It's not only in cryptocurrency that money can be lost
This morning, a friend of mine scolded me in a way that had never happened before. I can't really tell what came over him but he spoke to me in such a way that wasn't pleasant at all. His point was that I had lost a significant amount of money trading forex and cryptocurrency. He was angry because I told him to invest in cryptocurrency, and he, in turn, told me how I have spent lots of my money for many years without having a consistent profit from it.
After a long talk, he advised me that forex trading or cryptocurrency is not a thing for me. However, others may be making money, but that doesn't mean that I would be making money as well. I could understand his concern. I've been trading forex for the past three years, and I still struggle to make a consistent profit from it. As a reason, it is better to quit and look for something else to focus on.
At that point, I knew that there was a knowledge gap that my friend needed to fill, which I took the time to educate him.
First of all, I told him that it's not only in forex or cryptocurrency that people lose money. In conventional businesses, people still lose money due to certain factors. I reminded him of how he started a business last year and he lost all his capital and the business collapsed. I then asked him if he was trading forex? He became speechless.
The mere fact that people lose money on cryptocurrency doesn't mean that every other thing is one hundred per cent safe to invest in.
I told him of a neighbour who owned a bird farm, and one night, he lost hundreds of fowls. Cryptocurrency and forex are more like every other business out there. You may lose money and, at the same time, make money from it.
The saddest thing is not wanting to take any risk because you do not want to lose money. The truth remains that to make it in this life you must take risks with your money. If you lose, you learn a lesson, and if you win, you gain.
Moreover, many forex and cryptocurrency traders lack this understanding; whenever they lose money, they think that something else would have been better. This is not true. Most of the time they feel bad for losing money. Some have given up because of the losses they experienced.
Let me say this, that losing money in crypto is an experience bottled up for some time, and when it gets to a certain level, it becomes a lesson that leads to success.
Many successful people in the cryptocurrency industry today have had unpleasant experiences that have, over the years, become a successful path for them. Giving up on cryptocurrency or forex because of losses is not a wise decision but putting yourself together and acquiring more knowledge is the best option to look at.
At the end of it all, my friend couldn't have any other point left, he just left without saying a word.
Note that I am not giving financial advice but my opinion on the matter.
Posted Using INLEO