Pages:
Author

Topic: Is it proper for one to trade Bitcoin through a trusted friend ? - page 2. (Read 1063 times)

sr. member
Activity: 560
Merit: 432
Forum Only For Fun
I try as much as possible not to allow monetary issues to come between me and my friends, from my personal experience I wouldn't advice it. If your friend is a very good and experienced crypto trader then let him mentor you, guide you on how to become a professional trader, instead of trading on your behalf. You can not become a real trader if someone else is doing it for you, you can start with demo trading and gradually start to improve your skills before starting actual trading. What if he's making profits and is telling you that he's loosing your money, how will you know without understanding how trading works?

Various conveniences can be found in trading because several large trading platforms already have features that make it easier for people to trade as long as they have sufficient capital.
Of course in theory we can easily say that, but we certainly have another meaning that apart from needing money, knowledge needs to be prioritized rather than handing over money to other people to carry out trades. This is no different from enjoying the profits made by one's own efforts rather than getting big profits from the efforts made by other people.
sr. member
Activity: 560
Merit: 326
Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?
I try as much as possible not to allow monetary issues to come between me and my friends, from my personal experience I wouldn't advice it. If your friend is a very good and experienced crypto trader then let him mentor you, guide you on how to become a professional trader, instead of trading on your behalf. You can not become a real trader if someone else is doing it for you, you can start with demo trading and gradually start to improve your skills before starting actual trading. What if he's making profits and is telling you that he's loosing your money, how will you know without understanding how trading works?

Money can change people so you don't need to totally trust another person with a personalized business like Bitcoin and altcoins trading. You're better off hodling your Bitcoin while you improve your trading skills and do it yourself.
legendary
Activity: 3122
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?
If you really want to really understand Bitcoin, it will be more worth it to do it yourself rather than depend on other people.
We can't trust anyone when talking about money or other valuables, including those closest to us, so I think it should be thought carefully if we entrust it to be managed by your friends even though they have a pretty good record.
Even though sometimes this choice will make you a little inconvenient because you have to start on your own because you don't take the quick option by trusting your friends, in the end it will actually be a good thing where you learn from the start about Bitcoin and so that we don't get caught up in it. fomo because he got into bitcoin but didn't know how bitcoin worked.

There are many ways it can go wrong if you will give this task to a friend, even if we say a trusted/closest friend of yours. So if you think you are not ready to jump into trading because you feel you are still lacking of experience and information, why not try it using small amount of funds? It will give you an idea on how to start this activity, be open to yourself that you can commit mistakes, hence, using small amount of money to begin with.

As time goes by, you will earn confidence of doing this activity. Do take note that long-time traders also started from where you are - a beginner as well. If you will just depend on your friend to execute your trading orders, I don't think you will be at peace with yourself, especially if your friend suffers trading losses. And you can't do anything about it because you let him do the trade for you.
hero member
Activity: 644
Merit: 520
Leading Crypto Sports Betting & Casino Platform
Well this is actually quite simple for me to answer, well I have a simple principle and that's the fact that whenever it comes to anything relating to money I really don't like getting myself involved with other persons and that's because I have witnessed first hand what the greed of money can do with a man. So in this note , it's probably way best to actually do your things your way and learn from loses and progress yourself other than mixing it up with "friends"
hero member
Activity: 2856
Merit: 644
https://duelbits.com/
Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?
If you really want to really understand Bitcoin, it will be more worth it to do it yourself rather than depend on other people.
We can't trust anyone when talking about money or other valuables, including those closest to us, so I think it should be thought carefully if we entrust it to be managed by your friends even though they have a pretty good record.
Even though sometimes this choice will make you a little inconvenient because you have to start on your own because you don't take the quick option by trusting your friends, in the end it will actually be a good thing where you learn from the start about Bitcoin and so that we don't get caught up in it. fomo because he got into bitcoin but didn't know how bitcoin worked.
hero member
Activity: 2184
Merit: 891
Leading Crypto Sports Betting and Casino Platform
Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?
Depends on the friends that you have. Do you trust them enough with your money? If yes then go for it. If not then go for knowing the ropes by yourself. As what the other guy also said there's a sense of self-satisfaction knowing that you can do shit by yourself without other people helping you out. Then again, I have friends that I can trust enough with my money that I could just trade crypto with them and they wouldn't have a single thought of stealing from me, be it a dollar or a full bitcoin.

You might need some new friends who you can really trust and foster a stronger relationship if you're having second thoughts like that. In any case, always pays to know how processes work by yourself first before you ask for other people's help. Saves you all the trouble of having to wait on a friend to just be available so you can carry on with the process and all that stuff, and saves you the headache of looking for someone to blame when things go south and you lose your money Smiley
member
Activity: 0
Merit: 0
You asking in the first place OP shows that you don't really trust your investment with your friend, and wouldn't want to trade with him...

There is no rush here, I believe you should learn how to trade yourself with the aid of your friend rather than giving him your Money, this would build your confidence and sense of satisfaction and also build your relationship with your friend because Money,causes misunderstanding, coupled with the risk involved in Trading a volatile Market like Bitcoin so as not to results to any disagreement in the future... Besides for how long are you going to be doing this when you can learn.

sr. member
Activity: 1022
Merit: 363
I agree I think fully entrusting everything to a friend is the mistake here but if you really want to do it then the least you can do is at least try to learn. Maybe get your friend as a guide and use his expertise so you can learn and eventually do it all in your own without the help of anyone.
You are right, of course this is the wrong choice if we completely entrust the investment to other people without understanding this well and I also agree with you that it would be better for us to study well first so that we can really understand it well before choosing. to entrust the funds we have to someone, it would be very good if in the process of learning about investment there was a friend who accompanied us so that he could direct us to do the right thing with the funds we have, because without anyone guiding us in learning Of course this will be difficult to understand and we also have to be very careful with the funds we will invest, don't let us use all the funds we have and leave nothing for the emergency funds we need, of course this will not be able to achieve our investment targets.

Wrong choice to the fact that there's huge money involve in discussion and he might see the true color of his friend if he entrust his funds to his friend just to trade for him. OP should remember that money could expose the real attitude of people so to avoid getting any issue with his friend much better if he decide to trade for his self. Being so lazy will not gonna bring anything good to anyone so if he's really interested to trade bitcoin then maybe he should start to learn on how to do his first trade. Although we know its risky but frequent exposure on trading would provably result into good for him since he could learn a lot from his experience and learnings thru research also thru people discussions about this kind of activities.

To many people got victimized by their what so called friend friend saying that promise that their money or investment is safe with them, but it turns out nightmare to them since those people scam them.
hero member
Activity: 2352
Merit: 905
Metawin.com - Truly the best casino ever
There is a sense of satisfaction and pride that comes with knowing how to do stuff yourself. Something called self-efficacy. Before I go on I want to believe that what you mean is the regular crypto trade and not P2P. What I can say about trading Bitcoin yourself is that you get better through your wins and losses. It is a learning pathway for you. But when you do it through a friend including copy trading which  some may argue is the best, you remain at the beginner trader level for a long time. A total waste of time and resources in my estimation. Trade your Bitcoin yourself through the rigorous process of learning or just hold your Bitcoin.

I totally agree with you on this,but the question now is ?

How about one who actually have zero or no knowledge about the crypto but have an interest on investing so as to enable Him grow more weather?
If you have no idea how Bitcoin works and want to invest in it, then you should get some free time to learn about Bitcoin and start investing once you become confident or risk a small amount and invest it with the help of your friend but keep in mind that holding Bitcoin is a responsibility and if something happens, I know that your friend will be blamed and it will ruin relationship. That's why I suggest you to learn yourself about how to create a Bitcoin wallet, what's a safe wallet, how to store your keys safely and etc... Then buy Bitcoin and deposit them to the wallet that you own (your keys = your coins).
This forum is full of questions, answers and resources that will help you to increase your knowledge.
sr. member
Activity: 686
Merit: 403
Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

How about learning from them since they are into Bitcoin before you?

Mind you, start doing your own research too, and when it comes yo money do not trust them too much, friends are always trusted until proven otherwise, instead of getting your heart broken its better to learn yourself

This days too many friends end up becoming betrayers, learn to do your thing with your money alone.
hero member
Activity: 1344
Merit: 583
There is a sense of satisfaction and pride that comes with knowing how to do stuff yourself. Something called self-efficacy. Before I go on I want to believe that what you mean is the regular crypto trade and not P2P. What I can say about trading Bitcoin yourself is that you get better through your wins and losses. It is a learning pathway for you. But when you do it through a friend including copy trading which  some may argue is the best, you remain at the beginner trader level for a long time. A total waste of time and resources in my estimation. Trade your Bitcoin yourself through the rigorous process of learning or just hold your Bitcoin.

I have to agree with David here. Although it takes time at the end of the day the proof is in the pudding. You should ask yourself this question, "do I always want to rely on my friend to trade my bitcoin for me? or would I rather learn and go down the path less traveled & figure this out for myself?" I think the latter is always the best route to take. You will grow from that route, you will learn & become wise with trading or at least gain experience - even if you fail! Remember failing is not a bad thing, failing will only help you persevere if you keep trying and refuse to quit!
hero member
Activity: 1246
Merit: 768
Rollbit - The #1 Solana Casino
Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?
Not for that matter. Everything related to money doesn't make me dare to give them confidence in doing it.
Selling or buying something that is processed by ourselves is different when it is processed by someone else even though that person has 99.99% trust.

How about one who actually have zero or no knowledge about the crypto but have an interest on investing so as to enable Him grow more weather?
This can be done through a learning process. The current learning process about buying and selling Bitcoin is quite easy and there are lots of videos to watch. Buy in small quantities first, when you can, then buy the desired amount.
full member
Activity: 882
Merit: 211
Of course, his friend will ask for a percentage share if his trading is successful in making a profit, in other words the service (jockey) of someone playing it. Yes, paying attention to when he trades is much better, at least if we see directly how skilled or not he is at analyzing the market. It would be nice, apart from seeing him directly, we could also study before our eyes and gain knowledge from him before we entrust it to his friend. From there we gain a little knowledge and we continue to learn from various sources and combine what we have gained so far and then we try it. This method is much better than we entrusted to our friends.
I agree I think fully entrusting everything to a friend is the mistake here but if you really want to do it then the least you can do is at least try to learn. Maybe get your friend as a guide and use his expertise so you can learn and eventually do it all in your own without the help of anyone.
You are right, of course this is the wrong choice if we completely entrust the investment to other people without understanding this well and I also agree with you that it would be better for us to study well first so that we can really understand it well before choosing. to entrust the funds we have to someone, it would be very good if in the process of learning about investment there was a friend who accompanied us so that he could direct us to do the right thing with the funds we have, because without anyone guiding us in learning Of course this will be difficult to understand and we also have to be very careful with the funds we will invest, don't let us use all the funds we have and leave nothing for the emergency funds we need, of course this will not be able to achieve our investment targets.
legendary
Activity: 2898
Merit: 1253
So anyway, I applied as a merit source :)
I agree I think fully entrusting everything to a friend is the mistake here but if you really want to do it then the least you can do is at least try to learn. Maybe get your friend as a guide and use his expertise so you can learn and eventually do it all in your own without the help of anyone.
You dont have any friends in the crypto trading sector - something you learn from experience. The people who might think as friends, you may get scammed by the same. So I would not trust anyone with my money unless I know from in real life for a long time.

For trading, it is not difficult to learn. Besides if their trading experience is poor, they can just buy bitcoin from time to time and not think about trading on it.

Never engage with anyone calling themselves some sort of "fund manager" because these scams are also common.
legendary
Activity: 3122
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
Putting a friend in a friend's place does not make sense to destroy the relationship while doing good business. Mistakes are often made at work and the crypto market is always up and down, so no matter how good a friend is there's always room to blame. I think it's best to do business alone rather than with someone. Here own funds will be protected and no one will get a chance to cheat.

Trading Bitcoin through a trusted friend could be trading Bitcoin through peer2peer with that friend and I do not see a problem with such transaction unless you do not trust that friend. If the friend has a trusted reputation then I do not mind doing business with him because I know him very well that he will not cheat me. If you trade with a stranger, he could scam you and there is no way you can get back your money but your friend knowing you would not scam you because he knows you can always find him and it will spoil the relationship you both have between yourself. If it is only business you guys are having them there would not be a problem but when you start taking investment decisions for your friend by investing for him by buying Bitcoin, then you have gone too far because you will be held responsible if the investment does not get successful

If you have no full confidence doing this p2p even if you say he is your trusted friend, why not use top trading platforms such as binance. I believe, most people are doing p2p because they want to convert their crypto to their own fiat. And now, you will be surprised that most of these top crypto-exchanges are already offering p2p services in so many fiat currencies. You can already see the trustworthiness of the buyer/seller on their star rating/feedback. So at least you already have idea of who to transact with, even if you say, they are strangers over the net.
sr. member
Activity: 322
Merit: 227
Putting a friend in a friend's place does not make sense to destroy the relationship while doing good business. Mistakes are often made at work and the crypto market is always up and down, so no matter how good a friend is there's always room to blame. I think it's best to do business alone rather than with someone. Here own funds will be protected and no one will get a chance to cheat.

Trading Bitcoin through a trusted friend could be trading Bitcoin through peer2peer with that friend and I do not see a problem with such transaction unless you do not trust that friend. If the friend has a trusted reputation then I do not mind doing business with him because I know him very well that he will not cheat me. If you trade with a stranger, he could scam you and there is no way you can get back your money but your friend knowing you would not scam you because he knows you can always find him and it will spoil the relationship you both have between yourself. If it is only business you guys are having them there would not be a problem but when you start taking investment decisions for your friend by investing for him by buying Bitcoin, then you have gone too far because you will be held responsible if the investment does not get successful
full member
Activity: 2548
Merit: 217
Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

Trading is not an easy task to do, any time I see some traders trading for other investors and paying them interest, I usually cut cap for those traders because it is not easy. Before you can proceed to allow your friend trade for you, you are to note if they are actually an old experience traders. If your friend is just a normal non fully experienced trader, he may end up to lose your investment to Bitcoin volatility. Know who you are dealing with and their capabilities before you proceed.
Of course, his friend will ask for a percentage share if his trading is successful in making a profit, in other words the service (jockey) of someone playing it. Yes, paying attention to when he trades is much better, at least if we see directly how skilled or not he is at analyzing the market. It would be nice, apart from seeing him directly, we could also study before our eyes and gain knowledge from him before we entrust it to his friend. From there we gain a little knowledge and we continue to learn from various sources and combine what we have gained so far and then we try it. This method is much better than we entrusted to our friends.
I agree I think fully entrusting everything to a friend is the mistake here but if you really want to do it then the least you can do is at least try to learn. Maybe get your friend as a guide and use his expertise so you can learn and eventually do it all in your own without the help of anyone.
sr. member
Activity: 616
Merit: 274
Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

Trading is not an easy task to do, any time I see some traders trading for other investors and paying them interest, I usually cut cap for those traders because it is not easy. Before you can proceed to allow your friend trade for you, you are to note if they are actually an old experience traders. If your friend is just a normal non fully experienced trader, he may end up to lose your investment to Bitcoin volatility. Know who you are dealing with and their capabilities before you proceed.
Of course, his friend will ask for a percentage share if his trading is successful in making a profit, in other words the service (jockey) of someone playing it. Yes, paying attention to when he trades is much better, at least if we see directly how skilled or not he is at analyzing the market. It would be nice, apart from seeing him directly, we could also study before our eyes and gain knowledge from him before we entrust it to his friend. From there we gain a little knowledge and we continue to learn from various sources and combine what we have gained so far and then we try it. This method is much better than we entrusted to our friends.
hero member
Activity: 1064
Merit: 501
Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?
Your level of relationship and the life dealings you have with someone will determine the kind of transactions and trust you will have with someone when it involves money since bitcoin is one such that has to do with money for investment. However, the basic knowledge of bitcoin didn't in any way tell us to trade bitcoin through a friend or have a friend that we can trust with our crypto assets to take control of it. So, I don't see a need for one to trade their bitcoin through a friend when they can do that peacefully without no one knowing the amount of bitcoin the hodl in their portfolio
copper member
Activity: 2156
Merit: 983
Part of AOBT - English Translator to Indonesia
Is it proper for one to trade Bitcoin through a trusted friend ? For me if that is your close friend and you know what your friend doing is totally fine to trust him for trade your money. Unless your friend don't know nothing about bitcoin crypo or trading than you wrong. I mean this term is exactly same like you invest in mutual fund or you do a copy trade. Basically you need data before you trust him how much the winrate the PNL ration the drawdown everything
Pages:
Jump to: