A must read for all beginners

[Tonimez]

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.

You have said it all. So many folks forget themselves because they want to take care of their families. I was seeing a skit earlier today about how easy it is to forget anyone after his demise and I felt bad and uncomfortable with how many people do forget themselves because of responsibilities. Taking profit to take care of yourself is very important at all time because every worker deserves his wages. There are people who spent all their life working and earning, and when they thought they have made enough money and now wanting to start enjoying the money, their health fails sometimes due to the level of self inflicted sickness due to starvation or poor health attitudes that has left their health compromised. At all time, think life! Trade with what you can afford to loose and ensure you take care of yourself always. This will make losses not to be so devastating when it happens.

[Nrcewker]

Do not end up like this man 👆🏻👆🏻👆🏻👆🏻

People need to understand that trading isnt easy or guaranteed money. There is always a risk associated with it. If you are putting money into trading or investing then you need to mentally prepare yourself for the possibility that you could lose it. Hence it is advisable to only trade or invest a small portion of your earnings.

You should follow the golden 40:30:30 rule that is use 40% of your earnings for monthly expenses, 30% for investments or taking calculated risks and the remaining 30% for savings. If you dont manage your finances properly, no one else can help you. Its really sad to hear news like this. Sadly there isn’t much more we can do about this.

[SOKO-DEKE]

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.

It is not a matter of a small amount or a big amount of money,the fact is that no amount of money is worth taking your own life. It is possible that if we lose some amount of money, we may not be able to make it back, but as long as we are still making something to sustain our lives, why are we going to make that kind of stupid decision to take our own life?Whenever I hear that someone has taken their own life because of the money they lost, I often think that they may not have been in the right state of mind to make such a decision. Sometimes, most of those who commit suicide because they lost a certain amount of money have families who depend on them, and their actions only cause their families to continue to suffer.Again, with all the news and warnings about suicide, there are still some people who continue to risk more than they can afford to lose. This kind of wrong thinking about committing suicide often comes to people's minds after they have lost more than they can afford to lose.

[Cheema02]

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.

It's not always about the amount or that individual loss, it's mostly about the things that kept building up until that one point where the person just decides to give up, just as he rightly said at the end, "The last nail in the coffin.", which means that it was the last thing that made him finally give up as he can't take it anymore. Deciding to end your life is obviously not an easy decision or an easy thing to do, but I've heard and also studied about this and studies tel you that people who do this basically are going through severe anxiety and depression that they basically lose their brain and critical thinking abilities before a few minutes of doing it, which means that by the time they finally do it, they are completely numb ad senseless, sort of.

Anyway, it's true that people shouldn't take decisions that can become a reason of depression for them, which means that if you know you can't afford to lose a specific amount, then you shouldn't use it for something which can make that happen. If you know that trading is risky and anything can happen in it, then you shouldn't use money in it that you can't afford to lose, or even if you do, you should always use risk-management.

[Finebone]

Do not end up like this man 👆🏻👆🏻👆🏻👆🏻

People need to understand that trading isnt easy or guaranteed money. There is always a risk associated with it. If you are putting money into trading or investing then you need to mentally prepare yourself for the possibility that you could lose it. Hence it is advisable to only trade or invest a small portion of your earnings.

Ignorance and greed are mostly the cause of things like this because going all in when trading is a very big mistake no knowledgeable trader will make. Trading has wrecked a lot of people, and it has also made a few rich, so going all in on something that has a higher chances of losing will never ends well for anyone.

You should follow the golden 40:30:30 rule that is use 40% of your earnings for monthly expenses, 30% for investments or taking calculated risks and the remaining 30% for savings. If you dont manage your finances properly, no one else can help you. Its really sad to hear news like this. Sadly there isn’t much more we can do about this.

It's more better that a trader should trade the market with what he or she can afford to lose, so dividing your income into several part is not the best in my own perspective because a miscalculation may land you in trouble, so I suggest that trading is best done with your discretionary income, which is the money that is left, after all your basic needs have been met, that way, you wouldn't be emotionally attached to your trading activity because you are using a fund you can afford to lose.

[qurbanshah02]

It's more better that a trader should trade the market with what he or she can afford to lose, so dividing your income into several part is not the best in my own perspective because a miscalculation may land you in trouble, so I suggest that trading is best done with your discretionary income, which is the money that is left, after all your basic needs have been met, that way, you wouldn't be emotionally attached to your trading activity because you are using a fund you can afford to lose.

Sometimes we have to lose in trading and the chances of getting a good profit in the market are quite low. Although a trader who does not have enough courage to start again in the market with repeated losses can take such a decision, but the one who cannot bear it much will trade only a few times, either he will succeed in it or he will suffer losses. If you have to trade with your income, then it can spoil the arrangement of your income because we borrow by taking losses in trading and thinking that we will get our income, then this is a risk for us and this can be a good idea for new people. Trading is not profitable for many people, so some people take losses in it and take their emotions towards risk.

[fredericktaylor]

Be careful how you choose to invest in cryptocurrencies, do not end up in a situation whereby taking your own life will be the only option you have left, successful millionaires around the world advise people to invest 1 or 2 % on any investments for this reason.





If you know that losing all you have can make you take your life, then you are not fit to invest yet,  you need a source of income first, then when that money comes make sure you invest only what you can afford to lose.

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.

Do not end up like this man 👆🏻👆🏻👆🏻👆🏻

Of course, it is very important for us to be aware of investments, it is not right to invest money that you can never loss, it is reasonable to use the money that we can afford to loss. Most investors invest in Bitcoin in the hope of making quick money and invest beyond their capacity by taking excessive risks out of greed, as a result of which they face big financial losses that make them destitute. Smart investors never invest all their money or beyond their capacity in life. There is a risk of losing money in every investment, so it is very important to be aware of the risks in advance. As a result, if an investor faces financial losses, he can limit himself to his own means and protect himself from big losses. From my point of view, it is reasonable to stay away from investments that can take your life.

[Outhue]

I can't believe that anyone would decide to end their life because they lost $600. Someone might be upset about losing that amount, but not to that extent. Therefore, it's best to stay away from any investment altogether if you're going to be affected in this way by investing.

You should, because $600 in a developing country is a lot to some people, many people in Nigeria don't even have $400 in their bank account as the money they are able to safe, I've seen people commited suicide because they lost less amount of money I'm gambling, since the money was meant to do something meaningful they couldn't take the loss so the only best way for them is to seize to exist.

[Tetu100]

If you know that losing all you have can make you take your life, then you are not fit to invest yet,  you need a source of income first, then when that money comes make sure you invest only what you can afford to lose.

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.

Do not end up like this man 👆🏻👆🏻👆🏻👆🏻

This is not a good one for any person to end up his own life just like that, it would have been better for the person not to invest at all then ending up this way.  If not for the fact that it has happened in my area some years back, I would've believed such news but in this my case it was  gambling.

Sometimes I just keep wondering if investing in bitcoin or other crypto currency that we wish to invest in, whether is by force because the drama as of recent is just so unbearable. We're not in competition for crying out loud, however if you have checked yourself and you know you can't withstand the tension that's involved then it's better you back off to save your peace and your live as well. Or for personal reasons you know you need it then let it be the amount you can afford to lose to avoid future challenges or similar situation like this.

[Rengga Jati]

Do not end up like this man 👆🏻👆🏻👆🏻👆🏻

So sorry to hear that.
That is a truly bad story. It offers us more than just a lesson. We can learn from the actual experience involved. After all, we should never view investment or trading as a get-rich-quick scheme. Nor we should not also assume it is easy. Or, we also do not believe in people easily. Far from it, it is complex and carries high risks. That is precisely why we must learn and prepare ourselves as thoroughly as possible.

I can't believe that anyone would decide to end their life because they lost $600. Someone might be upset about losing that amount, but not to that extent. Therefore, it's best to stay away from any investment altogether if you're going to be affected in this way by investing.

People come from diverse backgrounds. Many are easily overwhelmed by adverse circumstances. Some also may face pressure from their surroundings. Emotional preparedness influence a significant role in this. While this is tragic news, it offers us a valuable lesson. There are things far more precious, above all, human life. Therefore, we must be fully prepared for anything, especially before entering the world of trading. We must also understand the risks involved.

[CryptopreneurBrainboss]

You should follow the golden 40:30:30 rule that is use 40% of your earnings for monthly expenses, 30% for investments or taking calculated risks and the remaining 30% for savings. If you dont manage your finances properly, no one else can help you. Its really sad to hear news like this. Sadly there isn’t much more we can do about this.

While I'm in support of following a strick budget and having our incomes planned already before we receive them but I don't support this budgeting ratio anymore as I think more percentage should be assigned to investing instead of savings. Investment is the only way to multiply our income without having to do work so more money should be put into investing early so it can generate us more money. And this inevsyme still should be calculated risks and also risky ones too if we're still young to ake risks because if we don't then we aren't ready for wealth. If there's a way we can reduce our expenses to invest more that's even better or reducing our saving percentages into investing and keep less there since that money is just being eaten up by inflation if left in the bank.

[Queen uloma]

You should follow the golden 40:30:30 rule that is use 40% of your earnings for monthly expenses, 30% for investments or taking calculated risks and the remaining 30% for savings. If you dont manage your finances properly, no one else can help you. Its really sad to hear news like this. Sadly there isn’t much more we can do about this.

While I'm in support of following a strick budget and having our incomes planned already before we receive them but I don't support this budgeting ratio anymore as I think more percentage should be assigned to investing instead of savings. Investment is the only way to multiply our income without having to do work so more money should be put into investing early so it can generate us more money. And this inevsyme still should be calculated risks and also risky ones too if we're still young to ake risks because if we don't then we aren't ready for wealth. If there's a way we can reduce our expenses to invest more that's even better or reducing our saving percentages into investing and keep less there since that money is just being eaten up by inflation if left in the bank.

Me too, I support strict budgeting and planning our income before we even receive it,  but I don’t really support putting more percentage in savings than  investment. Investment can help our money to grow without us working for every money,  young investors can start investing early. But the risks need proper calculation, it’s not just to put money in any place just because you are after to make quick money. If we can be able to reduce unnecessary expenses and use our discretionary income to invest it will be more better.

[Pressurizedem]

Every beginner must know that the journey of trading is a very long one, and for you to be good at it, you must have people who you are imitating. You must have mentors who will guild you from making those mistakes that you would have made as a newbie. I beginner must know that the first thing necessary is to do your research, read about the coins you are to invest in, and make sure you have an indepth knowledge about what you are investing your money into, else you will cry had I known.

Furthermore, a beginner must bare in mind that losses are part of the business. One common factor about holding and trading is that money must be lost, whether you are being careful or not, it is part of the game, and ur is a game of risk, therefore, you must make up your mind that anything can happen along the line, in that case, then  you are ready for the business of trading.

[Byebyebtc]

Investing is really not for everyone, I can't believe one will take his life for $600 it's such a sad story man.. and I could tell that from his last statement f** this life, he is passing through a lot more, even more than just that $600. Because basically only that money wouldn't really make one kill him self, sometimes this life can be so exhausting and just one Crazy stuff made him sat "That's it..".

If your not in a good state of mind I will advise you not to be involved in anything that demands significant amount of money like investment. It is better you figure your self out and stable your emotions before moving into such activities..

[osasshem]

Whoever has a low rate of risk tolerance is not advised to take part in investing, not to say investing in Bitcoin/cryptocurrencies. The crypto market is a very volatile market that if your investment is outside Bitcoin, you should be ready to either lose everything overnight.

$670 is too small for someone to end his life. Money lost can be worked for and regained, but life taken is a life that can't be regained without an option. That is a one way journey. Whoever is not willing to take risk should not make any decisions on investment on any crypto related assets.

[ndutndut]

I can't believe that anyone would decide to end their life because they lost $600. Someone might be upset about losing that amount, but not to that extent. Therefore, it's best to stay away from any investment altogether if you're going to be affected in this way by investing.

You should, because $600 in a developing country is a lot to some people, many people in Nigeria don't even have $400 in their bank account as the money they are able to safe, I've seen people commited suicide because they lost less amount of money I'm gambling, since the money was meant to do something meaningful they couldn't take the loss so the only best way for them is to seize to exist.

Yes, that's right. The value of money varies in many developing countries $670 could be equivalent to several months' income or even more for some people. So when that money is savings planned for important needs like daily necessities or children's school needs and such, losing it can cause very heavy mental stress and even lead to unwanted decisions.

So really, this isn't about whether the lost money is small or large, but it's a mental issue when experiencing a loss and what happened in the story that OP shared. When someone decides to end their life, it's usually not because of how much money they've lost but because their mental state isn't ready to handle the loss. That's why everyone who wants to enter the crypto world is always reminded to trade with money they're ready to lose.

[ChocolateBitcoinK]

Every beginner must know that the journey of trading is a very long one, and for you to be good at it, you must have people who you are imitating. You must have mentors who will guild you from making those mistakes that you would have made as a newbie. I beginner must know that the first thing necessary is to do your research, read about the coins you are to invest in, and make sure you have an indepth knowledge about what you are investing your money into, else you will cry had I known.

Furthermore, a beginner must bare in mind that losses are part of the business. One common factor about holding and trading is that money must be lost, whether you are being careful or not, it is part of the game, and ur is a game of risk, therefore, you must make up your mind that anything can happen along the line, in that case, then  you are ready for the business of trading.

You cannot become a good trader by just following someone. The mentor's job should be to help you develop your own decision-making skills. Not to follow blindly. The trader is responsible for the risk of money and the decisions he makes. If you start trading by looking at someone else's advice or signal, you do not have the basis for making your own decisions. A trader should know under what circumstances he will exit the trade. The problem is not just losing money in a trade, but taking bigger risks out of emotion to make up for that loss. A trader's first goal should not be to make quick profits, but to learn how to survive in the market and make decisions while keeping risk under control.

[Pandorak]

Whoever has a low rate of risk tolerance is not advised to take part in investing, not to say investing in Bitcoin/cryptocurrencies. The crypto market is a very volatile market that if your investment is outside Bitcoin, you should be ready to either lose everything overnight.

$670 is too small for someone to end his life. Money lost can be worked for and regained, but life taken is a life that can't be regained without an option. That is a one way journey. Whoever is not willing to take risk should not make any decisions on investment on any crypto related assets.

Essentially, everyone’s risk tolerance is different. For some people, losing $670 might be a common occurrence and simply seen as a learning experience that will help them be more careful in managing their capital in the future. But for others, that amount might mean everything, perhaps it’s their last bit of savings or they might have even taken out a loan to fund their investment. This is a situation I often encounter.

Therefore, before deciding to invest or even trade, activities that clearly carry significant risk, you must adopt the mindset that the risk of losing money is greater than the potential profit. That way, if you do find yourself in a tight spot and suffer a loss, at least you’ll be mentally prepared. Unfortunately, i also frequently encounter people who focus almost exclusively on profits, thinking that making money here is easy. But the reality is that even people who’ve been in this industry for a long time still often get beaten up, LOL.

[Garbo01200]

At the end of the day, the person that end their life is the one that lose. Because as for, the investment they lose their money to, will still exist in the crypto market, while a soul is resting in peace because of them.

I like to say it as a reminder that the crypto market is not for the faint-hearted. If you are not courageous enough to watch how your money is wiped out to a tiny air on altcoins, don't come near crypto investment to avoid having many sleepless nights because of unbearable losses that you can't control

I win a lot and I lose more in crypto, I think it is part of the game.  More than to be brave enough like you said, we have to learn to invest correctly with proper amount. But in crypto the appeal of winning is too strong until we lose everything.

[Achalugo BTC]

It is not a matter of a small amount or a big amount of money,the fact is that no amount of money is worth taking your own life. It is possible that if we lose some amount of money, we may not be able to make it back, but as long as we are still making something to sustain our lives, why are we going to make that kind of stupid decision to take our own life?Whenever I hear that someone has taken their own life because of the money they lost, I often think that they may not have been in the right state of mind to make such a decision. Sometimes, most of those who commit suicide because they lost a certain amount of money have families who depend on them, and their actions only cause their families to continue to suffer.Again, with all the news and warnings about suicide, there are still some people who continue to risk more than they can afford to lose. This kind of wrong thinking about committing suicide often comes to people's minds after they have lost more than they can afford to lose.

Most people act or behave as if this life belongs to them. They know that if they take such action, it will destroy their lives, yet they will go ahead with their selfish plans and when the result doesn't come as expected, they think the only solution is to commit suicide. I find this so frustrating, because in this life, everyone has their own abilities and different path they can take. That is why there are some people who are traders, investors, entrepreneurs, and so on. If something doesn't work out for them, they may eventually find something that changes their lives for the better, rather than killing themselves over something they cannot control.