Topic: I have a relatives who ask advise to invest, what should I do? - page 5. (Read 843 times)
When someone approaches me about investing in crypto, I just told them that investing in crypto is full of risks your money might be doubled or may also loss in just a short period of time explain to them briefly so that in the future you may not be blamed for bad result, You can also suggest to them your favorite alts but never promise to them a huge profit remind them that no one knows what will happen in the price so always be ready for any circumstances.
The nature of your relative is very crucial. He can't be asking in a rush. Rushing into cryptocurrency investment is risky and to FOMO is another part.
That's right, calming them and not to allow them to rush things out is very important, crypto market is not an easy access to richness.
Is better you explain this to him. You can't predict quick returns in crypto businesses, although there are coins like that but you can't say exactly the time for bull.
You need to let them understand that there's always a high risk inside this business, things may go against them if they'll
not invest time to reearch and study.
If he bought btc around April and May, then he would have been lucky. Maybe you can encourage him to be patient for longtime investment and you suggest coins at the top.
Correct, encouraging to keep having a positive mindsets, a good tool to keep moving forward.
You can suggest him to invest in bitcoin. But he should not buy bitcoin at once because that can be too risky for him.
Maybe he can invest in bitcoin weekly or monthly, so he will not have to worry about the price fluctuating and only hold his bitcoin for some time.
After he invests in bitcoin, you can tell him about when he can sell his bitcoin and tell him not to panic about the price that will always change.
You can also suggest that he invest in altcoin, but I am not sure about that because the altcoin will always follow bitcoin moves.
So maybe choosing bitcoin for his investment will be good for him, so he does not have difficulty managing the bitcoin.
Maybe he can invest in bitcoin weekly or monthly, so he will not have to worry about the price fluctuating and only hold his bitcoin for some time.
After he invests in bitcoin, you can tell him about when he can sell his bitcoin and tell him not to panic about the price that will always change.
You can also suggest that he invest in altcoin, but I am not sure about that because the altcoin will always follow bitcoin moves.
So maybe choosing bitcoin for his investment will be good for him, so he does not have difficulty managing the bitcoin.
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?
2 options.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?
Either you just want to say to him that he must invest into Bitcoin or the other one which is let him invest into some other altcoins and let him feel the feeling of being FOMO'ed, of being lost in an investment.
A typical kind of investor who is just asking which coins to invest into a person which in involve in crypto for a long time. In your question how can you help him. You may want him to invest into either Bitcoin or Ethereum if he doesn't want to research. Just say the risks, consequences of it so that at least he is ready if the worst possible scenario will happen especially now that Bitcoin is at its peak right now and possible Ethereum too.
The nature of your relative is very crucial. He can't be asking in a rush. Rushing into cryptocurrency investment is risky and to FOMO is another part. Is better you explain this to him. You can't predict quick returns in crypto businesses, although there are coins like that but you can't say exactly the time for bull. If he bought btc around April and May, then he would have been lucky. Maybe you can encourage him to be patient for longtime investment and you suggest coins at the top.
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 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?
Obviously, if you advice him not to invest in bitcoin, then you are not giving good advice. You should tell him that there is no need of fomo and the return on investment will not be instant. Also you should tell him that be prepared that after his buying, the market may dump. If he want to invest for long term, then he will never have the loss.
Tell him this isn't a quick trade, and that any money he puts in he shouldn't even think about taking out for at least 4 years. And he should only buy, not trade.
And tell him to stick to Bitcoin mostly, explain to him that it is hard money and that is where he should put any money he doesn't want to risk and wants to grow in value. Nothing else in crypto is hard money, the rest are all risk investments, and only Ethereum holds a solid position outside bitcoin in the market.
Basically something like this:
80% or more bitcoin
20% or less ether
On altcoins:
A small amount of altcoin investments can come later, but only after he has a good understanding of the market, so really he shouldn't even think about altcoins for at a least a couple years. Most people who get all into some altcoin do it because they think it is "better tech" than bitcoin or ethereum and it will replace one of those two. This is stupid. They don't realize their coin is a s**tcoin that nobody cares about because the only thing that matters is the network effect.
And tell him to stick to Bitcoin mostly, explain to him that it is hard money and that is where he should put any money he doesn't want to risk and wants to grow in value. Nothing else in crypto is hard money, the rest are all risk investments, and only Ethereum holds a solid position outside bitcoin in the market.
Basically something like this:
80% or more bitcoin
20% or less ether
On altcoins:
A small amount of altcoin investments can come later, but only after he has a good understanding of the market, so really he shouldn't even think about altcoins for at a least a couple years. Most people who get all into some altcoin do it because they think it is "better tech" than bitcoin or ethereum and it will replace one of those two. This is stupid. They don't realize their coin is a s**tcoin that nobody cares about because the only thing that matters is the network effect.
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 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?
If he is the one insisting, then point him to old coins which proven it's profitability inn the market, you can give or send Bitcoin, Ethereum Binance Coin or any of the top 10 coins here in the market, don't refer him to new coins he might get burn and lose his interest to invest, he will eventually invest in new coins when he knows how to research.
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.
This is advice already imo though? Now if he keeps pushing that you know, then bloody hell just straight tell him that you ain't any god or something. It's kinda stupid to expect a trader to know about every coin out there, it'd be different if it was one of the top 10 coins, but if not? Then that's just that.Once you find your coin though, just share your experience. Probably give a lesson about terms and such to remember so that he knows what they do and probably understand what terms mean when he looks it up for himself. That's it. Experience and knowledge are your best bet to actually teaching someone, though it doesn't necessarily guarantee that they learn. It's all up to them to actually learn.
I have a relative who come to me and ask advise on what coins to invest now
That's an easy one.
Bitcoin and only Bitcoin.
Well, I know it's easy if someone ask us what crypto could be the best invest to. The answer will always gonna be "Bitcoin".
I also have a sister in law who has been quite earning some good cash with her profession and small business and asks me what's good to invest. I said Bitcoin and walk her through from buying Bitcoin to creating a good wallet and hold. She had her doubts, Btc was trading at $8,000 during that time, so I didn't bother to push her to invest as I don't want to become the blame whenever she didn't meet her expectations.
You see, It's always going to be easy for us If someone ask us, but never easy for those who ask. Because they don't know what Bitcoin is capable of.
What do you think should I do guys? how can I help him?
As an experienced person in crypto by now, you should able to answer this by yourself.
Instead of "what should I do?", the question is, are you really willing to share your knowledge to?
Tell them everything you got then that's it, you already did your role. Further knowledge should now be learned by them.
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 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 don't like the word "investment" related to Bitcoin and other cryptos in general. Unless you know how the cycles of Bitcoin work and you are fully aware of how your money can take up to 5 years to start making more money, the word "investment" is vicious. We all know that Bitcoin is high now. Is it going to go higher? Nobody knows. But we do know that at a certain point we will see a huge correction and Bitcoin may drop to 50/60% of its highest value.
People willing to "invest" money usually expect to have returns in the short term. They can handle 6/12 months of ROI, but can they wait until 2025? So you probably can explain to your relative that in 2013 many people bought Bitcoin at 1800 USD and then watched it dump to 300. Also how many people got on board in 2018 at 19000 USD to see it go to 3000 USD in a couple of months.
Those who were able to hold their coins probably made really good money. Is your relative willing to take that risk?
Make sure they don't blame you when you give an advice, and please tell them to educate themselves first and not just rely on someone's call. The market is very unpredictable, it's not bullish every time, what if your relatives will get caught in a bearish market and the price will continue to dump that could cause a panic?
That's why I don't give an advice on what project or coin to invest, but I give an advice on how to know or study a particular projects or the crypto market in general.
The same on me, the reason why I didn't give some advice to anyone because I am afraid that someday they will come back and blame me for their losses. The thing that I don't want to happen.That's why I don't give an advice on what project or coin to invest, but I give an advice on how to know or study a particular projects or the crypto market in general.
Explain to your relatives very well how bitcoin will work and invest only in bitcoin, nothing else. Altcoins and other defi projects need to have a dig deep research so will I guess your relative will hard to understand.
There are too many crucial things to understand before investing in crypto, you must explain it first include the risk that brings while investing.
Make sure they don't blame you when you give an advice, and please tell them to educate themselves first and not just rely on someone's call. The market is very unpredictable, it's not bullish every time, what if your relatives will get caught in a bearish market and the price will continue to dump that could cause a panic?
That's why I don't give an advice on what project or coin to invest, but I give an advice on how to know or study a particular projects or the crypto market in general.
That's why I don't give an advice on what project or coin to invest, but I give an advice on how to know or study a particular projects or the crypto market in general.
You have said the right thing to research first. People who just know crypto and saw it gains will really find a shortcut and ask people that have been here for a long time.
But telling random coin or based from your opinion on which coin they should invest with might even put you to a fight in the future with them. Because they might regret that they've followed your opinion if the coin you've suggested starts to drop.
They should at least know the thing they're investing and that's the best suggestion that you've given.
But telling random coin or based from your opinion on which coin they should invest with might even put you to a fight in the future with them. Because they might regret that they've followed your opinion if the coin you've suggested starts to drop.
They should at least know the thing they're investing and that's the best suggestion that you've given.
I have relatives like that too and I would just say I don’t give investment advice. Basically back when BTC was like $3K back in 2017, people asked if they should buy. I told them no and wait until it goes back to $1000 and buy then because $3000 is too risky.
It went up to $20000 and they were upset I stopped them from investing. Then when it went from $20K they invested at $16K and obviously we knew what happened next. And they were still pissed at me that it went down to $6K and they sold at a loss. They are mad because I told them not to buy at $3k so instead they bought at $16K and ended up selling at a loss at $6K.
Best is never give any investment advice on cryptos.
I've had this happen to me too, had friends who were bugging me last year to invest into Bitcoin, I never gave them any advice because I didn't even want to bother, I didn't actually think they were actually capable of understanding the whole concept. After surpassing $40.000-$50.000, I was accused of not giving them advice in the past.It went up to $20000 and they were upset I stopped them from investing. Then when it went from $20K they invested at $16K and obviously we knew what happened next. And they were still pissed at me that it went down to $6K and they sold at a loss. They are mad because I told them not to buy at $3k so instead they bought at $16K and ended up selling at a loss at $6K.
Best is never give any investment advice on cryptos.
The best thing is to hold a neutral point of view, advise them where to look to find information but never give out any advice. It's guaranteed that it will lead to trouble. If they are capable of understanding the concept of cryptocurrency and investing, they won't ask for investment advice nor blame you for their losses. They'll find a way to learn by themselves.
I advise anyone to
1. Understand bitcoin
2. Understand how to protect their assets (keys,wallets,hot,cold)
3. Understand that it can go down just as fast as up
4. You must be prepared to wait 4 years for it to pay off
5. They can be stolen
6. Invest only with money you are prepared to lose
I help them with those questions and if they still want to do it they can do it by themselves...
I never take responsibility for their actions or losses....
1. Understand bitcoin
2. Understand how to protect their assets (keys,wallets,hot,cold)
3. Understand that it can go down just as fast as up
4. You must be prepared to wait 4 years for it to pay off
5. They can be stolen
6. Invest only with money you are prepared to lose
I help them with those questions and if they still want to do it they can do it by themselves...
I never take responsibility for their actions or losses....
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.
If I were you in the same position I would just tell them what cryptocurrencies I am currently holding but I would specifically say that I don't know if it is the right time to buy since "the ship has already sailed". After that I will tell him that this isn't the right time to buy were people like him have only got their attention towards cryptocurrencies when it already went up. I'll tell them after that if you want to invest in general you buy your position when it is not yet making any noise as this is the best time to buy it cheap and has the biggest chance of growth, buying now will only make your holding in a bad position as not only you don't have any margin of safety you don't also have any guarantee that it still go up. @OP just give him several warnings about the risk on investing at this moment so he is properly warned before risking his money.
I have relatives like that too and I would just say I don’t give investment advice. Basically back when BTC was like $3K back in 2017, people asked if they should buy. I told them no and wait until it goes back to $1000 and buy then because $3000 is too risky.
It went up to $20000 and they were upset I stopped them from investing. Then when it went from $20K they invested at $16K and obviously we knew what happened next. And they were still pissed at me that it went down to $6K and they sold at a loss. They are mad because I told them not to buy at $3k so instead they bought at $16K and ended up selling at a loss at $6K.
Best is never give any investment advice on cryptos.
It went up to $20000 and they were upset I stopped them from investing. Then when it went from $20K they invested at $16K and obviously we knew what happened next. And they were still pissed at me that it went down to $6K and they sold at a loss. They are mad because I told them not to buy at $3k so instead they bought at $16K and ended up selling at a loss at $6K.
Best is never give any investment advice on cryptos.
My advice, don't give out advice. Or at the very least tell them they are better off not investing, you won't be blamed if there is a bigger correction.
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