My husband has recently become obsessed with trading cryptocurrencies. How can I help him realize that trading cryptocurrencies won't make him rich?
First, let me talk about myself. A few years ago during the bull market, I indeed made money. At that time, I had 20 BTC, 10 ETH, and 20 LTC in my account. I was investing my spare money, and everything was going well. However, I ended up trading these valuable coins for a bunch of worthless altcoins, completely ruining a good hand. Looking back, if I hadn't bought those altcoins, my coins would be worth a fortune now, probably even tens of millions. I could have lost millions without even trading contracts, which is quite impressive.
Fortunately, your husband only trades spot and doesn’t touch contracts.
Everyone wants to get rich overnight in cryptocurrency trading, and those with such a mindset usually end up losing in a bull market.
Chasing highs and selling lows, if you don't cut losses, who will?
There’s no way to get rich quickly in short-term crypto trading.
Tell your husband that he can trade cryptocurrencies, but
70% should be in Bitcoin and 30% in Ethereum.
Don’t buy anything else.
Keep a regular investment plan, buy and hold without touching it, and look back in a few years.
Of course, when I say regular investment, I mean not now.
Wait for a bear market to invest regularly; stop dreaming about thousandfold coins.
There’s no such thing as a thousandfold coin that doubles in two days.
The altcoins I bought in January have only yielded a few times profit up to now.
Your husband is not suitable for crypto trading; the more he thinks about getting rich quickly, the more he loses.
I gradually understood that there’s no such thing as getting rich overnight.
It’s all about exchanging time for space.
Let’s focus on value investing.
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