing in Cryptocurrency that you can point to him, ask him to take time and not to hurry in investing, there's saying

Quote

haste makes waste.

STT

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Cant really recommend anything beyond just a tech fund is the normal level of investment and risk that the mainstream should be in. If they hold Tesla in a tech fund then they are holding Bitcoin indirectly and that might be the most sensible thing they can do. Problem with recommending anything is the involvement requires people to be alot more active, its no good they buy in March and panic sell in July.
Dollar cost averaging could be that you mention to buy BTC once a month for the next few years, overall they will be involved without having to be too concerned on the news in particular, only the market direction and crypto being proven valid over that time.

Golftech

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Quote from: Ultegra134 on March 31, 2021, 06:25:26 PM

Quote from: Golftech on March 30, 2021, 02:08:34 PM

Quote from: SaShiRaJaVu on March 28, 2021, 06:50:49 PM

I will never advice anyone to invest in any market, if any of my relatives or friends asks specific questions on how to invest then i might explain it to them gladly but if not it is always best to stay away from that mess because if the market goes the other direction you will get all the blame for advising them to invest in that asset and now they are at a loss and hence i usually avoid those situations.

Providing your relatives and your friends something to learn about is very important, it will serve as guide

to their own venture to this makret, it's true that better to stay away from suggesting or recommending

as if those people suffered from losing thier money, the blame will pointed to you. Share your knowledge

but make sure that they'll also do their part.

The best ability to currently possess is the ability to learn. If you can teach them how they can do their own research on how cryptocurrency works and where it's suitable to invest, would be your best option. On the plus side, you won't be to blame if their investment goes wrong.

That's it, if they managed to learn how to deal with their own research then everything is on their hands,

no blame to happened as they are piloting their own investment, you just need to guide them on how

to workout with sorting information that they'll need in order to survive from this business, after that you

don't have anything but to watch them grow.

Oilacris

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Quote from: Silberman on April 03, 2021, 07:35:29 PM

Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

I really think that the majority of us have been in the position in which you are now and what you are doing is the correct approach, you should try to calm down the excitement of this person, it is obvious that he has a complete mistaken view of how the market of cryptocurrencies really works, it seems that he wants to become rich in a week and even if we know that has happened before there is no way to replicate that kind of success, explain to him that he is in essence playing the lottery and convince him to slow down and to try to learn by himself how to invest, and if he still doesn't listen to you then tell him that you are never going to advise him again and that from now on any losses are on him.

You should really make him realized that things that do happen arent really that too simple to be achieved.He might seen you to have some improvement in terms of living or financial but those
arent really just on being lucky but rather involving some pure hardwork and a big mix of patience.

Usually new people do hurried out on learning up bitcoin or crypto are to those ones who had been mostly hyped up when they do saw someone that becoming rich or make their lives better.

I have the same experience about relatives or closest to me who got interested on spot with bitcoin or crypto when they do saw up my status..I just directly told them about learning
the basics and this isnt something like internet magic money that can be gained fast.

Silberman

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Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

I really think that the majority of us have been in the position in which you are now and what you are doing is the correct approach, you should try to calm down the excitement of this person, it is obvious that he has a complete mistaken view of how the market of cryptocurrencies really works, it seems that he wants to become rich in a week and even if we know that has happened before there is no way to replicate that kind of success, explain to him that he is in essence playing the lottery and convince him to slow down and to try to learn by himself how to invest, and if he still doesn't listen to you then tell him that you are never going to advise him again and that from now on any losses are on him.

Twinkledoe

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Quote from: Distinctin on April 03, 2021, 06:47:04 AM

Quote from: pilosopotasyo on April 02, 2021, 10:18:31 AM

Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

Don't be responsible for your relative's portfolio, you'll get the blame if the coins you've chosen have not performed well in the market, instead teach him how to think like an investor in Cryptocurrency and let him come out with his own list, or if he really insists only refer to the top 5 coins in the market, these are all the coins worthy to invest.

That's the right thing to do, however, there are people who doesn't like to go through the process or learn the basics, they want to start right away as they are afraid they might not be able to ride with the FOMO, that's the usual mistakes of the newbies.

The OP should be very transparent that even if he had a lot of experience dealing with crypto, still it is not enough for him to give accurate advice when it comes to investment. Just tell it upfront, so they will not be expecting a lot from him. And yes, suggest those top alts, at least they will not be victimized with pump and dump coins. It is hard to suggest a specific coin especially that they are expecting that such choice will give them good returns.

Viscore

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Quote from: arufox on April 01, 2021, 01:14:13 PM

Many people interested to join in cryptocurrency because they see a lot of people get profit in cryptocurrency, but many of them don't know about the risk of cryptocurrency, so I think you must tell them about all of the risks of cryptocurrency. If they know it already and still want to invest so go ahead..

The market is much high right now, we should wait for correction period before buying. Don't buy high so you don't cry later. Don't buy a token when it's trending or in hype. Because once a token trend it's already high. Do your own research and don't listen to anyone in comment, that's it.

Bull run is the time for the newbie to buy because they love to ride the FOMO, that's the reality that's why its easy for the whales to manipulate the market and will it even pumped more, but of course, nothing will last forever as the market is volatile, hence a correction is true and a dump could be coming.

Distinctin

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Quote from: pilosopotasyo on April 02, 2021, 10:18:31 AM

Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

Don't be responsible for your relative's portfolio, you'll get the blame if the coins you've chosen have not performed well in the market, instead teach him how to think like an investor in Cryptocurrency and let him come out with his own list, or if he really insists only refer to the top 5 coins in the market, these are all the coins worthy to invest.

That's the right thing to do, however, there are people who doesn't like to go through the process or learn the basics, they want to start right away as they are afraid they might not be able to ride with the FOMO, that's the usual mistakes of the newbies.

Faxmate

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Quote from: pilosopotasyo on April 02, 2021, 10:18:31 AM

Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

Don't be responsible for your relative's portfolio, you'll get the blame if the coins you've chosen have not performed well in the market, instead teach him how to think like an investor in Cryptocurrency and let him come out with his own list, or if he really insists only refer to the top 5 coins in the market, these are all the coins worthy to invest.

yes i have seen a lot of people who blame others after losing their money in investment, you have given a good suggestion because after learning themselves they will come to know the condition of market price otherwise nobody knows about good and bad luck and it will lead to many problems.

pilosopotasyo

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Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

Don't be responsible for your relative's portfolio, you'll get the blame if the coins you've chosen have not performed well in the market, instead teach him how to think like an investor in Cryptocurrency and let him come out with his own list, or if he really insists only refer to the top 5 coins in the market, these are all the coins worthy to invest.

arufox

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Many people interested to join in cryptocurrency because they see a lot of people get profit in cryptocurrency, but many of them don't know about the risk of cryptocurrency, so I think you must tell them about all of the risks of cryptocurrency. If they know it already and still want to invest so go ahead..

el kaka22

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You should do whatever you feel like doing. This goes for everyone. If you want to help them, tell them to do whatever you want them to do, if you think staying in fiat would be better for them because they don't know enough about crypto, tell them to stay in fiat and study crypto before going in, learning about crypto and why it is good or bad to invest right now, and when they know enough all by themselves they will make their own decision and not bother you.

Or if you think there is a coin they should buy, do that and get yourself a friend who has the same coin as you, if you lose money they lose money and they can't be mad at you because you lost money as well, not like you wanted that. One thing I would suggest not to do is advice them to buy something you do not have, that would be bad and I would not suggest anyone to do something like that.

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