Topic: Mother keeps bugging me about her money. - page 2. (Read 3655 times)

Go long. that 3K will be worth 30K in a few years.

Then pay her back 6K and keep the rest for a car.

It also sounds to me like you are starting this at a young age. Keep it up, don't let your folks or anyone discourage you. You will be a very rich man one day. Nothing happens overnight.

Well, originally I made 500 dollars after just one day. But I was too greedy and thought NMC would climb even higher then some bad news about a bank banning hit and the price dropped 2 dollars and from then on it was been on one steady decline.
I have 1000+dollars that I want to invest myslef Because I definitely believe NMC could make at least 4 dollars with some good news in the near future just like it did some weeks ago when it went from 1.6 to 3.3. But I am afraid that 8 dollars and BTC at 1000 dollars will not happen this year and yeah, my father will KILL me.

1) Tell her the truth
2) Get a job to earn back the money lost
3) Never ever play with more money than you can afford to lose.

the problem with all of this is that you put all your money down on one coin. Never do this, sure you can make a lot of it goes up, but if it goes down you lose everything. never worth it, this is the reason people say to diversify your portfolio.

500+ different coins?! wow, that's a sure sign you have no clue what you're doing, dude
I mean, how do you even remember their names, what they are up to, how do you follow news around them, etc?

I'd recommend to keep the portfolio under 5 different coins, or if you have too much free time on your hands - under 10 different coins, not more, choose those that have the best prospects. That way you can keep focus and stay alert to new developments with those coins.

Here i was thinking you knew how to trade. You dont always turn a profit on every trade youll ever make. You clearly got into trading since crypto.

All you noobs think trading is just a matter of waiting and i really feel bad for you.

You will have your money back. Probably not until 1 year from when you invested tho.

tell her you screwed up and cash out. give the remaining money back and go get a job to pay back the rest... or you keep the coins and work for the whole 3000$ to give her the money back.
dont invest friends and families money. that always ends bad.

if you want to stay with cryptos, you need to try and learn as much as you can. you didn't really make a smart investment there, specially for short term gains.

sorry this happened to you. gl with whatever you're going do and be honest to yourself and others.

Welp, you are sort of screwed indeed.

Never invest with money you can't afford to lose.
Never sell until you've made a profit.

First of all don't panic. Second most important thing: do not listen to people who advising you to buy only one specific coin .

Some practical advice.
- Looking for freely distributed coins in the Announcements section could be a good way to pull yourself out from this situation. In the last two months I've got about 3 BTC worth coins for free... actually during the COMM hype a week ago it was close to 5 BTC. If you have some of these free coins wait until they hit the second or third exchange and then dump them. (The first exchange is too early.) When you collected some BTC on this way you can start some daytrading.

- Find some cheap, established coins with liquid market, high volume, low maintenance cost and then trade them. (Important! Always diversify your orders.)

...and the usual stuff:

- In an average trollbox those guys are pretending to be your friends but actually the opposite is true. BTT is the same.
- Thou shalt not get involved in announced pump and dumps.
- Forget about IPOs. (At least at this point.)
- Know the coin you trading. (E.g: after the DVC bounty payments you can always expect big dumps. That means good buy opportunities but it can mean that your BTC can get stuck in sell orders if you bought higher a few days earlier.)
- Don't be greedy. A small but sure and relative risk free profit in your pocket is much better than any "great earning potential".
- Always keep some money/BTC in reserve.

So in short, stick to free stuff and be careful with your existing money.

Anyone who's interested about NXT is already well aware of the asset exchange and has already bought in anticipation. I could see steady growth in NXT but no near term doubling.

sell it and invest in nxt, when you double you sell it and pay back your mom rest you can keep it in nxt.
nxt has a really good chance for it to double up when the asset exchange goes live along with other projects that are near completion.

thank me later or regret it later you choose.

Alright. I guess btc pricing over 600 is only a matter of pump and dumps. Anyways yeah my mother is worrying sick and i hope at least this summer that we see some higher prices.

Why not sell NMC and buy Maxcoin? Maybe Maxcoin will go once to 100$. It is now only 0.07$. Your NMC is 10,000 maxcoins. When MAX = 100, your investment will be 1,000,000$...

 

The only thing you can do now is hold your NMC and wait for it to reach $3/$4 and then sell them. But that's up to you. Never say never in crypto market, but I don't think we will see $8 anytime soon.

A tip :

Whales are placing huge buy orders to trick noobs into thinking a certain coin will go up, then the whale buys everything available (mostly his own sell orders) after that once again you will see some huge buy orders to keep the price at that level for a while, once the whale think he made enough profit you will see the price go down very hard. Classic pump & dump, don't fall for it... In high volume days they can make easy 50K $ per day from noobs.

 crypto currency is fast and Full of risk money . You should not invest what you can't afford to lose , it's the first rule here .

My mother is of the old age, she can barely manage a computer let alone understand stocks. She was reluctant to give me money in the first place but did so becausr i promised her fast risk-free money...

In other wordS you are saying its a 90% risk that NMC will never go to 8dollars again?

That comment says it all!

Why did you even bother buying NMC at such a high price ? At that time everything was sooo frickin expensive that only gamblers were buying way overprised coins.

Look at Litecoin, I'm sure there are still people holding $40 LTC...... Why on earth would anyone buy LTC above $20 and hold it ?

Be smart next time and don't buy with money you can't afford to lose. I'm sorry to say, but 90% chance that you lost the most of that $3000

The market is a free market. You are better off trying to make her understand it. Risk and loss is a part of the process the coin isn't bad and has some great development so I don't see why it can't increase.

Lmfao if i would ask her for more money she would slap me acrossy face i guarantee it