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Earlier this morning, I got a call from a friend whose open traded position got liquidated, I could tell from our conversation he was feeling bad about the sudden market event that took place while others were busy making profit he lost over 50k, I understood how he felt since I've had such experience when trading.
One thing I discovered was, my friends, are venturing into trading just because they see lots of people cashing out big time from trading.
What they haven't realized yet is trading requires discipline, training and practice although I've done justice several times warning them of the risk involved in trading I always make sure I tell them the hard truth trading isn't a child game you can lose all your money in few seconds as well you can earn, what matters most is can you handle the loss would you give your time and energy to learn what it takes to be a trader before starting with real capital?
Sometimes I avoid showing newbies my trading account so they wouldn't get carried away with what dey see not know the reality that trading isn't as easy as it sounds.
HODL
Hold On Dear Life Is the acronym for HODL 😆 this was what came to my mind when I was having conversation with my friend I tried explaining to him why it's important for him to figure out a better strategy for earning cryptocurrency.
Although the market could be very uncertain the probability of getting liquidated when holding any coin can be quite impossible except for any reason the project completely crashes which is also very rare.
I ask him why not hold instead of risking his capital to trade since he's a newbie to the crypto space with time while buying and holding he would get to learn and understand trading more, I'm glad he liked the idea and I hope he sticks to this strategy for now for the main time.
What would you suggest to a newbie who just got started in the crypto space would trading or holding be the best strategy for earning crypto for newbies?
The rise in some crypto token made a lot of people begin to look towards the direction of trading but they fail to realize how very much risky and vulnerable the market could be, therefore your advice is really a better option.
I'm glad you liked the idea, sure holding minimize risk of losing fund completely.
Thanks for sharing your thoughts best regards.
In any case I think the best thing would be HOLD, and if you don't want to do it, then the most prudent thing is to leave your investment in the hands of specialists who manage an investment fund, that is much better than taking risks on your own without having the experience and the necessary knowledge.
Thanks for sharing, having basic experience on how stuff work in this space would safe one the stress of losing much assets, i concur with your ideas too.
@tipu curate 2
Upvoted 👌 (Mana: 24/48) Liquid rewards.
Trading..... expect anything and no one should go into trading if they ain't experienced. It's just inadvisable, holding is still the best for a novice
Sure, except if one is experienced trading isn't advisable for now.
Thanks for sharing.