Trading not a get rich quick

[teosanru]

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.

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.

[AmoreJaz]

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.

[inthelongrun]

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.

[Yamifoud]

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.

[Bushdark]

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.

[Johnyz]

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.

[RockBell]

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.

[Bananington]

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.

[CarnagexD]

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.

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.

[omgitsmehehe]

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.

[irhact]

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.

[WatChe]

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.

There are people who join crypto trading after hearing success stories. The thing they don't hear is the hard work behind those success stories. There are risks involved in trading and one have to fully understand these risks before investing in cryptocurrency. Every trading can go in both direction i.e. profit or loss and it all depends how consistent you are and strategies you are adopting. Being Newbie is not a criteria that you will face loss but if you don't have any prior experience and you are jumping with huge capital then there are chances that you will face a loss.

[SOKO-DEKE]

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.

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

When someone is well-knowledgeable about the cryptocurrency industry, they will never view it as a means of making quick money by investing huge amounts of money they cannot afford to lose there.If I may say so, its lack of trading knowledge that causes the man to lose that huge money so quickly.

I believe this will be a good example to some people that risk too much in the crypto industry by investing in some set of altcoins with aim of making it quickly. Let just know that altcoins doesn't look promising like Bitcoin  and investing in altcoins are just likily like gambling and that is the reason why we are advice to shun altcoins. If the man have traded  Bitcoin I don't think it will be worse for him like this.

[Cling18]

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.

There are people who join crypto trading after hearing success stories. The thing they don't hear is the hard work behind those success stories. There are risks involved in trading and one have to fully understand these risks before investing in cryptocurrency. Every trading can go in both direction i.e. profit or loss and it all depends how consistent you are and strategies you are adopting. Being Newbie is not a criterion that you will face loss but if you don't have any prior experience and you are jumping with huge capital then there are chances that you will face a loss.

One common mistake is that they disregard the risk and due to excitement after hearing about success stories, they invest the money that they can't afford to lose. Success stories about trading should inspire us but that doesn't mean that we should ignore the possible risks of losing. Some people tend to have the wrong mindset toward crypto trading believing that they could have the same fate as others. Trading is a long process of learning and it will never make us rich in an instance.

[boyptc]

We might see more of these news when the bull run has come again. These people think that they can be better against the market and they're experts already that knows how to read the market.

Yes, they may have glance of the possible little future that they can foresee but then, no one's better against the market. I don't have idea where these people are getting their guts of trading with the use of others money.

I'm guessing that he's thinking that he can make money out of others money and return it without any problem but then, the worst has come to happen and he can't get out of it.

[Ndabagi01]

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.

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

Similar stories have appeared on the internet before, and many cryptocurrency websites include disclaimers about them. Despite this, many people continue to ignore the advice to never spend money you can't afford to lose in cryptocurrencies. One of the things that is motivating this insane act is the idea of being wealthy quickly. People who become victims of such have suffered numerous negative effects from this.

This is something that this forum constantly reiterates and is evident in a number of its boards. This will also serve as a warning to individuals who intend to join trading with borrowed money, saved money, or any other source of money that is not prepared to incur losses.

[death69]

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.

Count me dubious, but scoring big in trading overnight? As a market maven who's been around the block, I can tell you success is about a cool-headed, strategic approach and playing the waiting game.

But let's not skip the good times! Trading's chock-full of heart-pounding hunts, revealing untapped gems, and laying down shrewd, well-versed bets on the market.

Indeed, every trade packs a risk punch, and success isn't a sure thing. Stay frosty, hit the books, and keep your discipline game strong, and you'll amplify your victory odds while savoring the ride.

Forget the speedy fortune fantasy. Zero in on forging a robust foundation of knowledge and street cred, and let the endgame speak for itself. Next thing you know, you might be chillin' on a crypto jackpot!

[KingsDen]

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.“

How did he manage to lose with $5M? I mean that money is huge enough to manipulate any meme coin if he is an expert. With that money you can act as a whale and pump the coin a bit with 1 million dollar, then when people join you sell and pump again with 1 million dollar and enter again with another million dollar and then make the final exit and dump the coin.
That is what whales do. Even if he cannot do it, he  should have asked for the help of the experts.

I cannot use such an amount and enter market and still depend on what happens on the screen. I must be among the manipulators. Then, I cannot use such a huge that is not mine to enter the market.

[Dessy88]

No any business can get rich overnight. But we should know that capital is not lost. However, it takes time to bring the trading session under your control. Because if I am new I will never understand how to get profit from trading quickly. I always want to survive in the crypto market by using the best plan. You have to understand my talking so it will be helpful.

[Davidvictorson]

This is very sad. People without counselors are bound to make mistakes that will alter the course of their lives forever. It was in this forum I read the story of an Indian who borrowed money to invest in a meme coin and it went down the drain and he was at the verge of ending his life.

You cannot learn crypto particularly Bitcoin in a vacuum. Or Rather, without knowledge you will be another statistics. While in prison, it will be enough time for him to study more about Bitcoin and trading. So this is a good thing for him.