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.
After him first profit , him suppose lock up him profit, then con learn more about the crypto space. Greed push am to chase double profit. Naso crypto dey take deceive person, after small win you go dey feel feel on top the world, before you know am, market go sharpally humble you.
Sha e never late for am to reset, Here are my advice:
1)
Cool your head : No use desperation rush into another trade, na wetin dey finish most people. First make him chill, and recover from the lose.
2)
Then invest part of the money into learning : Make him no pour all of his money into live trading, make he get one or two paid mentorship, or maybe enter into demo trading or buying trading books, the major thing be say make him utilize every available opportunity to boost his knowledge about cryptocurrency.
3)
Look for any legit biz, be it digital or offline: Him fit collect some money from wetin him get make him use start up any biz, so him no go depend solely on crypto profit, this is because profits from crypto isn't always assured, no matter how professional you are. You maybe profitable today tomorrow you may experience a big loss.
And lastly make we dey try listen to our elders in trading when dey talk say trading no be for everyone. I go conclude with this-
It's better to walk slowly with sense than to run blindly with greed
. I mean no disrespect but the man in question ran blindly with greed, which resulted to the disaster he experienced.