I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.
I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.
I knew he is so positive, and I can feel him since I also got FOMO'd before.
What do you think should I do guys? how can I help him?
I don't like the word "investment" related to Bitcoin and other cryptos in general. Unless you know how the cycles of Bitcoin work and you are fully aware of how your money can take up to 5 years to start making more money, the word "investment" is vicious. We all know that Bitcoin is high now. Is it going to go higher? Nobody knows. But we do know that at a certain point we will see a huge correction and Bitcoin may drop to 50/60% of its highest value.
People willing to "invest" money usually expect to have returns in the short term. They can handle 6/12 months of ROI, but can they wait until 2025? So you probably can explain to your relative that in 2013 many people bought Bitcoin at 1800 USD and then watched it dump to 300. Also how many people got on board in 2018 at 19000 USD to see it go to 3000 USD in a couple of months.
Those who were able to hold their coins probably made really good money. Is your relative willing to take that risk?