Topic: Know your limit - page 6. (Read 880 times)
Knowing how far you can go in this industry is paramount. Wins are wins regardless of how big they are. Losses on the other hand are more destructive the harder it is to recover from them. To that regard one must ensure that the losses they would incur in the future are of the manageable kind, because just like what happened with your friend OP, that spells great doom mentally and socially for him, the fact that he couldn't pay and is practically at everyone's mercy and pity now because he doesn't even have money to buy essential stuff like food is just something that my prideful ass wouldn't be able to take. In any case, take every wins you can get, forget being greedy and always put your losses at a manageable rate. Recovery is very important in this industry. That's what separates the good investors from the bad ones.
Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
That is what true friendship is for. You help each other when in need. Good you did the much you can do for your friend and that should be unconditional. If it had gone well and he made serious profit am sure he would have spent part of the money with you too as his friend. Another thing is that you have to sit your friend down and educate him on why he should not over invest in cryptocurrency. There should be something set aside and not to put everything into it. It is part of financial discipline.
Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.
Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
I think your friend is new to cryptocurrency what's why he made this kind of mistake, and I think he those not have proper orientation about bitcoin and cryptocurrency in general, he just heard that people are making money from bitcoin and he also want to make money.Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
Since your friend is having loan to pay back and he those not have money to pay it back, and he those not have money to feed, then I think it will be better if your friend sell the bitcoin and settle the necessary things which he has to, how long will he countinue to take loan just to settle another loan he took, and how long will you countinue to feed him? The best thing is for him to sell the bitcoin then whenever he is having any money he won't be using for long term, then he can invest back in bitcoin.
Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.
Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
In this case, financial management is the most important thing to learn, whoever you are and whatever your condition, being good at financial management will have a very good impact on making decisions. Risk management is also needed in terms of investment decisions considering daily needs and price fluctuations in bitcoin which cause it to be out of sync with what is planned and result in pressure that attacks mental and financial.Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
Actually borrowing money to invest can be a good decision if you are able to manage it properly, things that become risks must be a concern if targets do not meet expectations and savings funds for solving problems that may occur must be prepared.
In this case, DCA is the wisest strategy as a strategy to ease the psychological burden imposed on the market and to maintain financial stability.
Yes I completely agree with u !!!
One should take any money from others to invest in stuff like that…
A job person should deposit dollars $ and buy crypto coins or btc only with the money by which he haven’t to buy foods for his childrens or pay any allowances…
After paying for everything in his daily routine the money which just left at him for savings…he should invest them in btc …
One should take any money from others to invest in stuff like that…
A job person should deposit dollars $ and buy crypto coins or btc only with the money by which he haven’t to buy foods for his childrens or pay any allowances…
After paying for everything in his daily routine the money which just left at him for savings…he should invest them in btc …
Unless you promise the same thing to your friend then it's only natural that a little help there. because indeed the initial condition that your friend made was the mistake of doing everything on investment and borrowing for the sake of it as if crypto was an instant way to get rich.
This is clearly not justified, let alone borrowing money with the promise that you will pay back from the profits.
However, everyone here is also aware that investing in crypto is quite risky, so you don't need to do anything really too over the top to be here because it will only kill yourself.
It is always wise to think that there are risks to be considered when one wants to invest in crypto. Everyone has an acceptable level of risk threshold, and of course that includes budget amounts and origins. If they can only afford to lose $10K on their investment then that should be the maximum budget amount to invest, but if they can afford to risk $1M that should be fine too.This is clearly not justified, let alone borrowing money with the promise that you will pay back from the profits.
However, everyone here is also aware that investing in crypto is quite risky, so you don't need to do anything really too over the top to be here because it will only kill yourself.
One just has to be aware that crypto investing is not a way to get rich quick, but behind the possible profits, there is a potential loss that they are very likely to experience due to market fluctuations. Even if they can afford to be responsible for their investment risks, it is always wise not to believe 100% in crypto without an emergency budget.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
I think it's wise in an investment to avoid things that can bring burdens. Investing is better not in a forced situation because it can have an impact that can cause problems.From the case you conveyed, for me it is one of the things that need to be avoided in investing. Any type or form of investment activity by borrowing other people's money is not the right choice.
This is as short as it gets in my opinion because we don't want a relationship to be damaged because of a loan even though the borrower is a close friend.
Everyone is responsible for his own investment so everyone should invest according to his own strategy and ability. And investing the entire wealth in only one thing is the biggest folly. By doing this, a person will either suddenly become very rich or else the mistake will make him a street beggar. So of course it is better to adopt a limit for investment and everyone should follow a calculation to invest in different things which have less chance of loss on average. If my friend or any other person invests his entire money only in Bitcoin then he has to take responsibility but if I am inspired by him to do the same mistake then it will be a big mistake for me.
Golden rule of investment is 30:30:40. I mean 30% of your earnings should be spent on investments(it doesn’t matter cryptos or mutual funds or anything), 30% for monthly expenses and 40% should be your savings. Now if a person fails to follow this, then definitely he gonna land up in troubles. Investing in any asset or Bitcoins, doesn’t mean that it will give you profits. This is a pure example of carelessness that your friend has shown the world. Always remember invest in limit and calculate all the possibilities.
Unless you promise the same thing to your friend then it's only natural that a little help there. because indeed the initial condition that your friend made was the mistake of doing everything on investment and borrowing for the sake of it as if crypto was an instant way to get rich.
This is clearly not justified, let alone borrowing money with the promise that you will pay back from the profits.
However, everyone here is also aware that investing in crypto is quite risky, so you don't need to do anything really too over the top to be here because it will only kill yourself.
This is clearly not justified, let alone borrowing money with the promise that you will pay back from the profits.
However, everyone here is also aware that investing in crypto is quite risky, so you don't need to do anything really too over the top to be here because it will only kill yourself.
Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.
Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
You don't refuse to help your friend: if he really needs money, then give it to him. On his bitcoin bail. Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
It seems to me that this is fair. If you don't spare money for a friend, then he should not spare bitcoin for you. Otherwise, there will be an imbalance.Your friend didn't calculate his strength and now shifts the responsibility and consequences of his decisions to you.
I also believe that investing should be approached wisely and absolutely should not be bought bitcoin with all or the last money. Your friend is an anti-example of how to act.
Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.
Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
One of the most important rules of trading: you cannot trade with borrowed funds. If you have a permanent source of income, then you need to understand how much money you can put aside, and how much to leave for needs. If a person trades with someone else's money, then this is actually a casino. This is the path that leads into the abyss to a disease called Ludomania. As I like to say: if you invest in something, or trade, then be prepared to accept the fact that you no longer have this money.
Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.
Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
You know it's hard to borrow money, then the one who lends you money will also make you pay the debt. This is not a good strategy. Doing this will only get you into debt eventually. It's a bad habit.
But, honestly, what I do is that I save money every week just in case an emergency happens so I have money to withdraw, besides that, I also save Bitcoin every week for the long term, for at least Even if the bull run comes, I have bitcoin hidden in my wallet.
Even though some of us have discussed this matter because indeed borrowing or risking everything that is owned to be used as an investment is a mistake.
This is a place full of risks and we are aware of that but indeed we seem too naive not to believe in it, even though it is something that is fundamental.
Borrowing and promising from bitcoin profits is really a mistake because indeed such a thing is clear even though it can, but we also have to look at the situation and conditions and of course now is not the right time for that.
This is a place full of risks and we are aware of that but indeed we seem too naive not to believe in it, even though it is something that is fundamental.
Borrowing and promising from bitcoin profits is really a mistake because indeed such a thing is clear even though it can, but we also have to look at the situation and conditions and of course now is not the right time for that.
Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
what your friend did is stupid. You don't need to give him money. if you want to help him out, out of humanity and solidarity. then meet him and invite him to eat while talking about everything. I mean talk about the stupidity he did. save your friends while you can. if not, maybe he will enter the criminal world because of his behavior.
There are many people who want to borrow money to invest in bitcoin, many people think that if we do not take risks, we cannot succeed.
Yes that's true to an extent but not applicable to most cases if considered well, taking risk isn't bad but when you study what you're taking the risk for and understand what's at stake, people will always advise any new start-up never to take loan for a start, they better go towards earnings it or exchanging for it than lending money because being a newbie, one is easily vulnerable for attack in any form and this can lead to loosing the entire fund.
That is true, but not in this way because investing in bitcoin is extremely risky, and we can never predict what we will face in the future if our plan fails.
Investing in bitcoin is not as risky as that with altcoins, am not also supporting lending money for an investment but we can understand that bitcoin investment is only being highly volatile but not highly risky as other cryptos, so one can only loose little portion of the investment unlike with other cryptocurrencies where the entire fund got lost.
OP, now you have to ask yourself, "Are you ready to give a friend something that you don't mind losing?" There is a proverb that says that if you want to lose a friend, give him a loan, as you are giving away your money, but later the friend will think that he should give you his money.
True friends can be defined as those people who will tell you the truth without hesitation. You tell him all the reasons why he needs to get out of his debt on his own, and all the mistakes he made in his haste and greed.
If he understands you correctly and draws conclusions, consider that you helped him; if not, then your friendship existed before the first unpleasant incident.
True friends can be defined as those people who will tell you the truth without hesitation. You tell him all the reasons why he needs to get out of his debt on his own, and all the mistakes he made in his haste and greed.
If he understands you correctly and draws conclusions, consider that you helped him; if not, then your friendship existed before the first unpleasant incident.
Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.
That's so greedy from your friend and it's good for him since he paid that loan in a month even though he didn't have the salary for a whole month. But, just imagine if he couldn't pay the debt and the worse thing could have just happened with his life because of that addiction of taking a loan. I'd stay away from that if possible.Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.
That's the worse case I have talked before.You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
This is why you shouldn't take a loan ever for investment, use your partial money from job for investment and you are good to go from there. Don't be greedy just because you want to get money quicker. You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly, you won't feel any pressure, always remember that health is wealth.
If you do this weekly or monthly, you won't feel any pressure, always remember that health is wealth.
That's called DCA (Dollar cost average). Yeah, You don't have to invest everything you have. Invest in bitcoin, which you can afford to lose. You don't have to take a loan to invest anywhere. No matter how much risky it is. even if there is no risk at all, you still don't have to take a loan to invest in something you are not an expert at. It's better to do DCA for buying Bitcoin and other crypto as well. But, Never buy shitcoins.
Did you tell that to your friend? Because it sounded like he is now your responsibility.
Whoever gave him the idea that he can make huge amount of money after a month of investing really made him totally believed on it. I hope its not you because he really put it all down the line. Helping a friend in times of trouble is being a good friend and he seem to be in need and you are the one he calls for. Hope you know him well and not trying to scam you. I'm not saying he is a scam but find out. Just a warning.
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