Topic: I have a relatives who ask advise to invest, what should I do? - page 3. (Read 843 times)

tell them that shares are safer

A friend of mine introduced me to yield mining, somewhere in mid-February. I was skeptical at first but decided to deposit some money, approximately $200. I saw that it was working quite well and then proceed to deposit more cash, investing almost $2.000 in total.

Furthermore, I made a decent profit from that investment, with a total yield of $1.000 within 2-3 weeks at best. Not long ago, the daily yield starting going bad, so I withdrew all my money and put them aside. Then my friend recommended investing in another vault, did my research and after a while I did. Guess what, it crashed like a plane and right now, I'm losing money.

Of course, he is not to blame, I decided to withdraw my mine in the first place but was already looking for another investment opportunity, even if he hadn't recommended me that one, I might have still put my money there, despite him telling me.

Refer them to a financial advisor, do not give advice if you are not one because if something wrong were to happen, I don't think that you will want to take the blame because there will be some factors that are out of your control and will have a difficulty of explaining to them. Plus with financial advisors, it will be more convenient for you because you aren't going to waste your time answering their questions which you might have a limited knowledge of.

I think that is because people read on many reviews that they only need to invest in crypto, let it grow without doing anything, and in the future or next years, their investment value will increase so high. We are greedy when it is related to money, but we must know that it is not as simple as we were taught, and before we invest in any investment, we must learn and know how to invest with the right.

When we suggest people invest in crypto, we should teach them that the investment has a risk, and we can tell them how to prevent the risk and suggest them to search for the other risk. So when they decide to invest in the crypto, they are ready for the risk, and they know how to deal with it. It is obvious for us not to use the money that we use for our daily need to invest in anything, but we can suggest using the free money they have. It's no matter how much money they will use to invest in crypto, but it is how they can manage the investment before making a profit.

Sometimes, I joke with them about what they need to invest, and I say to them to invest in USDT only hahaha. That is because they are too lazy to find out by themselves. I want to help them analyze the coin to invest, but that will depend on themselves, and if they do not want to research, I can not help anything because I don't want to responsibly with their money. I always give a bold line about that to my friends to be aware of their money.

Even if they decide to invest in bitcoin, they must know the risk of that. And at this moment, they should know what they need to do with their bitcoin, and if they can think for a while, perhaps, they will buy more bitcoin in this downtrend.

There's no such thing about being safe yet risk would always lies ahead which is the reality and i wont really be giving out some sweet words if you do explain to someone about crypto investment.

Always go with those caution and warnings so that they would be initially aware on what are the things that they can possibly face off once they had set their foot into this market.

This isnt something that you cant just play carelessly because if you do then losses would really be just the next course or experience you would able to take.
Make them realize but telling up the basics isnt a bad thing for you to do so.

Definitely, if they are insisting, there isn't much you can do to avoid them. Their fault if they kept insisting/bugging you while you actually persuaded them not to. Doing your own research isn't an easy thing, and can also sometimes fail too, thus, people are turning to more "experienced" investors in an effort to maximize their earnings/minimize their losses.

I had a few friends who wanted to get into crypto, taught them the basics and only specified which options seem safer, such as Bitcoin or Litecoin, but the risk is always there.

I never really understood people who think that making money is that simple. I mean there are some people who are too greedy to get rich and they are still lazy about it as well, what's the point of doing what someone else says and getting rich that way? After all we are dealing with something that would be beneficial for everyone and that's what I think should be obvious that anyone who is not studying what crypto is and how it would be profiting us all, would end up losing their money in the end.

This is why I think it is quite obvious that we do not end up putting money into something that would not be helping anyone, and we would not suggest others to do the same as well, but that should not mean that we would be putting our money into something and would advice others to do the same neither, we may want to warn them against things, but not really help them pick something neither.

I understand you and I also prefer to not give financial advise to prevent issues with the person later if the investment turns negative.
But since the person is insisting too much I would let it very clear that the profit isn't guaranteed, especially on short run and he would have to be responsible about the amount to be invested and for any consequences of this investment. Furthermore, to prevent even more problems later it would be better to tell him, as a newbie, to invest in bitcoin and ethereum only, as these are the most trustful currencies in this market.

It is generally recommended to not give out financial advice, since you cannot be exactly sure on the outcome of your investment. Mentioning five coins isn't ideal either. There are more than a few examples of coins that have crashed and are yet to recover where they used to be (See XRP). I don't know if it's just me, but I prefer not to provide anyone with such information, I've had incidents of being whined about Bitcoin or Litecoin in market dumps.

I can't be responsible for their own moves, not my fault if you buy in ATH and then proceed to panic sell, but I don't want to get bothered or whined when something happens.

I don't see any issue at all if he insists on asking what coin to invest, then give him the top 5 coins on the market to invest, because these are the coins that are guaranteed to make the most profit, and there's always liquidity, he can always sell his coins if he decides to sell it and invest on other coins or from other reasons, there are trap on FOMO make him understand the many risks of investing in the Cryptocurrency market.

Perhaps, that will depend on each person if they want to invest in crypto. But most people will think that they will follow what other people suggest without thinking about research more to find the coins. I think they are too lazy to research and learn more about analyzing the market, and they think that they can let other people analyze, and they only need to follow. That is totally wrong if they do that because they can lose their money, and it will be hard to recover the losses if they still do the same thing.

I think we will see what happened in 2018 again in the future and if that really happens and we want to advise someone to join in the crypto, we must remind them about the risk that can come, and we can teach them about how to deal with the risk.

Open-mindedness  should really be had.Explain to them about the basics but dont explain that there is something guarantee when money making..
Dont give out any assurance because that will really be giving some conflicts if results wont really be ending on what they do anticipate.
Its up to you if you do have the time on explaining because in my part im already done on explaining things because they are mostly trying
to force out on how to make or earn big money.

First, you have to ask what kind of coins they were going to FOMO and always ask why then let them do their own research if it isn't efficient then you should do the research if you have more knowledge on crypto than them. I suspect someone might be trying to lure them on a shady scheme so to prevent that from happening and to avoid more losses. Guide them.

And when we talk about investment, never ever buy during the peak since it's a loss already and the risk of losing it is very high. So let them know to wait for the right time and look or do some research about their price speculation.

It is true, you need to open his mind to all possibilities. Don't hold back to say the positive and negative repercussions. He thought you know which coins will be the easy money to venture with, but you don't. Even if you are a veteran, you can't say which coin will be pumped and get high returns. You have to show him the real market scenario in crypto. Don't let him assume you know everything because you don't. But you need to be patient in guiding him where to look at. He thought he can learn this overnight because he has someone like you as a guide.

Guide them and show them that the concept of "investing" in the world of crypto means going hand in hand with risk, grief and loss.  As a relative, you need to focus on training, exchanging, cultivating knowledge and confidence.  Give them some reasonable suggestions, the most important thing is to stimulate them to self-study information and documents without being tempted by the trap.  A bird that wants to fly must be full of feathers, that's safe!

Give him an understanding first, give him some source about crypto currency, there are so many sources that can used as a learning materials.

If you give him a specific coin that you think the coin is so promissing then you will be wrong. He will depend on your suggestion every time he has intention to invest.

That thing will just make you tired, you will be a place for him to asking. It doesn't care if you fine with that and you comfortable to become his source. But if I were you, it will make tired because I don't get anything.

I've been in the same situation before. What I did is to explain what I did during my early days in crypto and the difference between the situation during that period and the current one. After explaining what I got to the simplest explanation I can, then I told them to self-study.

There are people that didn't continue their journey due to difficulties understanding even the basics. I can't do something about it now and not my priority as well to lift them up. Those who continue and do some efforts self-studying until now got my support and I always respond to their questions and even giving them some coins to watch but up to them to do some research.

If these people really like to know more about crypto as they want it to be their investment, they should do some effort to learn just like other investments out there.

If this is truly his believe then he need your assistant so he won't make a wrong decision that will make him loose the fund he will never forget in his life and leaving alone to make his diligent research will make him invest in hype base project.

Youre definitely right on what you had said!

Don't exaggerate or explain up the positive sides of crypto investment specially with bitcoin.Dont let them expect that much because once it did really spark out their greed
then it would really be a big problem.

Always go with the basics and tell them about the basic ideas and just let them do the rest.If they do need some clarification then help them as long
you have done your part well then that's already good.

If he likes FOMO and you feel confused about advising him, there's nothing wrong with ignoring him and simply suggesting that he do some analysis and research or seek accurate information before doing it, so you don't feel guilty if it's wrong.
sometimes beginners think FOMO is an opportunity without doing a good analysis before acting.