Why I Don't Persuade My Friends To Follow My Investment Patterns
Our world has greatly changed, gone are the days when we had to pass through tedious physical activities to be able to get our hard earned money invested into a place where we believe will give us good returns. Everything has been so much upgraded or advanced that sometimes it takes just a few clicks of a button or even a touch on our phone's screen to get our money invested.
One of the reasons why I don't persuade my friends to follow my investment pattern is due to the risk involved due to change.
We all know that one thing that remains constant in this ever transforming world is change. Yes, change is constant and no amount of advancement in technology can stop that, in fact the more progress we make on the planet, the more things change and this also can be seen in the financial sectors and digital assets especially in cryptocurrencies.
One of the things that cryptocurrencies are known for is its high volatility. Sometimes you may be fortunate enough to buy a coin at a good rate which may later rise within your estimated time frame If you're good in predictions and crypto analysis or sometimes not but that means more money for you, if not a massive income.
In my years of knowledge I've also realized that sometimes no matter how good you are in crypto analysis you may not accurately predict the next ten moves of a particular coin.
This is one thing which some of the crypto gurus who publish their videos online won't tell you.
Ever since I realized this, I had to stick to the pattern of trading which works best for me. Then you may also figure out that no matter how good you may think you know about your friends, you may not necessarily be able to predict their reactions when they lose money through your advice. Having been a crypto trader for a long time now, I know how much I lost at the initial stage of my crypto journey.
Indeed it was a massive loss but my losses at the starting point didn't make me change my mind to keep crypto as side and avoid it because even by then I had seen its potentials and ability to make one either a millionaire or billionaire matter of hours through a good up trend, but then I was failing a lot of rules which any good crypto trader must be observing, but one good quality I know I had even then was the ability to endure my loses and not get depressed over it as well as not to put all my eggs in one basket at least for back up.
If anyone manages to convince their friend to invest money in any digital assets, you may not necessarily know if that will had to invest all they had or the majority of what's left for them due to how good your advice sounds to them, coupled with the trust they had in you for having known you for months or years.
If you persuade your friends to follow your investment pattern. There is no 100% guarantee it may end well. It may really be disastrous and lead to saying goodbyes to your relationship.
Change is constant, no matter how good you are, there can be these wrong decisions sometimes as well. Also let's consider the other way round, if the investment goes well and yields massive profits for you and your friends. Your friend will forever cherish you and in fact you guys may even throw a party but you need to understand that it's better not to advice or persuade someone into investing into something that is not under your full control or anything else because of it goes wrong, people tend to remember the bad things someone has brought upon them for years to come than the good things.
This is one thing you need to escape from giving people financial advice. Some who have made these mistakes in the past or you reading this today may think to yourself, no wonder people always say “this is not financial advice at the end of each video of investment or monetary talks.
Thank you very much for stopping by, I believe you got the point I tried to make with this little expressive article of mine. Happy weekend and Have a lovely day ahead and see you on the next one.