If OP's friend had shared that before he sold the property, it wouldn't have turned out this bad. But I doubt newbies won't listen to anyone's advice because they're stubborn and always think they're right. Newbies only accept our advice when they stumble and lose, only then will they learn to listen. Although, OP's friend lost all his assets, but in exchange, he learned a valuable lesson.
That's kind of weird for a newbie to not follow anyone's warning or advice if you ask me, if I was a newbie, I'd be asking a lot of questions about the stuff that I want to know about the stuff I'm getting into, that kind of attitude of leaping in faith is arrogant in my book. I guess OP's friend losing that money is a lesson learned albeit an expensive one but could've went something much better although I can't articulate what should've been done.
OP's friend is not the first case, there have been many new people falling into the same situation because of their arrogance. They will only realize their mistakes and listen when they fail.
If OP's friend had shared that before he sold the property, it wouldn't have turned out this bad. But I doubt newbies won't listen to anyone's advice because they're stubborn and always think they're right. Newbies only accept our advice when they stumble and lose, only then will they learn to listen. Although, OP's friend lost all his assets, but in exchange, he learned a valuable lesson. I believe that if he listens to the OP and tries to learn from scratch, he can one day regain what was lost. As long as we don't give up and keep trying, nothing is impossible.
If a person sold his property to start trading and ended up losing everything, then how can he start all over again if he has no money left to trade. This is a very difficult case and it may take a long time before he can trade again.
The mistake was that he started trading without proper knowledge, it would be more sense if he bought bitcoin for the long term, this would significantly increase his chances of success. Maybe in a year or two a bull market will come and we will see a good growth of the entire market, but whether before that time he can raise funds to buy bitcoin, or if bitcoin no longer falls well below 30k, but only gradually rises until it reaches a bull market, in which case the optimal time will be lost. Hasty action without proper knowledge will almost always lead to loss of money.
Yes, it will take a long time for him to start again after losing everything, but as long as he doesn't give up, nothing is impossible.
For me newbies should avoid trading altogether, long-term holding is the best method for newbies. But like I said, newbies will be very greedy and won't listen to anyone until they stumble. They prefer to make money fast rather than waiting and that's why many newbies dive into futures trading or shitcoin investing without choosing bitcoin and holding it for the long term.
