Topic: think before investing - page 6. (Read 910 times)

in every thing you do, there must be a leaning ground first. many people have jumped into a business or investment without knowing the ideas of the business. and it have make them loss everything for the business. I understand here that, in any business or investment you are going into, you need to lean and master it before going to it, to avoid Losing everything. I sell some of my propertys to invest on Bitcoin and before I invested, I lean and I'm still learning. because nobody want to go into a business for loss.

The challenges most newly adopters of bitcoin are facing is as a result of lack of research on bitcoin use cases, for they can't clearly differentiate between investing and trading on bitcoin. Investing In a hurry without a plan target wether for a short term or long.

The price  position at which you entered your investment also determines yours duration plan for your investment to start yielding profit. Nobody really loses on bitcoin so long as they have patience with their investment, and this patience is borne by your knowledge of what you're doing.

I beg to disagree that your friend lost all his investment from trading Bitcoin. What kind of cock and bull story is that? Probably he invested in some shitty altcoins and got his finger burnt or probably you are just making up to whole story.

It's just that it's reasonable not to do that, I also had errors of this type, but not as pronounced, that is, the loss wasn't much, but imagine that I suddenly decided to sell a property and start marketing without knowing anything, I think that was very extreme, if you are a rookie for more reason you should have been careful, you were going to explore unknown territory, but well, there are people who have enough to not care about losing, and I really hope it was the case, because or if not, sincerely people You must be aware that money is not a game, many find it difficult to keep up with this inflation to decide one day to gamble it all away and end up in ruins just by seeking to quickly increase their assets... it is a resounding mistake to do this.
You did well to help your friend, thank goodness and he still had a chance to recover... and I agree with you, impulses are not always good, you have to be prepared, and practice before getting into any business, whether crypto or not .

Be it a true account or a work of fiction, opting to funnel substantial resources devoid of any reservoir of knowledge is an egregiously imprudent course of action. Even I, personally, meticulously weigh each expenditure in accordance with my erudition. This dynamic is inextricably tied to the financial acumen of each individual.

I am firmly convinced that real estate prices across the globe do not come cheap, implying that those who venture into Bitcoin investments sans a profound understanding of the intricacies of the Bitcoin market are, frankly, making an ill-informed choice. Relying solely on luck as a decision-making strategy is hardly sustainable. Acquiring insights into the Bitcoin market serves as a valuable tool to amplify the prospects of investment optimization.

Therefore, if you happen to be in close quarters with this individual, do extend a helping hand in acquainting them with the nuances of the Bitcoin market.

This is the reason why many people easily got scammed in the cryptocurrency industry and later started blaming the cryptocurrency industry for the scam. Sometimes I do wonder why someone who wants to be successful in any business and will just invest without having a proper knowledge of where he/she wants to invest, but I think it is the eagerness to make it quickly that is what makes some people jump in and invest money on what they don't know anything about but are just confused by people's sweet words. So to be successful in any form of business, you need knowledge about it first before you invest. Assuming your friend calms down and gains good knowledge about cryptocurrency, it would have not lose money by now and should just continue accumulating, which will give it hope for more profit.

Knowledge is the first step in any form of business that a person needs to consider because it is what will make someone decide if the business or investment may be worth putting money into. I believe your friend has learned from his mistake, which is why he decided to learn and pay more attention to what he is learning. This will seriously be a great help to your friend, but my advice to you is to tell your friend to also start to do more research on his own and not only depend on what you are teaching, and I believe that will seriously help your friend.

This is common problem in our investors and they  think that the profit is lying on the ground, all you have to do is pick it up. Without knowledge its very hard to understand the full system of any thing and this happen with your friend that he did not get knowledge properly and faced loss.

I believe that currently BTC is very good investment and holding btc is required to enjoy the future life but i am against to sell property (needed) or taking loan because Bitcoin is volatile coin and no one give guarantee that btc price will rise from your buying point and very possible that it will down and then you have to wait long for recovering. we should use only our extra fund, no matter if we start from low.

Absolutely. You have to know where your money is going in order to ensure that you know the risk of the reward you are hoping to get. Without any background knowledge, it will be a gamble to invest blindly. It's like you are just handing your money and letting whatever you invest in decide whether you will get your money with a profit or none of it at all. Having knowledge is like having control, well at least a sense of it.

Learn* not lean. 

I have to ask, why does it always have to be about "investing" and "profits" when it comes to bitcoin?  I'm not trying to come down on you, but that's not what learning about bitcoin is all about.  Learning about bitcoin is understanding why it was created, how it functions (the blockchain) and things like how it could change the way we look at and use money and how we use "money" moving forward.

Profits and what not are great, but lets not forget bitcoin is inherently NOT an investment.

Having a knowledge is a must when a person is going to invest or trade. If you are profitable after investing and trading without having a knowledge in Bitcoin then what you're doing is gambling. Gambling is just a matter of chances and there is no guarantee that you will be profitable in the long run. When you're going to trade, you have to be knowledgeable about Bitcoin because there is a higher chance to lose than to win. Even those who are knowledgeable and profitable sometimes lose consistently, how much more if the person who trade don't have enough knowledge. So knowledge in trading is necessary.

LOL, he seems to be a FOMO with wishful thinking of getting huge profits from investing in bitcoin from people's stories through social media or news that are read and heard, the second mistake he sold his property which made him think he lost everything, of course having that understanding is the most important thing in any business and investment, without understanding and knowledge it is the stupidest decision.

And investing in bitcoin will get you a big profit if you hold on to it in the long term, that is a fact, rushing in the hope of making a profit is ridiculous in investing especially investing in bitcoin, unless god wants bitcoin to be accepted as a means of payment around the world a few days after he buys bitcoins.

That's also what I thought, he might be doing Margin trading or Futures trading which would certainly be very risky for beginners who don't understand anything about trading.

He probably used high leverage and bought with all his money. There will be no loss when we buy Bitcoin and hold it.
But if trading in futures and not for the long term, then there will be a lot of losses, because it does not have good trading knowledge.

As OP said, his friend is trading not investing and I think he is trading futures so the loss is understandable. But I also doubt what OP said, I don't believe anyone would easily sell land to invest in something they know nothing about. If it is a savings or a large amount of money I have no doubt, but selling the land is another matter.

But OP's story is also a reminder for newbies who are intending to invest in bitcoin. They should have knowledge before wanting to invest and should only invest with idle money, the amount that they can lose.

What kind of storytelling is this? Your friend sold his property and then lose it all because he doesn't know how to trade bitcoin? I doubt your used margin trading knowing he is a newbie and does not know much about trading. If your friend bought bitcoin then he didn't lose it all then? Was he hacked?

And then you felt pity for your friend and then you teach him how to trade and invest? And he is now doing well and happy? So you are a very very good trader then? Maybe you should also post in trading discussions and share with us your technical analysis and your favorite indicators.

From your post OP, I think you're saying that your friend "invested" but in the next paragraph you said he loss everything by "trading". Which I think the those two are different thing because if you invest at Bitcoin anytime you could decide whenever you want to sell even if it's on low value as long as you are holding then it reaches your aim value then you have a profit. While trading is like a short time you could earn money but the fact that it's too complicated since it's more riskier than investment. Some investor would literally try things out especially if they heard that there are some easy money like in crypto.

Because they have the mindset of high risk, high reward but if you don't have any knowledge about it then most likely it wouldn't succeed especially in crypto. Because in some investment such as business, we all are aware on how to run a basic business so even a simple knowledge would do as long as you have the funds. But never ever risk something that you will be needing just to risk it on something you don't know, it's just the dumbest thing to do.

An investor without the correct information, counsel, or even basic expertise may be in a risky situation. You see, understanding how complicated the purchase is before committing is crucial, if not critical.

Despite sounding repetitive, trade education is crucial. In a roundabout way, your friend's experience illustrates this. Your friend's example indicates that learning about Bitcoin, understanding it, and getting the notion is very crucial.

If your friend invested in bitcoin, he wont have lost everything maybe he was trying to trade bitcoin that was why he lost all his money, but your friend is kind of funny, why will he sell his property to invest or trade what he those not know anything about, just because he heard that people are making money, then he went to sell his property, am sure he will regret his actions and will do similar thing later in the future.

Hope you really know about bitcoin before guiding your friend? I notice your account is new on the forum here, actually you might have been in crypto space for a long period of time and you might just be joining the forum here, because have seen some posts here where newbies that are suppose to be learning about bitcoin are teaching people about bitcoin, but if you really know about bitcoin then its a nice idea guiding your friend. Hope you told him not to store his bitcoin on exchange, no exchange is safe, so make sure you are having full control of your money, tell him the appropriate wallet to store his bitcoin, and the best way to secure his private key, it should be stored offline and he can easily carve it on a iron steel.

Invested, but lost everything in bitcoin trading? Did he do futures trading and lost everything? Because if in spot trading it is impossible to lose everything except in trading shitcoin.

If the goal is to invest but why do trading if it is not in his realm of ability? If investing is quite simple, just hold bitcoin and it will not lose if he never sells it and will even tend to profit for a long time.

All forms of investment and trading then obviously they must know how it works otherwise he will lose what he is doing.

Your analogy is kind of incorrect because BTC is not a business in itself, it is true that if you are an investor who purchases BTC, you'll surely want to make revenue, but you may not enjoy the benefits of BTC if you take it as a business. Trading is risky and it is not for newbies, and as for investing, you must know what you are doing as regards how to keep your funds safe.
Is there anything like investing in fiat that is inflationary?

I don't find it believable that as op said his friend has no idea about bitcoin yet he sold his land to invest in bitcoin. That's because if I want to invest in something, of course I don't have a good idea about it, but I have a partial idea, then I will invest there, and an important thing like selling land. The op said that his friend lost everything, but I think that in Bitcoin, if Shaw stroke. Even if he keeps his entire capital will not be lost he will sell it when its value increases otherwise he can withdraw what he has. DCA is very important for those who are new to bitcoin and want to invest in bitcoin like op friend.