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.
It doesn't matter if you are a newbie or professional in trading , you go experience lose if this factors are not being kept in check-
1) Risk management
2) Trading strategy
3) Being controlled by emotions( Feeling of fear, or overconfidence)
Most persons jump into trading because of stories and screenshots that have been posted on Whatsapp group. But what they don't see is the loses that may occur.
The truth of the matter is that trading is not easy, even the professional experience lose from time to time, what makes them different from a beginner however, is that over the years, they have found ways to minimize this loses and stay consistent in the long run.
To anyone reading this post and is planning on starting out trading- don't be in a rush, take you time,learn, and don't let FOMO push you into what you don't have the slightest idea about