Topic: I have a relatives who ask advise to invest, what should I do? - page 4. (Read 843 times)

Tell him the truth. No one can predict what will short term happen with coins. Day trading is manipulated by whales. Day trading is similar as gambling. It is definitely fun until you lose all. Best to learn is on own experiences. So he should daytrade a bit and see it dont pay off and latter start buying coins that will exist 10 years from now. 

Oh, I know the feeling.
Some may ask why they want immediate answers. Pandemic.
People lose their jobs, they don't know how to run a business or what business they should start so they set their eyes on investments of whatever money left in their stash.
With the sudden pump of Bitcoin and the pull of altcoins, it became a target.

You did the right thing. Don't ignore them for some of them are losing hope but you should also aim for your safety to avoid the blame if ever it goes south.
Let them decide on their own and just give them tips. Don't name a coin that they should follow.

I do not think that even advising to research is a good thing because they will put you on pressure when they do a bad research and buy a bad coin. I have faced with such things before in my life. How? Well, someone asked me to invest into crypto for them, I declined, they asked me to tell them a coin, so I declined, and they told me what to do and I told them to invest into anything they think will go up and not what I think will go up. They went ahead and researched and lost money and told me "this crypto is a scam, I got into it and lost all my money" like I was responsible for that, and we all know it is not a scam as well.

This was 2018 of course, these days whoever puts money into crypto ends up making a profit unless they are doing high leverage deals, if you just straight up bought something, unless you bought at upmost peak, you made a profit, and even if you bought at recent ATH, you are not down too much.

I think you did a good thing telling him that he is the one who should find what coin to invest in. However, as a person who has experience in this field you could give him some tips like invest in coins that have big volumes like Bitcoin or what are the do's and don'ts because based on my understanding he is just a newbie right? So better to guide him besides, he is your relative, not a stranger. You should also tell him that don't expect an instant return because everything here in this market is vague, no one can exactly predict how the market will move. Personally, I've been in that kind of situation and I just tell them what do I know, even warn them what could possibly worse happen.

The first mistake you made is telling him that you are making such an investment at all, and the second will be if you really give him advice on which coin to invest in - in case he loses money, he will blame you first and then everything else. If he wants to get rich instantly, then advise him to go play the lottery or sports betting, because with the attitude that your friend has, there is a good chance that sooner or later he will lose everything he invests.

When it comes to someone's money, then you should draw the line and not get involved in such things - because of money, best friends become the worst enemies, and they raise their hand against each other.

You can give him a suggestion to search for the coin, but you can remind him that no one will know what coins will pump in the coming days because the market will always be volatile. Perhaps you can suggest that he take a look at bitcoin and tell him to invest in bitcoin and not invest in altcoin before he research to find the coin.

You can teach him to find the coin with good moves, but I guess that will not easy as you need to analyze one by one of the coins and that will need time to get the coin. The other suggestion will be not using too big money in the beginning as he needs to learn more about investing or trading in the crypto market and make him familiar with the movements of the market.

We have to be kind to everyone, so if anyone asks you for advice on which coins are best for investment. You have to tell the relative who asked
you the truth about investing in cryptocurrency. That no one can predict coin price movements accurately, so those who ask you must learn to
analyze the market on their own. Because if you give your analysis results directly, then the person who asks for your advice will blame you
in the future if the coins you suggest make him suffer a loss.

If you can advise him, what you should keep in mind is to put him in advance of all risks, that you can say any currency but as well as he can win he can lose, you must ask how much he is willing to lose, of course that is what that you can invest in cryptocurrency.

Based on the teachings of some books by Warren Buffet, it is best to choose the safest action, in this case the safest currency, without a doubt is Bitcoin, which buys Bitcoin, be it full or some fraction of it, but you must tell him that In the long term, it is the most likely that profits will arise, at this time it is possible that you can make a profit for the amount of investment that has entered the market, and in case you invest and the market comes against you, you must tell them that you have You have to have a lot of patience, and peace of mind until the price recovers and rises again, in bitcoin the investment is safe, what is not known is when it will rise in price.

If you recommend an altcoin, the danger that arises is much greater, remember that altcoins depend on Bitcoin, unless they are one of those coins that survive from the Pump and Dump, which is not recommended.

If you decide to make the investment that you only extract when it makes a profit, the rest is that you do not get the money, much less if you are at a loss.

Just turn them onto as much information as you can and steer clear of giving direct coins to drop money on.  I never like to give financial advise to friends and family because it can always turn sour and alter your relationship.  Tell them to jump on here and let them go down the many rabbit holes on their own.

You must say to him, Cryptocurrency is not a way for rich fast, sometimes your investment is will drop and so risk, that's it for the short term. But if you focus on long-term investment, cryptocurrency is a great return."

You must tell him the fact about crypto first, and say to him that you are not financial advice.

Probably one of the best options if you can't really avoid them. Make sure you don't mention any success stories, because chances are they'll become overconfident. Warn them about the risks and don't dig in too much details on what to buy or not.

Nothing could really be perfect because losses would really be there even if you do stick out with Bitcoin but it wont really make out an assurance and also profitability
will really vary on someones decision making towards his trades neither he do able to sell on the right time or just simply missed it out.When there's someone who do
ask out some tips then simply tell them about the risk and if they dont care or wont matter then explain the basics and as hamphser said that i wont really like
to be blamed thats why its always good to play safe so that there would be no possible argumentation later on.

You can suggest him to invest on bitcoin and ethereum. At this time, the price of altcoin is increasing so quickly. You can suggest his to buy some altcoin on top 100 of coinmarketcap/coingecko.

There are so many instances in which real people have lost money in crypto let alone by investing in Bitcoin, then trading it at spot and in futures becomes a big thing for them. Nobody can predict a top for btc and holding it for long time can only guarantee profits if this 'bull run' does not end like it did in 2018 because the crash then was quick like a falling brick, and the recovery took place at the speed of a snail. Even we make a fool of ourselves by saying that we have only made profits through btc, but hell no it isn't true because nobody here is perfect to hold this long except the real heroes of btc who held it till now and have not sold anything out of their stake.

Just tell him about "Bitcoin" and just tagging some reminders that profits arent guaranteed so there's a possibility of money.

Dont explain like he would really be making up some bucks so that she wont blame you if the market turns out to be bad.Just like on my case where my friends and colleagues ask out about crypto

since they've been seeing me with some progress in life in terms of financial.They didnt know on what are the challenges and hardships that i pass through before i able to reach this state.

Its never been an easy thing and they would surely experience it for sure.

If he is doing fomo, you should still ask him to do his own research and find ways to invest in coins he finds interest in. Do not ask anybody to buy into anything because when they lose, they start blaming you. Next part, opportunities are always there and we only need to judge the correct time to get in, whether it is now or 10 years later. Even if bull run ends, opportunities will always be there to make something out of crypto. So just tell him that the world is not going to end tomorrow and he should do a good research on what he is investing in.

If i were on your feet then the thing you have said was actually on point or the right one.It is better not to suggest any coin for you not to be get blamed off
when he lost up his investment even if we do totally tell directly to invest with bitcoin then theres no assurance that he would profit of on what he had been
expecting or anticipating which new people or fellas do really expect on the time they do make some investment then they do really come after with the
profit next in very short time as possible.Just tell him/her to invest on the amount that he can afford to lose and make out their own research.
To think that even we are veterans on this market but doesnt signify that we do know on what coin would really be pumping out.We dont hold up
the future and this market is always been unpredictable since from the beginning.

I never NEVER advice anyone anything anymore. Once upon a time during 2017 bull run someone heard about bitcoin and called me and asked me how to buy some bitcoin, I was going to meet with my friend few days later anyway so I told him I will explain to him when we meet, we got together ate, drank had fun and I showed him how he could buy, he ended up buying and lost 50% of his money when it was going down, he didn't say much but I know what he felt.

Since that day I am not helping anyone ever, some other friends asked me about something very recently, and I told them not to worry about it, and wouldn't share my thoughts on projects they talked about as well, I have to say that I can't really deal with that anymore because when someone makes money, I end up being happy so that is good but if they end up losing money I feel responsible about it.

In the present time Crypto market is dumping. So i think this is the best time to invest on crypto. For investment Bitcoin is the best choice. Because Bitcoin is the most potential coin now. Also you can suggest him to invest on BNB coin. This is for long time invest. Hope this coin has a great future.

I also experienced this when Doge got such an incredible pump that it became a viral and tranding topic on social media at that time. Some of my friends said to invest in Doge immediately and I just said to be careful, because the price is already high it is very possible that once you buy it you will only lose due to dumping. Something that was worried about happened and fortunately, after I said that my friend gave up his intention to become a FOMO.