Trading not a get rich quick

[goldkingcoiner]

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

Too many people are using trading as an excuse for what they are actually doing, which is gambling.

Trading and gambling can be similar but only if you are not serious about your long term plans. A person who keeps trading back and forth, hoping to catch that 10% candle is going to waste 20% on fees before/if that moment even comes.

And a lot of these fake traders have absolutely no self control and no strategy. Which in itself in nothing short of a recipe for financial disaster.

I blame all the "Influencers" who fake being rich traders who own nice cars but at the same time demand "fees" for their "trading signals" or their "trading lessons". All they do is steal money from gullible people who think the memesters actually know what they are doing.

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[Cryptomiles1]

I don't know why people often trust meme coin or altcoin to an extent getting involved with $5m how and why?
Do you think such person have a common sense or he doesn't have a financial adviser someone who works as ADC to him?
If that he invested the whole lot of money to bitcoin alone then I don't think he could had lost this way, maybe after the market gained another ATH then he might sell and get back those invested funds.

[BobK71]

Any trader coming into Trading with the mindset of getting rich quick is just getting the whole stuff about trading wrong, trading requires patient, with a slow and steady method and not wholy depending on trading to earn a living, that's definitely gonna put you up trading on pressure, though for some people that could be a major source of income for them. Most of unsuccessful traders today enters in to trading with such mindset which have resulted into blowing up there trading account.

I agree with you. When I first started trading crypto, I had the ambition and thought of getting rich quick through trading, but instead I lost all of my fucking money. I keep learning and now I'm grateful to have a stable determination and mind with patient and diligent trading techniques. Even though the profit I made was relatively small, I was able to be consistent and able to resist the urge to not be greedy.

You gain practical experience that will give you a good lesson. Trading is not a quick rich scheme so you can get good money as soon as you join. But if you have patience and acquire proper knowledge, you can get desired results from this platform. When most new traders start trading in crypto, they think irrationally, which leads them to crash quickly. It is important to remember that profiting from trading is not an easy way. It can be said that trading is a battle field for the wise.

[petulino]

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

There is no doubt that in cryptocurrency, always use money that you have no problem losing.But in whatever business you invest, it is very important to have experience or to have complete knowledge about that business.Whenever investing in the cryptocurrency market, be sure to check where you are entering Whether it is a suitable time to take entry or not.

When the price of Bitcoin was $50000 you took an entry, when the price of Bitcoin went to $15000 you did not take any entry.Where the entry was not made, it was taken and where it was made, it was not taken.This is because if you took one entry at $50,000 and another entry at $30,000 and then a third entry at $15,000, you would lower your average.Hence you should never enter any cryptocurrency with their entire capital.

[Kelvinid]

I don't know why people often trust meme coin or altcoin to an extent getting involved with $5m how and why?
Do you think such person have a common sense or he doesn't have a financial adviser someone who works as ADC to him?
If that he invested the whole lot of money to bitcoin alone then I don't think he could had lost this way, maybe after the market gained another ATH then he might sell and get back those invested funds.

Meme coins are considered hyped coins and we can't deny that many people become rich and earn huge profits from investing in them during the hype. Their experience teaches them something really happen in the crypto space and they will be doing this again and again despite the high risks. I won't say that they don't have common sense but they are really practical in this matter, perhaps they are smart and have the ability to adapt to the situation. We can say they are wrong but guess what, risk takers earn more profit, and these meme/hyped coins investors possibly earn more than those who invest in Bitcoin ( and they might lose huge amounts as well).

[blockman]

I don't know why people often trust meme coin or altcoin to an extent getting involved with $5m how and why?

Don't be surprised by that because many think that it's like a lottery bet that will make them rich overnight.

Do you think such person have a common sense or he doesn't have a financial adviser someone who works as ADC to him?
If that he invested the whole lot of money to bitcoin alone then I don't think he could had lost this way, maybe after the market gained another ATH then he might sell and get back those invested funds.

Most of them do it according to their own will of what they probably think is best for as an investor. It's a way for them to have their potential profit maximized because it's what they think is best for them. They're all attracted to those stories that have gone viral because of how they've made from pennies to thousands to millions. We might still see some of those stories but others are romanticizing these stories and some are even fabricated.

Meme coins are considered hyped coins and we can't deny that many people become rich and earn huge profits from investing in them during the hype. Their experience teaches them something really happen in the crypto space and they will be doing this again and again despite the high risks. I won't say that they don't have common sense but they are really practical in this matter, perhaps they are smart and have the ability to adapt to the situation. We can say they are wrong but guess what, risk takers earn more profit, and these meme/hyped coins investors possibly earn more than those who invest in Bitcoin ( and they might lose huge amounts as well).

Practical but not all of them find success with that. I think this is more of what's making us profitable, for them, it's with these meme coins and for us it's more with Bitcoin.

[Blowon]

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.

even experts advise using cold money in trading. if the money is your own money but it is needed for medical expenses, the cost of your daily life will be better if you don't use that money to trade. Usually it will be bad if you use it because it will provoke emotions when you take it to trade. just use the money for the necessities of life and save some of the money for trading.

[Lida93]

Many out there won't still learn from this real life story as we are going keep getting such related stories over and over again. This is because everyone want to get rich at all cost, they want to live the great luxurious houses, have flamboyant cars and cruises etc, all pointing to be part of the very rich few at the top of the pyramid.

What blinds their reasoning so much, that I am yet to understand, is that, they think most of these rich people at the top of the pyramid made it there in a twinkle of an eye, never minding that it must have taken years of work, maybe decades or more for these guys to have earned such a life.

Imbibing the idea of getting rich quick cam only lead us to more trouble that we can ever imagined. And it's this inclination and crave to get rich quick that drum many into taking risk with money or assets that are not theirs with the hope that their plans might work out they get to return back the money is one piece. But when reality hits, the consequence is devasting for sure.

[mejarm]

The majority of centralized exchanges use the same process; they collect capital from investors and trade it on the stock market. The necessity to require platforms to segregate corporation funds from user cash is a crucial consideration for regulatory legislation that countries establish; otherwise, we will continue to see more situations like this. Investors must also learn to just put trading money into exchanges.

[AicecreaME]

Greedy people (in a bad way) will never be successful in life, maybe for a while, but karma will hit very hard.

I would never dare myself to use someone else's money in anything, especially in trading where everything is unpredictable, which makes it very risky hoping to earn big money instantly. Trading in cryptocurrency is not gonna make anyone rich overnight, it doesn't work that way, it is the other way around for those whose mindset works that way. Trading as a source of income is like a diamond in rough, it needs time and skills to be polished, to earn great profit.

[Bushdark]

We should not be surprised because some newbie traders still have this mentality of many hueg profits from the market when they finally enter live trading. This was the same thing I was thinking when I was learning how to trade but I got the shock of my life when I started trading. I know that trading is very complicated and sometimes you will need to make a swift decisions some that you will not blow your account leaving to nothing.

With time I understood that using too much of demo trading can affect the way we see the market making us to keep having continueous loses since are nit that prepared for what is to come.

[nurilham]

even experts advise using cold money in trading. if the money is your own money but it is needed for medical expenses, the cost of your daily life will be better if you don't use that money to trade. Usually it will be bad if you use it because it will provoke emotions when you take it to trade. just use the money for the necessities of life and save some of the money for trading.

We must be aware that trading isn't an instant way to earn money. Not every time we can take profits with trading, there are times for losses as well. If we use loan money or money for daily needs, it will bring a bad impact on our financial stability. We never think to use them, just use the money that we can afford to lose. That's what the most popular sayings we always hear.

Sure, trading with emotion will end up with losing everything. If we still can't control our emotions, we don't start trading crypto. Having good emotion control is a must in crypto trading or investment.

[Bitcoin_people]

Any trader coming into Trading with the mindset of getting rich quick is just getting the whole stuff about trading wrong, trading requires patient, with a slow and steady method and not wholy depending on trading to earn a living, that's definitely gonna put you up trading on pressure, though for some people that could be a major source of income for them. Most of unsuccessful traders today enters in to trading with such mindset which have resulted into blowing up there trading account.

well, most of the new traders who come sometimes feel that trading is a method to accelerate the increase in the money they have so they don't hesitate to trade with their savings, or even by selling other investment assets they like houses, then try to trade because they feel that this is a quick way to get rich.
However, I think they lack information about the risks of trading. they sometimes only look for information about the benefits, but forget about the risks. However, trading is not a place to make money quickly, it's just that if they really learn in the world of trading, they can get it that way with minimal risk.

it was stupid and very hasty act of a newbie. even when they lack basic skills in trading crypto assets. but what you say is true. some beginners think crypto assets can provide profits in a short time. It's all because of the coverage on social media. hoping to follow the fomo that happened, actually they are late and will have more potential to get losses than profits because they don't come at the right time.

In the case of tranding, you must prepare yourself in such a way that you do not have to face losses in the future. But there are many new traders who want to expect more profits in a short period of time. They rush like fools to invest in scam projects, thereby exposing themselves to greater risk. However, when beginners want to start trading, they should gather enough knowledge. Only then they will not face such losses by trading and follow the tranding tips.

[Rockstarguy]

I don't know why people often trust meme coin or altcoin to an extent getting involved with $5m how and why?
Do you think such person have a common sense or he doesn't have a financial adviser someone who works as ADC to him?
If that he invested the whole lot of money to bitcoin alone then I don't think he could had lost this way, maybe after the market gained another ATH then he might sell and get back those invested funds.

Sometimes it is Greed that makes people think they can get money quick  if they invest in meme coin with better profits.  This set of people thinks meme coin is cheap and it will rise faster, their desperation of making money makes them to have so much confidence in investing in this meme coins. With what has been happening in investing meme coin people still have courage to make it good option to invest, times without numbers we experienced so many bad events in coins like this but yet it hasn't thought people lesson to stay away from it. Bitcoin is the most reliable coin to invest without any worries.

[ItsCrafty]

Sometimes it is Greed that makes people think they can get money quick  if they invest in meme coin with better profits.  This set of people thinks meme coin is cheap and it will rise faster, their desperation of making money makes them to have so much confidence in investing in this meme coins. With what has been happening in investing meme coin people still have courage to make it good option to invest, times without numbers we experienced so many bad events in coins like this but yet it hasn't thought people lesson to stay away from it. Bitcoin is the most reliable coin to invest without any worries.

every person has taking profit in mind when he invest in any token. nowadays memecoin profit is much better than promised project which is the main reason the marketcap of these memecoin is increasing high than other coins. We all know pepe, floki and Shub coins are just meme coin and these is no real usecase of these coins but community want it.

People making big money with these meme coins. we can also make profit from these but we must remembered that every memecoin will not perform like pepe. if we research well and have a straight eye on listing partner, community and other update then as a early supporters we can make big profit which we cannot get in give years from trading and holding btc, eth

[Cryptomiles1]

Sometimes it is Greed that makes people think they can get money quick  if they invest in meme coin with better profits.  This set of people thinks meme coin is cheap and it will rise faster, their desperation of making money makes them to have so much confidence in investing in this meme coins. With what has been happening in investing meme coin people still have courage to make it good option to invest, times without numbers we experienced so many bad events in coins like this but yet it hasn't thought people lesson to stay away from it. Bitcoin is the most reliable coin to invest without any worries.

This is absolutely correct because without this mentality I don't think he would lose such amount to memecoin. This is why I often encourage people to invest in Bitcoin instead of altcoin, I had some discussion with friends then while they were trying to make an option of investing on Shiba and Dogecoin at their pick price so when they asked for my suggestion I just discouraged them because they might not bear the lost and I know those guys how they do panick over any slight lose of investment. At then not too long the market dip and they came to thank me for not allowing them  to go with that decision of investing in altcoin.

[borovichok]

Sometimes it is Greed that makes people think they can get money quick  if they invest in meme coin with better profits.  This set of people thinks meme coin is cheap and it will rise faster, their desperation of making money makes them to have so much confidence in investing in this meme coins. With what has been happening in investing meme coin people still have courage to make it good option to invest, times without numbers we experienced so many bad events in coins like this but yet it hasn't thought people lesson to stay away from it. Bitcoin is the most reliable coin to invest without any worries.

Memecoins are affordable and popular in the market.  It is extremely simple to invest in the project, but it is not worth placing all of your hopes in them. They fluctuate steadily, and they have a distinct season when they make big moves in the market. Good timing also assisted traders in determining when to buy and sell meme coins. For example, those traders who invested in Shiba Inu and GMT gained big profits from them; nevertheless, look at the current chart of these memecoins; it lacks a strong road map, and most professional traders regard it as a dump. On the market, desperate traders make critical, disastrous decisions. It is essential that we trade with balancing motions.

[ShowOff]

Memecoins are affordable and popular in the market.  It is extremely simple to invest in the project, but it is not worth placing all of your hopes in them. They fluctuate steadily, and they have a distinct season when they make big moves in the market. Good timing also assisted traders in determining when to buy and sell meme coins.

Meme Coin isn't a great choice for a long-term investment, but it might be good for making a few trades as long as the hype is strong. I didn't, but if you want to do it then take your profits as soon as you see the price going up. Meme coin prices are also frequently manipulated by whales, so be careful if you're putting a big budget out there in the long term.

Beginners are discouraged from trading with meme coin as the volatility and risks are much more unpredictable than most of the other popular altcoin. Indeed, meme coins can provide returns, but instead it has become a trap that has made many trader have to accept losses.

[imamusma]

Memecoins are affordable and popular in the market.  It is extremely simple to invest in the project, but it is not worth placing all of your hopes in them.

Meme coins are also profitable, but definitely don't put your entire budget there in the long run. I agree that meme coin is suitable for trading with a small budget, but it's also not wrong to put all the budget if you can take all the risk because of the price volatility. Just like the showoff said, take your profit as soon as possible when the market is green and get out as fast as you can while you are profitable.

I also trade coin memes for small amount of money, but the above advice have been very useful to me. But only within reasonable limits and don't push it too much because I understand the coin meme hype won't last long.

[irhact]

Sometimes it is Greed that makes people think they can get money quick  if they invest in meme coin with better profits.  This set of people thinks meme coin is cheap and it will rise faster, their desperation of making money makes them to have so much confidence in investing in this meme coins. With what has been happening in investing meme coin people still have courage to make it good option to invest, times without numbers we experienced so many bad events in coins like this but yet it hasn't thought people lesson to stay away from it. Bitcoin is the most reliable coin to invest without any worries.

People still see meme coins as a good investment way to make quick and some of them are very lucky because they make good money from them but it's the late comers that gets dump on as they won't have the chance to sell at high prices. For example, Binance exchange just listed $PEPE and $FLOKI a d the the two projects pumped but now it's dumping.

Since exchange keep listing this memecoins and a big exchange like Binance exchange has also listed them too, people will always think they can make quick money by investing in newly launched memecoins but they'll get scammed and keep on losing money.