Trading not a get rich quick - page 11.

irhact

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.

I did not know meme stocks has become that popular like meme tokens that people would be investing that much into it with a hope of making returns to payback the borrowed money and still get profit left. This man made so many mistakes and we have people making same mistakes in the cryptocurrency market, meme coins aren't real investment.

If you pick interest in investing in memes then do so with only spare money, meme coins can vanish at any moment and also the price of the meme projet can dump just because of useless reasons because they can also get pumped for no tangible reason, they are just pump and dump schemes.

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Quote from: Bananington on April 28, 2023, 06:50:43 PM

Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose.

Talking about schemes that make people rich overnight, some people who have never traded may consider and think that the moment the learn how to trade profitably that they will become rich overnight, I usually laugh at this very inexperienced thought because even many traders are not yet rich, so how will you a new trader become rich overnight. To become rich from trading requires consistent profit in the market, and consistent profit in the market means that you are really good in trading. To be good in trading is not sudden too, it requires a lot of experience and knowledge, that does not happen suddenly. Always try to tell people who think they can get rich from trading immediately that they are fantasizing.

Trading is not a get rich quick scheme, it's step by step and we ought to understand the market presently. I've gathered much experience as a trader over the years, so possessing the mindset of getting rich over night is absolutely not the aim, but gathered the fact that you're here to achieved your targets in the market. Newbies are the ones that generate the mindset of accumulating wralthyover night in trade, this is mostly caused by greed, watching your profits grow and refused to place withdraw because you think that one trade will give you millions which is totally wrong.

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.

Quote from: https://cointelegraph.com/news/ex-cfo-that-stole-5m-to-trade-crypto-and-meme-stocks-gets-3-years-prison

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

That is why there is a saying, "Slowly is the easiest way to make money trading." That's a cruel story. I mean if one institution would trade a large amount of capital, why would one to chose to trade a meme coin? There are a lot of other assets that have reasonable and considerable risks.
Trading itself is risky enough. But picking the right instrument involves risks also. Trading cryptocurrency and meme coins have a great start from its foundations and its technicals. It is highly volatile. Trading shouldn't be treated as gambling at all. Sure both take risks, but trades consist of another level of the paradigm of probability and risk management.

Bananington

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose.

Talking about schemes that make people rich overnight, some people who have never traded may consider and think that the moment the learn how to trade profitably that they will become rich overnight, I usually laugh at this very inexperienced thought because even many traders are not yet rich, so how will you a new trader become rich overnight. To become rich from trading requires consistent profit in the market, and consistent profit in the market means that you are really good in trading. To be good in trading is not sudden too, it requires a lot of experience and knowledge, that does not happen suddenly. Always try to tell people who think they can get rich from trading immediately that they are fantasizing.

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Quote from: Hatchy on April 28, 2023, 04:37:24 AM

This story, will actually serve as an example, to all others out there who loots money from public organizations for personal reasons. I guess his attempt to return the money was not enough which landed him in prison.it's a cautionary tale about the importance of being responsible when investing or trading.

Even with the best intentions, Using money that is not your is the worst idea, when it comes to investing in cryptocurrency And can result to serious legal consequences.
We should all have it in mind that Investing in Bitcoin it's a game of luck and the market is volatile but this guy actually ran out of luck.

One thing I've noticed is that wherever there is money, crime is always nearby, and people will do everything in their power to take advantage of others for their own self-serving interests. However, because we have a functioning system that regulates everyone, anyone caught trying to move funds will not get away without consequences, and at the very least, it will deter those who already have a plan. For example, most people only hear about Bitcoin without knowing anything about it before deciding they want to invest. if with the risk of investing, I would not say it's a game of luck rather you buy hold, and profit when the time is right.

Johnyz

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Being a trader can be more challenging, learning is just a first step and the real challenge is during the decision making.

What went wrong here is that, he trades using other’s money which is too risk because profit is not guaranteed. Another thing is, trading with the meme token can be more risky as the price is being manipulated by the hype, so one mistake entry for sure you’ll incur losses.

Try to be a good trader who don’t follow the hype instead you follow your TA strategy, there should be no rush and its better to have a profit consistently than to expect for an instant big profit, luck might not be on your side always.

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I could remember when I started trading, our motive the was to make fast money from the market but it get to a time that we are not long seeing one of the passionate thing that made us want to be a trader. Trading can be confusing when we start making loses from the market. We need to understand all we are doing so we can patiently make good profits from the market.

Everything is all about patient and nothing more that is why we need to ensure that we are not too desperate as a trader or do something that will increase our interest or urge to make bigger gain from the cryptocurrency market.

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This is the result of overly thinking of ourselves that we can do trading without proper education and skills. A result of using other's money thinking that we can generate more while using a huge capital. And the story reminds us that only trade the amount that we can afford to lose and of course, that money should not becoming from anyone, it should be coming from our pocket.
And most of all, we have to know the consenquences in trading. We can't guarantee profit assurance that is why we should not be confident enough, most especially if we are just new.

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Trading meme stocks and cryptocurrencies are too risky, especially in big amounts and money that you don't own. Someone mentioned that it is already gambling, well I guess there is a higher chance to win in gambling than hitting the jackpot thru meme coins and stocks.

By the way, embezzling $5 million and only getting 3 years of imprisonment? That's not bad. Maybe the guy should just hide the money or buy bitcoin and send it to a hard wallet and he'll be rich after his term in prison. I am sure that there are a lot of people willing to go to prison for 3 years for $5 million. Cheesy

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Quote from: Ryu_Ar1 on April 28, 2023, 03:32:14 PM

He made two mistakes in this regard,
1. being in meme stocks
2. using other people's money that is not his right with the aim of restoring his condition that has lost a lot.

This is obviously ridiculous when we know that being in memes is something that may not even be recommended if we don't have momentum and can enter and exit in the right way.
On the other hand, many have also emphasized in this case, Invest according to our abilities and never do this with borrowed money if we cannot be responsible for it, especially since he is consciously embezzling money and it is really ridiculous.
He is wretched for his own actions.

there are still people who are jumping on meme projects for the mere ambition of getting rich quick. well, for him, it didn't end well. we know that most meme projects are pump and dump and if you are already late, you will end up holding worthless tokens or coins.
it goes to show also that even financial experts or with high profile positions can make it wrong in this market because there's no concrete market behaviour that you can follow on. it is more of instincts and knowing the project that you are holding onto.

teosanru

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.

Quote from: https://cointelegraph.com/news/ex-cfo-that-stole-5m-to-trade-crypto-and-meme-stocks-gets-3-years-prison

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

Trading is definitely not get rich quick for sure. But meme coins investing is not trading, these people don't even claim themselves as traders. They just buy the hype and sell the hype. If you see someone would have invested in Shiba INU or some other alike coin at that time, he would be repenting his choice so much as of now. The article that you are citing is very different it's more about how the person used other people money to get rich quick.

Ryu_Ar1

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He made two mistakes in this regard,
1. being in meme stocks
2. using other people's money that is not his right with the aim of restoring his condition that has lost a lot.

This is obviously ridiculous when we know that being in memes is something that may not even be recommended if we don't have momentum and can enter and exit in the right way.
On the other hand, many have also emphasized in this case, Invest according to our abilities and never do this with borrowed money if we cannot be responsible for it, especially since he is consciously embezzling money and it is really ridiculous.
He is wretched for his own actions.

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.

Quote from: https://cointelegraph.com/news/ex-cfo-that-stole-5m-to-trade-crypto-and-meme-stocks-gets-3-years-prison

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

A normal thing to happen or simply some consequences if you do have this kind of mindset on the time that you would really be treating trading as a get rich quick scheme or thing because you wont really be ending up on a good way.This isnt how these things to be treated up because trading is something that needs effort and analysis which you would really be needing to consider out.This means that you wouldnt really be needing to rush up and making yourself that desperate because on the time that you would really be having this kind of approach then this is where mistakes would be starting out.
Trading isnt something that you could just simply ignore out and do nothing because it does really require lots of factors before you would be making or seeing yourself
that profitable. It wont really be that a short time and would be involving lots of trial and errors which you would really be experiencing along the way.

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Dear op, your title needs some grammatical correction (i think), and no wonder trading or investing in meme coins have fifty-fifty chances of profit whether you do the math or not, because these are community-driven tokens and most of them are manipulated ones, you have to get inside news of mem coins if you want to make profits and i do not know why an officer stole $5 million and did not able to make profit out of it.

Because if we invest that money in many meme coins (diversify) we could at least some profit and if we make a way of getting inside news (as big money can do anything, not accusing) then how can he not make a profit and lose all of it?

I think it's just an excuse to reduce the penalty or something i am not an expert here but something is not right here. Plus trading in meme coins is a good way to become rich if you have a lot of experience and money because AFAIK, without experience and talent, you can not become rich even if you have all the wealth of the world.

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Quote from: martyns on April 28, 2023, 02:35:21 PM

When newbies or beginners think trading gives quick money,tell them to try it first before concluding that it makes one get rich very quick.

There's no need to even tell them to go ahead with it; it's just good to give them some guidance by telling them the simple truth about trading. It is good to let them know that if they don't learn and familiarize themselves with the trading tools, strategies, and rules, they may not even make any profit, even before considering it a get-rich-quick scheme. There is a guy I am aware of who makes about $100 on a daily basis from his trading; at times, he even makes more profit than $100. So I can say that trading can really give someone a more frequent income, but that doesn't mean they don't sometimes lose money. learning how to become a successful trader doesn't just happen so suddenly.

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.

Quote from: https://cointelegraph.com/news/ex-cfo-that-stole-5m-to-trade-crypto-and-meme-stocks-gets-3-years-prison

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

Those which steal money always have an excuse of why they do so, but I am not buying it, this person wanted to obtain great benefits by investing in the market of cryptocurrencies without taking any of the risks by themselves, but now they are discovering there is not such a thing as a free lunch and they are going to face the consequences for their actions, and if anything I think they got a light sentence as 3 years in prison for stealing 5 million is a sentence too short if you ask me.

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Quote from: Dr.Bitcoin_Strange on April 28, 2023, 12:39:36 PM

Trading, Bitcoin investment, and some other general investments are not just get-rich schemes; the problem with some people is that they sometimes get so greedy or overconfident about some investment they decide to make, particularly when it's not even their money.

I wonder why they don't usually have a second thought about what will happen to them and their reputation if their investment in crypto gets liquidated or if the other company they invested with fails to make a good profit based on the initial agreement. Well, it has happened to him; I believe some people will learn from it, and there those that are still going to be adamant about the Get-rich-quick schemes which is usually full of scams and many disadvantages, but a lot of people don't yet realize that.

Quote from: Lucius on April 28, 2023, 09:43:56 AM

Shall we bet that he will repeat the same thing as soon as he gets another chance?

Ofcuse he may, a risk taker always remains a risk taker no matter what, lol 🤣

When they feel that trading is a get rich quick avenue,I only laugh at them because I know by the time they venture into it fully,they will definitely get dissappointed and that mentality will get off their mind in less than no time.It is true that investment brings money,but it isn't what comes so quick and sudden,it takes patience to be able to get money through investment,because it is not a weekly something or monthly something.It what takes a long period of time to get the desired result.When newbies or beginners think trading gives quick money,tell them to try it first before concluding that it makes one get rich very quick.

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Most centralized exchanges follow the same method, they take investors' money and trade it in the stock market.

Regulatory laws enacted by governments must take into account a very important point, which is the need to force platforms to separate company funds from user funds, otherwise we will continue to witness more such cases.

Also investors have to learn to put trading money only into the exchanges.

Dr.Bitcoin_Strange

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Trading, Bitcoin investment, and some other general investments are not just get-rich schemes; the problem with some people is that they sometimes get so greedy or overconfident about some investment they decide to make, particularly when it's not even their money.

I wonder why they don't usually have a second thought about what will happen to them and their reputation if their investment in crypto gets liquidated or if the other company they invested with fails to make a good profit based on the initial agreement. Well, it has happened to him; I believe some people will learn from it, and there those that are still going to be adamant about the Get-rich-quick schemes which is usually full of scams and many disadvantages, but a lot of people don't yet realize that.

Quote from: Lucius on April 28, 2023, 09:43:56 AM

Shall we bet that he will repeat the same thing as soon as he gets another chance?

Ofcuse he may, a risk taker always remains a risk taker no matter what, lol 🤣

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Quote from: Nrcewker on April 28, 2023, 11:32:06 AM

Man you can’t become rich overnight. No matter what task or work you do. Yes if you do something shady than that’s a complete different scenario. Investment or trading is done in order to earn extra income which is less but is earned frequently for a consecutive period of time. If someone is getting in crypto trading in the hope of getting rich in 48 hours or so, then he have to take high risks and gamble instead of trading. Trading is not easy and in order to make profits, you need to understand the market completely.

If trading is a quick job to make us rich, now there are many people who are millionaires, or even billionaires. However, the facts that occur in the field are not that easy, there are even people who end up bankrupt due to trading, more precisely, they trade without adequate knowledge. From this case, we can learn that assuming trading is a get-rich-quick scheme is a big mistake. I am not considered a new person when compared to beginners who are just getting to know trading, but I also still experience many defeats which in the end make my trades a loss. Never take anything for granted, especially when it involves money.

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