Topic: I have a relatives who ask advise to invest, what should I do? - page 6. (Read 843 times)
Everybody is responsible for their own finances & what they invest in. You can advise him but bitcoin is still very volatile & only the strongest of us can HODL through multi year bear markets. Explain to him bitcoin goes in 4 year cycles, he better hurry up if he wants to get in on this bull market though.
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've had the same but not with relatives, with friends. I didn't give them any advice on what to buy or what to do, only explained them a few basics on how to navigate and use an exchanged and helped them set up an account on Binance. 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?
Guess who they are going to blame if they lose their money, you. They will blame their ignorance and your mistakes on you. Do not get involved if you can avoid it. If you can't perform what I did. You'll get in trouble if you tell them to buy BNB for instance, and then it crashes.
He must invest in some promising projects that have development in the short term, for example, Eth, Cardino, and Dot are good projects for those who intend to invest in the medium term.
Long-term investment is linked to bitcoin, which seems to be the best time to sell and not enter the market. Ask him to wait for several months and we might see the bitcoin price at 20,000 or 30,000.
But if he wants to speculate, he must follow the news and things that may happen to currencies soon.
in short, let him invest in his mind (learn bitcoin, crypto, private keys, speculation) more than trying to make fast earing from bitcoin
Long-term investment is linked to bitcoin, which seems to be the best time to sell and not enter the market. Ask him to wait for several months and we might see the bitcoin price at 20,000 or 30,000.
But if he wants to speculate, he must follow the news and things that may happen to currencies soon.
in short, let him invest in his mind (learn bitcoin, crypto, private keys, speculation) more than trying to make fast earing from bitcoin
What I did when asked is to say I can't give advice as I have done very badly myself (which isn't really lying -- the ICOs or alts I did choose to invest in before have more or less flopped, if not completely died). Then they know you're not the best person to ask.
Better to disappoint them now like this than to commit to something that might lose them money later. Relationships sour when involved with financial decisions. Trust the boomer here.
Better to disappoint them now like this than to commit to something that might lose them money later. Relationships sour when involved with financial decisions. Trust the boomer here.
Go ahead, as long as there are efforts with qualified funds, what else can be a headache
You should ask him if he’s for long term or short term. Long term hold will not be a problem, just make sure that you pick the coins with potential or has product already. Short term investment could be difficult unless you had a good strategy that you can share with 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.
It's hard if he just wants an instant return on the investment suggested so I think they FOMO is in his soul so he wants to be more instantly looking for what he wants.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.
Remember it is not easy to invest in coins that will be pumped in the future, of course we need a strong analysis in this case if they remain FOMO then it will damage their mentality if it is true that the coins invested have decreased, therefore the best advice while doing daily trading is him. will know how to take good action not just buy low - sell high.
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.
look for coins that have passed the test of time (still active and prospering)
find out their mining costs and then look at their prices.
bitcoin is about 3x its mining cost and about 1.7X its utxo movement sentiment.
so its a bit 'bubbly'(inflated) right now.
other coins which are at their dip/crash are probably better.
so its just a case of playing the BUY LOW sell high game
never buy at the peak. never
find out their mining costs and then look at their prices.
bitcoin is about 3x its mining cost and about 1.7X its utxo movement sentiment.
so its a bit 'bubbly'(inflated) right now.
other coins which are at their dip/crash are probably better.
so its just a case of playing the BUY LOW sell high game
never buy at the peak. never
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.
Is there any other reason why he's currently FOMO-ing? Is he in need of immediate money or is it because of the bull run?
Expecting instant returns is just a spell for trouble. He's just going to get emotional and once he experiences a market dip, he won't be ready for it and might make him choose bad decisions. He might be better of on investing on something else, like investing on himself.
Personally, if I were in your position I would give him the tools to check out what coins have good potential. I teach them what are the indicators to check out, what red flags to watch out for and give them my sources. I too have a lot of friends asking for this kind of advise and I'm very cautious of what I say. In the end, its their money not mine.
Expecting instant returns is just a spell for trouble. He's just going to get emotional and once he experiences a market dip, he won't be ready for it and might make him choose bad decisions. He might be better of on investing on something else, like investing on himself.
Personally, if I were in your position I would give him the tools to check out what coins have good potential. I teach them what are the indicators to check out, what red flags to watch out for and give them my sources. I too have a lot of friends asking for this kind of advise and I'm very cautious of what I say. In the end, its their money not mine.
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?
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