What is the golden rule of investment?

[Ziskinberg]

This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.

And before you give them advice, be sure that you are knowledgeable enough and it was right. But if you are not sure, better not do it as surely he will turn you back and blame you if they suffer losses.

But there is one way to avoid that possible scenario and that is you need to clearly tell them that investing in crypto gives no assurance of earning a profit and the risk of losing is too high. Then, it was their decision to continue or not and you are already out of it. And most of all, we have to encourage them to study the market first before investing just for the sake they got additional knowledge.

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[AmoreJaz]

This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.

And before you give them advice, be sure that you are knowledgeable enough and it was right. But if you are not sure, better not do it as surely he will turn you back and blame you if they suffer losses.

But there is one way to avoid that possible scenario and that is you need to clearly tell them that investing in crypto gives no assurance of earning a profit and the risk of losing is too high. Then, it was their decision to continue or not and you are already out of it. And most of all, we have to encourage them to study the market first before investing just for the sake they got additional knowledge.

even if you feel you are knowledgeable enough and right with the piece of advice, still it is not enough to give this to someone. better keep it to yourself if he is not asking for it. but if someone asks your opinion, make sure you are clear with the possible consequences as you have other factors not in control. you are only limited to what you can do but if it is the market itself, you have no way of containing it.

[Oceat]

This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.

And before you give them advice, be sure that you are knowledgeable enough and it was right. But if you are not sure, better not do it as surely he will turn you back and blame you if they suffer losses.

But there is one way to avoid that possible scenario and that is you need to clearly tell them that investing in crypto gives no assurance of earning a profit and the risk of losing is too high. Then, it was their decision to continue or not and you are already out of it. And most of all, we have to encourage them to study the market first before investing just for the sake they got additional knowledge.

even if you feel you are knowledgeable enough and right with the piece of advice, still it is not enough to give this to someone. better keep it to yourself if he is not asking for it. but if someone asks your opinion, make sure you are clear with the possible consequences as you have other factors not in control. you are only limited to what you can do but if it is the market itself, you have no way of containing it.

Well, it's not bad to warn the others so that it will help them to minimize the losses or prevent them from losing. If someone you knew don't know what they are doing in the market and just blindly investing into something that's been on the hype and you know it, what would you do? I'll just take the initiative to warn them if I am knowledgeable enough in the market to save them from suffering and it's not bad either if you just want to help them. Just don't be too selfish to ignore what you see is wrong, sometimes it takes courage to change that.

[tygeade]

The way people react to their losses speaks volumes about their very nature. It's always easier for people to blame someone, saying that it's everyone's fault but not mine. This is a sign of weakness and a lack of autonomy to make decisions. How can you think that there is a sure way to get rich without risk? Why not think that in this scenario, everyone around us will get rich?

Therefore, we very often understand that the expression "do not do good, you will not see evil" in our time becomes very relevant.

There is no need to teach anyone, just show them the goal and how to achieve it. That should be the problem of the seeker.

That is the approach most people have in this world, unfortunately they do not know what they should do the moment they start losing money. I always say that the best thing people could do with the things they have in their hands is to make sure that they keep it safe, and if they are going to go out and invest they should know that everyone is out there to take their investment away from them, if you know this then you will act better. After knowing that, you should avoid making any further mistakes, all of your losses are on you and nobody else, of course people will try to take your money away, it is your duty to make sure that never happens.

[traderethereum]

even if you feel you are knowledgeable enough and right with the piece of advice, still it is not enough to give this to someone. better keep it to yourself if he is not asking for it. but if someone asks your opinion, make sure you are clear with the possible consequences as you have other factors not in control. you are only limited to what you can do but if it is the market itself, you have no way of containing it.

Yes, you are right. Maybe we can give him advice based on what we have experienced or got and always remind him to be careful.
If it's an investment, you can also advise him to look for sources of information from other places and make comparisons so he knows what and which he can choose.
Investing can have consequences for losing our money, especially in crypto, because not all coins can increase together.
To reduce the losses, remind him always to use the money he can afford.

[lovesmayfamilis]

Yes, you are right. Maybe we can give him advice based on what we have experienced or got and always remind him to be careful.

Some people are so self-confident and not ready for other people's advice that all good intentions to stop them from quickly investing will be useless. In fact, most people who allegedly come to friends for advice already have their own opinion and decision, and if a person is greedy, then he is completely deaf to the experience of other people's mistakes.

The best teacher is always your own experience. Only then do we look under our feet so as not to fall again.

Therefore, we must understand that self-education will protect us from all sorts of mistakes, and even more so from such a sharp reaction as the story written by the OP.

[el kaka22]

I keep on saying that to a lot of people, never you give any financial advice to anyone at all, just best to mind your business and focus on what you are doing instead of telling others what they should be doing with their money. This does not only apply to cryptocurrency and bitcoin, it also applies to other aspects of life, you should mind your business and never tell people what to do with their money, because if it happens that things turns out negatively and they lose their money, they will always blame you for that, and by doing so you have also created enmity between you and them.

So, we should learn to keep things like this to ourselves, and even if you want to advise, people do not tell them what to do, you can just make a suggestion, but not in a way that it is something that they must do.

[coin-investor]

This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.

You can do that in other industries or other markets but never on Cryptocurrency, where the volatility is so high that even the best investors cannot keep up with the market movement, so many unexpected things happened beyond the scope of understanding and analysis, and case studies are the Dogecoin pump and the Luna crash.
Here in Cryptocurrency expect the unexpected to happen, no guarantee we can only hope and pray, that is why you should only invest what you can afford to lose.

[m2017]

Yes, you are right. Maybe we can give him advice based on what we have experienced or got and always remind him to be careful.

Some people are so self-confident and not ready for other people's advice that all good intentions to stop them from quickly investing will be useless. In fact, most people who allegedly come to friends for advice already have their own opinion and decision, and if a person is greedy, then he is completely deaf to the experience of other people's mistakes.

Often, people remain deaf to advice not to rush into investing due to the fact that greed obscures the mind. Upon learning of the "magic" way to get rich by investing in a single cryptocurrency, prudence and caution are immediately dispelled. Such people want to get what they want as soon as possible, but in the end, they get only a "headache" and losses.

The best teacher is always your own experience. Only then do we look under our feet so as not to fall again.

Even one's own experience is not always and not for everyone a teacher. Although I am also of the opinion that there is nothing more valuable than one's own experience, nevertheless, there is a category of people who don't even learn from their own mistakes.

Therefore, we must understand that self-education will protect us from all sorts of mistakes, and even more so from such a sharp reaction as the story written by the OP.

Undoubtedly, in such a rapidly changing world, where technologies are replaced one after another, self-education should continue throughout a conscious life, which will at least reduce the number of these errors.

[jostorres]

When investing we have to understand risk, most investors only think about profit, there are always bad things that are unexpected especially cryptocurrencies that are never guaranteed to profit forever, I have known cryptocurrencies since 2013 and have thought of selling assets for mining and investing, if I did at that time and in 2014 the price dropped by more than 90% of course I will be very regret.

Indeed, we actually have persons like this out there, who go into the market thinking that it’s probably just all about profits and most times, these sets of persons lack patience, they feel everything is supposed to be done according to their own pace. But, the only truth is that there is no investment that does not involve risk, as a matter of fact, investment itself is a risk.

Anyone who is not willing to take the risk is not ready to make investments, not ready to make money because money making is completely proportional to risk taking.

[Dave1]

This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.

You can do that in other industries or other markets but never on Cryptocurrency, where the volatility is so high that even the best investors cannot keep up with the market movement, so many unexpected things happened beyond the scope of understanding and analysis, and case studies are the Dogecoin pump and the Luna crash.
Here in Cryptocurrency expect the unexpected to happen, no guarantee we can only hope and pray, that is why you should only invest what you can afford to lose.

And others take this as a challenge to their skills to make a good technical analysis on the market and predict the next movement. But still there are going to fail no matter what because it is very unpredictable and the market is open 24x7, so a lot of things can happen along the way.

Lol, probably praying will not have an effect but being resilient and have patience and then learning from our mistakes will make our journey not that harder along the way.

[Sir Legend]

Yesterday I heard that people are stressed because they lost a lot of money in cryptocurrencies, they sold their houses and land to invest in several ICOs and invest some memes of coins including LUNA, it seems that the phenomenon of cryptocurrencies that make a lot of people lose money will often be heard because many people are greedy and want become rich instantly.

[Anonylz]

In the end, we should always remember to tell 'NFA' so we don't hold ourselves accountable for what may happen in the future. When crypto is in the bull season it is easy for people to think they made the right decision but when the bear season approaches, the regret for not selling or for investing at all becomes visible.
It is very important people understand the risk and the rule of investment, once you understand both, you will be prepared for whatever the outcome will be.

[uneng]

Yesterday I heard that people are stressed because they lost a lot of money in cryptocurrencies, they sold their houses and land to invest in several ICOs and invest some memes of coins including LUNA, it seems that the phenomenon of cryptocurrencies that make a lot of people lose money will often be heard because many people are greedy and want become rich instantly.

That is really sad and I feel sorry for the people who did this and lost their patrimony, but couldn't they have at least put their funds into the most reliable cryptocurrency among all, that is bitcoin? First that it is a risky move to sell patrimony to invest (they are risking money they can't afford to lose), but since they are willing to it anyway, the investment must be very well calculated to maximize earnings chances.

To invest this money in ICOs, altcoins and memecoins is insanity since the beginning. These currencies don't offer any solidity and long term perspectives to adopters. Bitcoin, on the other hand, does, as we can see through its history since it was launched.

[laredo7mm]

I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.

This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.

If we do not help each other with business or investment then no one will be beneficial. Your less affected friends and fully affected friends both heard about luna from someone. That someone also heard about that project from someone else but everyone here is not equally affected. This happens because one was aware of the risk so he diversify his investment and one was not so he lose everything.

Financial advice can be shared but also aware of the risk involved. If you didn't warn them about the risk then it's your fault too but if you warn them about it then it's their fault that they became greedy.

[Wexnident]

I mean the subject here (those two friends) are just looking for someone to blame imo. Your friend isn't really accountable, at least not fully anyway. Not only that, but there's also the fact that they missed the idea of diversifying their portfolio so as to avoid the huge losses one could get in these exact scenarios. Always think of ways you could avoid potential losses, and not how to maximize your profits when it comes to investing, especially in a volatile market like crypto.

And honestly, if you (or anyone else you know) were to give financial advice, it'd probably be better to NOT do it instead. If they're curious, let them find out about it. They may see you as a snob for not sharing, but they only really see the positives and turn a blind eye to the negatives.

[TheNineClub]

I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.

This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.

I mean, financial advice-giving is not bad in itself, it's just advice. What someone else does with it is the problem, and we can't really be held accountable for someone else decisions. For the most part, we are all adults capable of making our own judgments and decisions. It's sad, no question, but from your story, your friend has also lost money on his investment and that shows that he didn't have bad intentions when advising his friends because he believed in the project. There are numerous advisory firms that offer financial advice to people in any aspect and none of those could be or should be held accountable for the decisions their clients make if that advice was not made with a deliberate intent to deceive the customer. Sure, we can debate the tactics of some of them, their fast-paced talking that is purposely designed to confuse the other person, their aggressive approach, and their complete certainty, but in all honesty, the investor should see through that bullshit, otherwise, he shouldn't be there in the first place.

[Fortify]

I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.

This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.

There is no single rule to wise investment, it includes a whole range of information and strategy that can take years to learn. Trying to condense that into one gimmicky soundbite is doing a discredit to the hard work that some people are willing to put into a lifetime worth of finance research. One thing that many people do not have when they are interested in investing is a patience for the amount of time it will take to pay off - we're talking years and even decades. It also requires consistently adding more to your initial sum, not just expecting to dump $1,000 dollars into something and it to be $100k in a couple years, the best investors keep adding more each time they have cash available.

[kapalmabur]

Yesterday I heard that people are stressed because they lost a lot of money in cryptocurrencies, they sold their houses and land to invest in several ICOs and invest some memes of coins including LUNA, it seems that the phenomenon of cryptocurrencies that make a lot of people lose money will often be heard because many people are greedy and want become rich instantly.

What he did by selling the house and land was really stupid and I don't think they learned properly about crypto,
important to learn in order to gain knowledge and skills because it will be useful,
with what they do they have to take responsibility for their own mistakes

[Reatim]

Yesterday I heard that people are stressed because they lost a lot of money in cryptocurrencies, they sold their houses and land to invest in several ICOs

just yesterday? this is happening for how many years now that ICO is taking money from the investors and yeah they are scams here and there.

and invest some memes of coins including LUNA,

then they are Stupid investors the, Imagine they invested the funds in BS project but don't know when to get out? lol kinda laughing right now.

it seems that the phenomenon of cryptocurrencies that make a lot of people lose money will often be heard because many people are greedy and want become rich instantly.

Nope this is a normal scenery for many years now , because those people usually being lured in crypto telling that this can make them millionaire overnight lol.