I have a relatives who ask advise to invest, what should I do?

[Sanitough]

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

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[orions.belt19]

Is there any other reason why he's currently FOMO-ing? Is he in need of immediate money or is it because of the bull run?

Expecting instant returns is just a spell for trouble. He's just going to get emotional and once he experiences a market dip, he won't be ready for it and might make him choose bad decisions. He might be better of on investing on something else, like investing on himself.
Personally, if I were in your position I would give him the tools to check out what coins have good potential. I teach them what are the indicators to check out, what red flags to watch out for and give them my sources. I too have a lot of friends asking for this kind of advise and I'm very cautious of what I say. In the end, its their money not mine.

[JimboToronto]

I have a relative who come to me and ask advise on what coins to invest now

That's an easy one.

Bitcoin and only Bitcoin.

[franky1]

look for coins that have passed the test of time (still active and prospering)

find out their mining costs and then look at their prices.
bitcoin is about 3x its mining cost and about 1.7X its utxo movement sentiment.
so its a bit 'bubbly'(inflated) right now.

other coins which are at their dip/crash are probably better.

so its just a case of playing the BUY LOW sell high game

never buy at the peak. never

[TinaK]

I have a relative who come to me and ask advise on what coins to invest now

That's an easy one.

Bitcoin and only Bitcoin.

Bitcoin is always trusted cryptocurrency so it is suitable for all the time. But it is decentralised platform so anytime it will change the market value in crypto platform. Number of altcoins are available in the market so we plan to pick the use huge volume of crypto currency and fix the ratio of our trade limit. I hope better analyse some convenient platform in every trade.

[Furious 7]

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

It's hard if he just wants an instant return on the investment suggested so I think they FOMO is in his soul so he wants to be more instantly looking for what he wants.
Remember it is not easy to invest in coins that will be pumped in the future, of course we need a strong analysis in this case if they remain FOMO then it will damage their mentality if it is true that the coins invested have decreased, therefore the best advice while doing daily trading is him. will know how to take good action not just buy low - sell high.

[ecnalubma]

You should ask him if he’s for long term or short term. Long term hold will not be a problem, just make sure that you pick the coins with potential or has product already. Short term investment could be difficult unless you had a good strategy that you can share with him.

[Sak Karepe]

Go ahead, as long as there are efforts with qualified funds, what else can be a headache

[buwaytress]

What I did when asked is to say I can't give advice as I have done very badly myself (which isn't really lying -- the ICOs or alts I did choose to invest in before have more or less flopped, if not completely died). Then they know you're not the best person to ask.

Better to disappoint them now like this than to commit to something that might lose them money later. Relationships sour when involved with financial decisions. Trust the boomer here.

[hugeblack]

He must invest in some promising projects that have development in the short term, for example, Eth, Cardino, and Dot are good projects for those who intend to invest in the medium term.

Long-term investment is linked to bitcoin, which seems to be the best time to sell and not enter the market. Ask him to wait for several months and we might see the bitcoin price at 20,000 or 30,000.

But if he wants to speculate, he must follow the news and things that may happen to currencies soon.


in short, let him invest in his mind (learn bitcoin, crypto, private keys, speculation) more than trying to make fast earing from bitcoin

[Ultegra134]

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

I've had the same but not with relatives, with friends. I didn't give them any advice on what to buy or what to do, only explained them a few basics on how to navigate and use an exchanged and helped them set up an account on Binance.

Guess who they are going to blame if they lose their money, you. They will blame their ignorance and your mistakes on you. Do not get involved if you can avoid it. If you can't perform what I did. You'll get in trouble if you tell them to buy BNB for instance, and then it crashes.

[DeathAngel]

Everybody is responsible for their own finances & what they invest in. You can advise him but bitcoin is still very volatile & only the strongest of us can HODL through multi year bear markets. Explain to him bitcoin goes in 4 year cycles, he better hurry up if he wants to get in on this bull market though.

[uninterestedparty33]

My advice, don't give out advice. Or at the very least tell them they are better off not investing, you won't be blamed if there is a bigger correction.

[adaseb]

I have relatives like that too and I would just say I don’t give investment advice. Basically back when BTC was like $3K back in 2017, people asked if they should buy. I told them no and wait until it goes back to $1000 and buy then because $3000 is too risky.

It went up to $20000 and they were upset I stopped them from investing. Then when it went from $20K they invested at $16K and obviously we knew what happened next. And they were still pissed at me that it went down to $6K and they sold at a loss. They are mad because I told them not to buy at $3k so instead they bought at $16K and ended up selling at a loss at $6K.

Best is never give any investment advice on cryptos.

[Theb]

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

If I were you in the same position I would just tell them what cryptocurrencies I am currently holding but I would specifically say that I don't know if it is the right time to buy since "the ship has already sailed". After that I will tell him that this isn't the right time to buy were people like him have only got their attention towards cryptocurrencies when it already went up. I'll tell them after that if you want to invest in general you buy your position when it is not yet making any noise as this is the best time to buy it cheap and has the biggest chance of growth, buying now will only make your holding in a bad position as not only you don't have any margin of safety you don't also have any guarantee that it still go up. @OP just give him several warnings about the risk on investing at this moment so he is properly warned before risking his money.

[Wilhelm]

I advise anyone to

1. Understand bitcoin
2. Understand how to protect their assets (keys,wallets,hot,cold)
3. Understand that it can go down just as fast as up
4. You must be prepared to wait 4 years for it to pay off
5. They can be stolen
6. Invest only with money you are prepared to lose

I help them with those questions and if they still want to do it they can do it by themselves...
I never take responsibility for their actions or losses....

[Ultegra134]

I have relatives like that too and I would just say I don’t give investment advice. Basically back when BTC was like $3K back in 2017, people asked if they should buy. I told them no and wait until it goes back to $1000 and buy then because $3000 is too risky.

It went up to $20000 and they were upset I stopped them from investing. Then when it went from $20K they invested at $16K and obviously we knew what happened next. And they were still pissed at me that it went down to $6K and they sold at a loss. They are mad because I told them not to buy at $3k so instead they bought at $16K and ended up selling at a loss at $6K.

Best is never give any investment advice on cryptos.

I've had this happen to me too, had friends who were bugging me last year to invest into Bitcoin, I never gave them any advice because I didn't even want to bother, I didn't actually think they were actually capable of understanding the whole concept. After surpassing $40.000-$50.000, I was accused of not giving them advice in the past.

The best thing is to hold a neutral point of view, advise them where to look to find information but never give out any advice. It's guaranteed that it will lead to trouble. If they are capable of understanding the concept of cryptocurrency and investing, they won't ask for investment advice nor blame you for their losses. They'll find a way to learn by themselves.

[livingfree]

You have said the right thing to research first. People who just know crypto and saw it gains will really find a shortcut and ask people that have been here for a long time.

But telling random coin or based from your opinion on which coin they should invest with might even put you to a fight in the future with them. Because they might regret that they've followed your opinion if the coin you've suggested starts to drop.

They should at least know the thing they're investing and that's the best suggestion that you've given.

[Viscore]

Make sure they don't blame you when you give an advice, and please tell them to educate themselves first and not just rely on someone's call. The market is very unpredictable, it's not bullish every time, what if your relatives will get caught in a bearish market and the price will continue to dump that could cause a panic?

That's why I don't give an advice on what project or coin to invest, but I give an advice on how to know or study a particular projects or the crypto market in general.

[ReiMomo]

Make sure they don't blame you when you give an advice, and please tell them to educate themselves first and not just rely on someone's call. The market is very unpredictable, it's not bullish every time, what if your relatives will get caught in a bearish market and the price will continue to dump that could cause a panic?

That's why I don't give an advice on what project or coin to invest, but I give an advice on how to know or study a particular projects or the crypto market in general.

The same on me, the reason why I didn't give some advice to anyone because I am afraid that someday they will come back and blame me for their losses. The thing that I don't want to happen.

Explain to your relatives very well how bitcoin will work and invest only in bitcoin, nothing else. Altcoins and other defi projects need to have a dig deep research so will I guess your relative will hard to understand.

There are too many crucial things to understand before investing in crypto, you must explain it first include the risk that brings while investing.