The ugly side of trading in crypto

[Marykeller]

When them tell people, more especially newbies to avoid trading, them think sae na lie.

There comes a man wey lose a sum of 2 million naira wey em father give am to start up business, em use am on trading on crypto for quick gains instead.

Now the money don remain $197, em d seek for advice. But at first, he made his first gain of $200 on top the 2 million naira, em think sae na to the double the money d go, not knowing the big deal wey go hammer am d come.

Now, em don d lament about his experience on crypto trading, and seeking for advice on what to do with the remaining $197.

Link to info: https://www.gistlover.com/man-laments-as-he-loses-n2-million-his-father-gave-him-to-start-a-business-to-cryptocurrency/?fbclid=IwY2xjawHtt5pleHRuA2FlbQIxMQABHXuxNuECxPs1dUacTgCmFezuV2l3LX6QLaTwpfHUMepQDBB4NAWFsbwnfw_aem_PnHDarKKLsE7C66pnJM8OA#m5qgau7akeqrsolmpt


$197 should be around 315k for naira under 1600 per dollar. Starting a POS business or to d sell food stuffs no be bad idea. Investing in Bitcoin or any other top altcoin to hodl no go be the best idea as per now cos em still need time to hodl am for like months before em go think of selling towards the bull run. For the time being, em need something doing to fall back at, because the money wey em father give am na to start a business, instead he decides to trade than investing about half of the money given to him to invest in Bitcoin and top altcoin, use the remaining half money(1 million) to start a business. That's even better that way than desiring for quick money for crypto via trading.

[Churchillvv]

One thing that happens to people in crypto trading is not that they do not know about the risk involved but the pressure of getting what you have lost brings people to put in more and then it ends up in a depressing moment like the example above.

Perhaps if people could realise that a real time business is a safe haven then all this lament would be avoided, when taking crypto trading you need something doing in the first place if you ask all the successful traders, they had a job that keeps them going even if they lost everything they are either sure of salary or they are sure of business profit so they kept going for years before they became famous and rich.

Now even people with trading experience wants a profit of millions that could change them over night and just that thought can ruin you totally, and that's what that guy in question never realised as he thought of making a quick returns out of 2 million naira. Perhaps if you put everything into trading at once it's probably not going to end well even though luck plays a part in trading one is not sure of going to be lucky every time.

IMHO, I will suggest night goes back to startup something that he could handle without fear of loss, or even build a better career than trade, If one must continue with trading then smaller amount is what it should be m, if you can multiply $10 to $20 then he must keep repeating till he's a master of $10 before moving a little bit high by this is it takes a long time which has changed from quick profit to a long term profit, which at the same time if one decides to reduce the stress you can just DCA in to bitcoin hold with the period of learn and mastering which will guarantee you a better profit than lossing everything to trading.

[Charles-Tim]

He said he was scalping, that if he has used stop lose, he might have not lost up to the amount of money. I like these fact the he knows that if he continue to trade, he is going to lose the remaining $197 but he should know that stop loss may not be that helpful. He just need to stop trading with the amount of money that he can not afford to lose. Trading is not meant for everyone because most traders are losing.

[Ruttoshi]

This is how a lot of people lose their funds to trading because they feel it is a get rich quick scheme. Imagine people using trading to have big gope and they don't understand the risk attached to their actions.

A friend of mine is currently on a big debt, because he claimed to know how to trade and told people to give him their money for him to trade with so that they can share the profit. They had trust in him and gave him the money. Unfortunately, for him bitcoin price went against him and he lost it all. He called crypto scam and is still paying the debt.

[Hewlet]

Now, em don d lament about his experience on crypto trading, and seeking for advice on what to do with the remaining $197.

this one normally na taking medicine after death because at the moment when a larger portion of the money don go like this, e go hard thing when him go do easily go the money back when no go take a lot of time. to start up a business with 315k for this current economy and to easily see returns when go reach initial capital of 2M no be small thing and as e come be say him blood de hot already, if him no de careful for wetin him choose to go into, him fit run into losing all the money completely.

since the money na for him to use start a business, na to just change environment start something very small even if na to sell small things for market when him fit de get daily returns of like 5k to 10k and from their him fit raise the money reach that kind 1M before him fit reason to start something big. crypto trading no be for people when never get better money and when no fit handle losses like this. you need get strong funds and still get other business and system when go de sustain you ion case of a loss or else e go choke you wetin no good

[Zackz5000]

Sometimes we shouldn't blame them most of them lack the knowledge the crypto market they always thought they can get rich quicker while trading, if they even want to be trading on shitcoins why not just use 10% of their income to do so while putting all your income into meme coin knowing it's doesn't have some great potentials with bitcoin.
Most of the them forget say na bitcoin be the best to invest on because they can't be patient to HODL for long they choose to waste their hard earn money into shitcoins.

Since e still get like $197 make e start any small business or even pos business as OP his suggested maybe he can use that one as a source of income and gradually be investing into Bitcoin using the DCA strategy.

[DPHOR]

No be new thing again for we country as we dey see many tori everywhere and anytime, e dey bad say him no go straight to do the business him Papa give am the money for.
If na me, I no fit try am because who knows weda na settlement wey my papa give me like that I come use am jump into crypto, no be say na even bitcoin investment but this I use am go invest/trade shitcoin thinking say i go make am so easily.

Besides who be him financial adviser or guidance to start trading because if him know wetin him dey do, no time wey him for go fund his account with all the 2m thinking say him go make an sharply.

I know say wetin push am na news or somebody testimony for internet go likely push am go join cryptocurrency trading without knowing how the market works. This na very wrong mindset we people get towards online and as cryptocurrency trading per general. I believe say people go learn from there and will mind the kind of trading them go venture into or even to risk the amount they can afford to lose.

[Ndabagi01]

The information wey people dey belive in and dey speculate around about trading don make many people lose their money to trading. You wey no get knowledge about something don go run out big money inside dey hope say you become rich overnight? How that one wan take happen when no be miracle wan happen for there. I no know why people no dey learn, no be the first time wey we dey come across stories like this and people still dey make the same mistake again. E show say some people dey very stubborn and dem no go ever learn from past mistakes of others.

The guy dey lucky say him still get half of the money remaining and him never lose all of them to trading. Make him better use the remaining money well and for the POS business wey you suggest, the competition high now sha but last last him go still earn from the thing rather than keeping the money make him no come dey tempted to use am anyhow again. As a newbie, make money wey you get to shack you to just enter trading. If na wetin you wan do be that, take your time and grow and become better before you put money inside wey you fit afford to lose.

[Pablo-wood]

E no proper to advise person make him no trade. For newbies I go rather advise make them take their time practice well for demo account before them enter live trading. This trading thing get too face we get the gambling face and the analysis face. If person wey no get enough experience jump enter trading when him no say him never sabi the tactics for trading and him no fit deal with emotions then him or her go just dey gamble their way through and we know that kind thing na 50/50.

[Lida93]

When them tell people, more especially newbies to avoid trading, them think sae na lie.

There comes a man wey lose a sum of 2 million naira wey em father give am to start up business, em use am on trading on crypto for quick gains instead.

Now the money don remain $197, em d seek for advice. But at first, he made his first gain of $200 on top the 2 million naira, em think sae na to the double the money d go, not knowing the big deal wey go hammer am d come.

Now, em don d lament about his experience on crypto trading, and seeking for advice on what to do with the remaining $197.

Link to info: https://www.gistlover.com/man-laments-as-he-loses-n2-million-his-father-gave-him-to-start-a-business-to-cryptocurrency/?fbclid=IwY2xjawHtt5pleHRuA2FlbQIxMQABHXuxNuECxPs1dUacTgCmFezuV2l3LX6QLaTwpfHUMepQDBB4NAWFsbwnfw_aem_PnHDarKKLsE7C66pnJM8OA#m5qgau7akeqrsolmpt


$197 should be around 315k for naira under 1600 per dollar. Starting a POS business or to d sell food stuffs no be bad idea. Investing in Bitcoin or any other top altcoin to hodl no go be the best idea as per now cos em still need time to hodl am for like months before em go think of selling towards the bull run. For the time being, em need something doing to fall back at, because the money wey em father give am na to start a business, instead he decides to trade than investing about half of the money given to him to invest in Bitcoin and top altcoin, use the remaining half money(1 million) to start a business. That's even better that way than desiring for quick money for crypto via trading.

hehehe... Na POS nah the business him papa give am the #2M naira to use or nah kiosk foodstuffs business him go open with that #315k wey remain? Because even if na you be him papa you go ask am question if you see him opening any of those business when nah #2M you been given am to start bigger business than those aforementioned.

Trading is a good skill to have, as people have made millions from it but what these newbies fails to know is that trading and been successful at it doesn't happen at a spot, you'll need to grow your knowledge and strategies and most importantly using the amount of money you're comfortable losing and also not some diverted funds that were meant for some other projects. In the case of the trader in OP's thread he was also greedy not to know profit when he saw one. I mean he made $200 already and still wanted more.

[EL MOHA]

He said he was scalping, that if he has used stop lose, he might have not lost up to the amount of money. I like these fact the he knows that if he continue to trade, he is going to lose the remaining $197 but he should know that stop loss may not be that helpful. He just need to stop trading with the amount of money that he can not afford to lose. Trading is not meant for everyone because most traders are losing.

Yes stop loss mighty have only delayed his loss because with him applying it, he wouldn’t have lost everything in that trade alone but like you said his loss will definitely come because it is inevitable with someone of his mentality, what actually stops loss is the ability to have a very good risk management, someone who has already made up his mind to use the funds not meant for him and that which he can’t afford to lose is definitely not having a good risk management.

Didn’t follow up the article but this cases have been rampant now that trading this days is beginning to share same narrative as sport gambling or rather Ponzi schemes genre people want to get rich without having the basic know. This thing is mosty driven by the plenty self acclaimed profitable traders who are luring many newbies to this and making them feel few months or weeks is ok for them to be profitable

[I_Anime]

Lol this is funny and sad at same time, you nor go blame am sha nah people give an the mindset say e go fit make millions with trading , the thing is that the guy nor even take him time learn am well because base on the story the guy sound like amateurs trader .

Nah this thing I dey tell most people say trading nor easy as the way some folks for social media dey paint am to be trading, if you nor learn am well you go cryyyyy at the end. Learn from others experience nor let experience teach you it's self , for this space other good means dey to make am , at first the money wey the guybtey start nor be weting person just risk like that .

E go use the money start business outside this space, then go fit they invest some profits for this space with time e see the growth wey e dun under go sofar.

[CryptoHeadlineNews]

$197 should be around 315k for naira under 1600 per dollar. Starting a POS business or to d sell food stuffs no be bad idea. Investing in Bitcoin or any other top altcoin to hodl no go be the best idea as per now cos em still need time to hodl am for like months before em go think of selling towards the bull run. For the time being, em need something doing to fall back at, because the money wey em father give am na to start a business, instead he decides to trade than investing about half of the money given to him to invest in Bitcoin and top altcoin, use the remaining half money(1 million) to start a business. That's even better that way than desiring for quick money for crypto via trading.

This is serious, but maybe he wanted to be turn rich like Elon musk or Bill Gate over-night by choosing to invest in crypto/altcoins trading, rather than Bitcoin. Because this is the mistake majority of our newbies make, thinking crypto trading is a get rich quick scheme, forgetting the negative aspect of it, whereby the same way you could make a huge profit within a short timeframe, so do you also stand the chance of losing all your capital within the same short time frame too. Because to be sincerely speaking, that 2million Naira for really go a long way in establishing a good business wey for dey bring better return of investment daily. But since as eh don do like this, let him go start a P.O.S business, since that's the only kind of business person fit start now with the least small capital.

[Cityhunter34]

Sometimes when I hear some story like this eh, e dey always make me ves well well. Because I no know
Why people no go fit use their tongue and count their teeth, just imagine weting him carry in hand do himself, just in the name of making quick profits.

Instead of him to divide the money into two and invest in Bitcoin, then use the remaining one for business, him say na trading be the best way to make quick money, without noing say e get disadvantage. However, the remaining one wey dey in hand no go fit go well for any business again. because the way things be now nothing him go fit use that one do, so make him cucuma use am for trading as him feel say the best way to make quick gain.

[Cryptoprincess101]

Often times, we tell people that there is no much difference between trading and gambling but you will see some people making mouth that if you are experienced in trading that you won't lose much but they are all lies because i have actually met someone that gave me a detailed explanation of how trading works and that it's just a game of mind that if you don't have the mind to bear a loss that you shouldn't enter into trading which means that as you are trading you will first have it at the back of your mind that you may encounter losses.

As for the story OP narrated, it's really a sad one but am happy it was the money his father gave him to start up a business and not someone else money or a money his dad plan to use and do other things. At least he will learn the hard way because with that balance, he will be so confused on what to do with the money and before you know it he will still choose to use it and try another trade.

[Tmoonz]

Often times, we tell people that there is no much difference between trading and gambling but you will see some people making mouth that if you are experienced in trading that you won't lose much but they are all lies because i have actually met someone that gave me a detailed explanation of how trading works and that it's just a game of mind that if you don't have the mind to bear a loss that you shouldn't enter into trading which means that as you are trading you will first have it at the back of your mind that you may encounter losses.

As for the story OP narrated, it's really a sad one but am happy it was the money his father gave him to start up a business and not someone else money or a money his dad plan to use and do other things. At least he will learn the hard way because with that balance, he will be so confused on what to do with the money and before you know it he will still choose to use it and try another trade.

Learning the hard way indeed, honestly it is very sad most times when people take certain decisions without being ready  for the consequences, the point is we should be very much ready to face the responsibilities of our actions, his father must be disappointed on getting to know what happened, but yeah it would have been more better that he used his own money of which others might not really get to know what happened, it not smartness as many might see it. However, this reminds me of what I did long time ago which was similar experience though I got lucky, I was sent on an errand and I used the money to play soccer in visual after several attempts I doubled the money I went with and I left, honestly that was a very risky thing to do and I will never try that again.

[Orpichukwu]

Now, em don d lament about his experience on crypto trading, and seeking for advice on what to do with the remaining $197.

Since him already nah risk, make eh just enter sportybet, arrange like 5 correct odds use the money stake am if en go eh go, no risk no gain 🥱..

Joke apart, all that could be done in this situation is for him to start off a POS business, as many have advised him to, which before he can even get it started, the money will reduce down to 300k because he will have to get some things ready, or better still, he should go for job hunting; when he gathers up a good amount, he can go for the business of his choice. Good thing that he realises his mistake on time.

[Josefjix]

I love em boldness to use this funds into crypto trading, at least he fulfilled his father's message because in business, you either loss or gain. It happens to be that he lost some part of the money which taught him a great lesson that can't be forgotten in his life time I think. I was just thinking if he traded on future, he wouldn't have done it as that's where he made the mistake.

[Stable090]

When them tell people, more especially newbies to avoid trading, them think sae na lie.

There comes a man wey lose a sum of 2 million naira wey em father give am to start up business, em use am on trading on crypto for quick gains instead.

Now the money don remain $197, em d seek for advice. But at first, he made his first gain of $200 on top the 2 million naira, em think sae na to the double the money d go, not knowing the big deal wey go hammer am d come.

Now, em don d lament about his experience on crypto trading, and seeking for advice on what to do with the remaining $197.

Link to info: https://www.gistlover.com/man-laments-as-he-loses-n2-million-his-father-gave-him-to-start-a-business-to-cryptocurrency/?fbclid=IwY2xjawHtt5pleHRuA2FlbQIxMQABHXuxNuECxPs1dUacTgCmFezuV2l3LX6QLaTwpfHUMepQDBB4NAWFsbwnfw_aem_PnHDarKKLsE7C66pnJM8OA#m5qgau7akeqrsolmpt


$197 should be around 315k for naira under 1600 per dollar. Starting a POS business or to d sell food stuffs no be bad idea. Investing in Bitcoin or any other top altcoin to hodl no go be the best idea as per now cos em still need time to hodl am for like months before em go think of selling towards the bull run. For the time being, em need something doing to fall back at, because the money wey em father give am na to start a business, instead he decides to trade than investing about half of the money given to him to invest in Bitcoin and top altcoin, use the remaining half money(1 million) to start a business. That's even better that way than desiring for quick money for crypto via trading.

D way some people Dey carry crypto self Dey funny me, dem believe say if dem start trading, or if dem invest in bitcoin or any other altcoins, dem go multiply there money instantly, but Dey no sabi say things no really Dey work like that, some of them believe say trading na just to buy and sell coin, but Dey no sabi say other things Dey attached to it, until dem start losing money, before dem go know say Dey never sabi anything about about trading.

You wey just Dey start trading, how you go take out 2 million naira for trading, d talk no really make sense now, people Dey always talk am say make we trade or invest with any money wey we know say if we lose, e no go really affect us. Where him fuck up be say, as him really wan trade, Wetin him suppose commot from the 2 million naira no suppose pass 500k, make him Dey use that one run trading, then 1.5million wey remain, make him put am for physical business, at least, now wey him money go for trading, him go know say physical business Dey for am.


$197 dollar Dey kind of small to start a business for dis country wey we Dey ooo, if you wan start better business, the $197 no go do. D POS business wey u talk no bad, but people don too much for POS now, and e Dey difficult to even get better location, but if him get luck, him go Dey make money from POS wey you talk.

If you enter market now, then you go know say $197 no fit start foodstuff business, hope you know say him go collect shop, if him don pay for shop, then nothing remain again be that now, if him carry d money wey remain enter market, Wetin him go carry come back fit no pass one carton, so foodstuffs no even Dey game self.

[promise444c5]

~

I heard the story of his page directly on one of social media just that  I've forgotten his name , it seems bloggers has picked it up as well.
He was trying to scalp his way into profit within just a  short period of time ,  this made him not to use stop loss because he was eager to make profit ASAP then leave the market .
 No risk manage ment ,  just pure gambling so what does he expect... Trading is risky  and the fact that he  was scalping makes him vulnerable to more loss.. still lucky to have that remaining change though