A must read for all beginners

[Big Dirams]

The worst mistake you can make as investor or trader is to use put in the only amount of money you have into the crypto market. During the bear market last year a lot of crypto investors lost a lot, some even even invested their life savings into Bitcoin or other crypto coins but the market dropped rapidly and it was recorded that over 2000 crypto investors ended their lives. Although ending your life is a coward move because it doesn't really help the situation, it only makes matters worse and robs you of the opportunity life comes with. To avoid getting emotional, only invest what you can afford to lose.

This is the reason I tell people that trading is very critical, and it has to be handled critically too. Those who invest their whole savings are already digging their grave, except you are someone who is not always moved by what happens to you, and I don't see such man in existence, that after losing a heavy sum of money, you won't feel it or get emotional about it.

It is also good to make people know the danger in trading, not  only convincing him that trading is good, it is also essential to educate them on the risks involved in trading  so that they can examine their options whether to continue trading or quit it.

Trading is risky and can also be difficult because it needs more than just our capital to survive it. Even with knowledge trading can be difficult because knowledge isn’t just the only requirement needed to survive the journey but also many things. People comes to trading thinking with just acquiring the knowledge or even with luck they can survive the risk in trading but of course that not the reality of trading and how we can survive it.

There are some people that stay under calm emotions even after many losses and losing everything, and that just how their nature is. They have control over themselves and their emotions in any situation at all.

[Loyang]

The worst mistake you can make as investor or trader is to use put in the only amount of money you have into the crypto market. During the bear market last year a lot of crypto investors lost a lot, some even even invested their life savings into Bitcoin or other crypto coins but the market dropped rapidly and it was recorded that over 2000 crypto investors ended their lives. Although ending your life is a coward move because it doesn't really help the situation, it only makes matters worse and robs you of the opportunity life comes with. To avoid getting emotional, only invest what you can afford to lose.

This is the reason I tell people that trading is very critical, and it has to be handled critically too. Those who invest their whole savings are already digging their grave, except you are someone who is not always moved by what happens to you, and I don't see such man in existence, that after losing a heavy sum of money, you won't feel it or get emotional about it.

It is also good to make people know the danger in trading, not  only convincing him that trading is good, it is also essential to educate them on the risks involved in trading  so that they can examine their options whether to continue trading or quit it.

Trading is risky and can also be difficult because it needs more than just our capital to survive it. Even with knowledge trading can be difficult because knowledge isn’t just the only requirement needed to survive the journey but also many things. People comes to trading thinking with just acquiring the knowledge or even with luck they can survive the risk in trading but of course that not the reality of trading and how we can survive it.

There are some people that stay under calm emotions even after many losses and losing everything, and that just how their nature is. They have control over themselves and their emotions in any situation at all.

The most important thing in trading is to control your financial situation and control yourself. Because if a person understands less about trading and if his knowledge is less, he may be able to profit at times and protect himself from facing big losses. But a person who cannot control his financial situation in trading and a person who cannot control himself will definitely face big losses and at some point get into debt. Having a lot of knowledge in trading, keeping yourself in control is the most important thing.

It is possible to earn a lot from trading, but as everyone says, those who earn a lot in one day are really a fraudster. Paying attention to them will never be the right decision.

[abaeze]

This is a very stubborn decision, how can someone sacrifice their life for just $600. This is not right, this is madness. Nothing in the world can be more valuable than life. This is why it is always said that in any investment, one should invest with such money that if the money is lost or destroyed, there will be no pressure or risk in one's life or family life.

So if someone's life is affected like this due to investment, then it is better not to invest. One thing everyone needs to remember is that investment is for life but not life for investment.

[YOSHIE]

Understand that the risk of losing money still stands because this market is very volatile too, even the most reliable investment in my book which is Bitcoin, I still can't advise anyone to use all the money they have.

When someone goes to the crypto market, they think they want to make big profits and multiply their money by investing and trading, without considering all the risks that will occur, clearly they have put a rope around their own neck so they can strangle.

In the crypto world, we always have considerations and consequences, risks that we will face, before thinking about profits in the crypto market, anyone should try to understand in detail about the market and the meaning of crypto investment and trading first.

I have observed wisely, if we enter the crypto market if we are impatient and careless, greedy and ambitious, we want to make a profit without paying attention to the risk of ruin for us, So consider all risks before proceeding further with trading and investing activities in Bitcoin.

[shawonngp]

 I find it very hard to believe that a person has ended his life due to a loss of $670. I never thought that $600+ was such a large amount that it could lead an investor to death. This is very sad. For this reason, we should all invest an amount in trading that we can afford to lose, so that even if we lose everything, it does not lead us to take our own life. Or, if we lack the capacity to take risks, we should not engage in such high-risk trading activities. The crypto market is highly volatile now, so crypto trading should be avoided if you lack trading experience.

[ndutndut]

Do not end up like this man 👆🏻👆🏻👆🏻👆🏻

If a potential total loss of just $670 can already trigger extreme thoughts like that, it’s a clear sign that someone still needs to strengthen their stable income first and only use extra funds that they can truly afford to lose without affecting their everyday living needs.

Even in the crypto market assets with clear fundamentals like Bitcoin are still volatile and never risk free. So if someone wants to dive into the crypto world especially beginners being disciplined in managing risk through smart diversification and allocation is way more important than chasing big profits. With this mindset whether in trading or investing their emotions will be much more controlled, instead of becoming a source of destructive stress like thinking about ending their life or other harmful actions.

[Silverstonez]

Do not end up like this man 👆🏻👆🏻👆🏻👆🏻

I have heard of people who invested more than what they can't comfortably afford to lose in a business or an asset and when it collapsed they end up committing suicide. I know everyone want to be successful in life, but investing all your hard earned money in a business or an asset will cause you more harm than good.

As for Bitcoin, all thanks to satoshi who designed it in such a way that someone can accumulate it little by little with as little as $10 or so, until you reach your accumulation target, therefore, there's no point investing all your money in Bitcoin at once, instead do the regular DCA method until you reach your accumulation target and then hold it for the long term.

[WatChe]

The most important thing in trading is to control your financial situation and control yourself. Because if a person understands less about trading and if his knowledge is less, he may be able to profit at times and protect himself from facing big losses. But a person who cannot control his financial situation in trading and a person who cannot control himself will definitely face big losses and at some point get into debt. Having a lot of knowledge in trading, keeping yourself in control is the most important thing.

It is possible to earn a lot from trading, but as everyone says, those who earn a lot in one day are really a fraudster. Paying attention to them will never be the right decision.

If you don't have control over yourself then you won't be able to excel much in trading and will soon quit trading with heavy loses as well. One thing which we as newcomer to trading must do is to start with a small capital because if you are starting with small capital then you won't stress  yourself with heavy loses in the start. Trading is a wild fire and playing with it is not an easy thing specially if you are a new comer. Without self control, trading is very much similar to gambling that is why its important to prepare in advance.   

[Audrey Simmons]

600$ to someone, maybe a disposable weekend money, but in many economies that amount represents whole life savings. Desperate people looking to escape poverty are the best ones to lose their capital to crypto casinos. Sending money to a scammer shows desperation to make quick money. And bro, this is not an investment transferring your capital to someone else account. And yes, we should not invest our money all in once, but this is not investment. This seems like he just lost 600$ but in reality it's his life savings, and I agree with you he shouldn't be disappointed to that extent in life things happen, and we should learn from it not end our life.

If $600 turns out to be a life-saving amount, why the need to risk it for more? $600 is close to a million when converted to fiat in my country's currency. Handed $600 to do business with, trading will not be the first thing on my mind, I will look for something less risky and get involved in. If I'm not going to invest in Bitcoin (buy & hold), I will not think about trading or easy ways to double my profits.

Being greedy and trying to make excess profits comes with a price, the bad side is that if the investment fails, just like the OP stated, facing the consequences is a must, although committing suicide is never an option to deal with the problem.

[jossiel]

I find it very hard to believe that a person has ended his life due to a loss of $670.

We'll never know how important it is to them. I've read news before and heard testimonies that people would be willing to do some crazy stuff just for them to earn a couple of bucks.

I never thought that $600+ was such a large amount that it could lead an investor to death. This is very sad. For this reason, we should all invest an amount in trading that we can afford to lose, so that even if we lose everything, it does not lead us to take our own life. Or, if we lack the capacity to take risks, we should not engage in such high-risk trading activities. The crypto market is highly volatile now, so crypto trading should be avoided if you lack trading experience.

That's quite big already depending on where you are from.

As an investor and a trader, we know how we do our things and we have to put the money that we can only afford to lose.

Someone's betting their lifetime in it and doesn't get what they think they'll get as a result and that frustration is dangerous and could lead to a wrong process of thought.

[Barikui1]

I find it very hard to believe that a person has ended his life due to a loss of $670. I never thought that $600+ was such a large amount that it could lead an investor to death. This is very sad. For this reason, we should all invest an amount in trading that we can afford to lose, so that even if we lose everything, it does not lead us to take our own life. Or, if we lack the capacity to take risks, we should not engage in such high-risk trading activities. The crypto market is highly volatile now, so crypto trading should be avoided if you lack trading experience.

$670 is quite a lot of money in my country, like it's more than 921k in Nigerian naira, but that's still not enough for someone to take his own life. Trading is a craft that losing is inevitable, so it's wrong for any trader to trade with more than he can afford to lose, because he will not just panic if the market is going against him, but he might also do stupid thing like this, if he loses his life savings.
Having the right orientation as a beginner is very important because it saves you from so many troubles from the start, but if you do not have the right orientation, their are chances that you might do a lot of stupid things as a beginner trader or investor.

[Iranus]

I find it very hard to believe that a person has ended his life due to a loss of $670.

We'll never know how important it is to them. I've read news before and heard testimonies that people would be willing to do some crazy stuff just for them to earn a couple of bucks.

We're not in their shoes, so its hard to know what they were going through or what that money meant to them.

I never thought that $600+ was such a large amount that it could lead an investor to death. This is very sad. For this reason, we should all invest an amount in trading that we can afford to lose, so that even if we lose everything, it does not lead us to take our own life. Or, if we lack the capacity to take risks, we should not engage in such high-risk trading activities. The crypto market is highly volatile now, so crypto trading should be avoided if you lack trading experience.

That's quite big already depending on where you are from.

As an investor and a trader, we know how we do our things and we have to put the money that we can only afford to lose.

Someone's betting their lifetime in it and doesn't get what they think they'll get as a result and that frustration is dangerous and could lead to a wrong process of thought.

Honestly, that amount is not that big, but I've read that in some countries, people earn only around $2-$5/day. So $670 is a huge amount of money for them.

Whatever the truth behind this story is, it still teaches us one thing, no matter how much potential a market has, using money you can't afford to lose is always a bad idea.

[Comeacross]

This is a very stubborn decision, how can someone sacrifice their life for just $600. This is not right, this is madness. Nothing in the world can be more valuable than life. This is why it is always said that in any investment, one should invest with such money that if the money is lost or destroyed, there will be no pressure or risk in one's life or family life.

So if someone's life is affected like this due to investment, then it is better not to invest. One thing everyone needs to remember is that investment is for life but not life for investment.

Some people are very weird when it comes to decision making. No amount of money is worth our life no matter how big or small. The purpose of investing in the first place is to save our lives and not to take it. The purpose of investment is already defeated if it costs us our lives.

Things maybe rough. The amount we see as small may be someone's world. It's their survival and they become desperate to do anything when they lose it but that's doesn't justify taking one's life. It's stupidity to invest money you can not afford to lose in the first place. If it means the world to you, you should never risk it at all.

Forget about the saying that if you don't risk it, you can not have it big. It doesn't apply to all situations.

[Chilwell]

Forget about the saying that if you don't risk it, you can not have it big. It doesn't apply to all situations.

What is the essence of making money if that will involve life, why are we even making money if not to enjoy life, majority of people are making a lot of mistakes when it comes to risk taking, yes I believe that for you to make it big you have to take a bigger risk, but involving your life in this risk is not something that you make you grow, so moving away from this is better than to lose your life in the process of making your life better. As far I am concern I know I am sacrificing for my family, but I put myself first because if I die this same family  will forget about me as if I wasn't the one that sacrifice for them.

And even though I have to sacrifice by taking that risk, I think the money is too small because what did I stand to get and also the people I am representing as my own family, that money does not worth it at all, so it's better I have to leave it and get myself a better one that I will find peace even though the earning is small.

[jossiel]

We'll never know how important it is to them. I've read news before and heard testimonies that people would be willing to do some crazy stuff just for them to earn a couple of bucks.

We're not in their shoes, so its hard to know what they were going through or what that money meant to them.

We can't do such things and yes, we will never know what's the next crazy stuff they can do.

Honestly, that amount is not that big, but I've read that in some countries, people earn only around $2-$5/day. So $670 is a huge amount of money for them.

Whatever the truth behind this story is, it still teaches us one thing, no matter how much potential a market has, using money you can't afford to lose is always a bad idea.

It's understandable that if it's not that big amount to some guys, there goes these people that this amount is huge.

And it's possible that it's not only about the amount but the heavy responsibility that's within their burden and that amount makes it heavier for them.

They can't accept that money was already gone and that feeling is hard to accept and out of frustration, they have lost their sanity.

[CryptopreneurBrainboss]

And even though I have to sacrifice by taking that risk, I think the money is too small because what did I stand to get and also the people I am representing as my own family, that money does not worth it at all, so it's better I have to leave it and get myself a better one that I will find peace even though the earning is small.

Your family will survive even though you're no more so there's literally no gain in risking your own life earning for  your family. You can do that but still they don't have a better life or they squander the money even faster than you made it so then what was the essence of labouring for them to have a better life when they won't appreciate it. In relating this to trading, you shouldn't spend all your good ages hustling for your family Olly to enjoy when you aren't doing that yourself that's why, it's always important to take out some profits to spoil yourself at times. Not saying you should waste all the profits that you're making but it won't kill you to take yourself out for a nice dinner once in a while or buy something nice for yourself. Do this as a ritual and it can motivate you further to make more profits so as to keep being rich.

[Rockson1]

The worst mistake you can make as investor or trader is to use put in the only amount of money you have into the crypto market. During the bear market last year a lot of crypto investors lost a lot, some even even invested their life savings into Bitcoin or other crypto coins but the market dropped rapidly and it was recorded that over 2000 crypto investors ended their lives. Although ending your life is a coward move because it doesn't really help the situation, it only makes matters worse and robs you of the opportunity life comes with. To avoid getting emotional, only invest what you can afford to lose.

I think some people are ignorant and still refuses to to learn, when the term discretionary income is been discussed, some investor and traders pay less attention to it, the cryptocurrency (Bitcoin) industries is not a place where someone acts ignorant or try to outsmart the market, the best we can do for ourself is to invest with an amount that will not affect us emotionally when the price drop, anyone investing his or her life saving is not a good investor, we should consider the risk involved, although Bitcoin is futuristic, but we must be realistic when investing, not everyone that can withstand the pressure that comes with the drop of price, which is why we should minimize our risk.

[nara1892]

Obviously, basically understanding the risks and also knowing about what exactly you are facing becomes a very important thing that must be done by someone in the early stages, and what I know is that usually the victims are fomo investors who come because they are tempted by the profits that have been achieved by others so that they immediately put money in without thinking about the consequences of the risks.
The main point is to understand first what you are dealing with.

[Out of mind]

In any case of investment and trading, one should not invest all the money at once, this is the biggest risk. There are many who fail to control themselves, cannot control their emotions and do not value their own lives, which puts them in a lot of challenges. In that case, if you want to invest, you must do it with a certain amount of money so that even if you lose it, you have control and it does not affect your life. Many such incidents happen, especially in the case of investment and gambling, when someone bets all their money and throws it into trading, they cannot control themselves when they face losses. When a person cannot control themselves, then he will definitely not have much value for his life and will start going towards destruction in various ways. That is why every person should invest, trade and gamble carefully so that even if he loses money, he has control over himself, and he should not do anything with all the money at once, but rather do it according to a percentage so that if he loses, he is in control.

[Futurexxx]

, it's always important to take out some profits to spoil yourself at times. Not saying you should waste all the profits that you're making but it won't kill you to take yourself out for a nice dinner once in a while or buy something nice for yourself. Do this as a ritual and it can motivate you further to make more profits so as to keep being rich.

I totally agree with this your statement I highlighted because tomorrow is not promised, so if you can't make a good time for yourself now that the opportunity is still there, when will you do that?

Most of us think that we just come into this world to work ourselves out and pay bills, sometimes it's important to go out by yourself and have fun, create good memories and spoil yourself in the process because time may come when you are not going to have the opportunity again, so striking a balance between work time, fun time and when to be there for your family is very important, if you want to live a full filled life.