Why I don't trade Crypto Currencies???
Hello Everyone,
It seems everywhere I turn everyone seems to be asking me what my take is about crypto currencies. So, today I thought to write a little of what I think.
To begin with, there are numerous crypto currency so called gurus who pump up some coins and then dump it on the masses. Here is a reality check...How many people do you know who have legitimately made any money with cryptos? I have an honest answer. NOT that many. Ask yourself, how do people continue to make or claim to make millions while you are still languishing just trying to figure out how the cryptos exchange works. I think I have the answer. Please read on...
Over millennia there has been scams that have been played by the elite bankers on the unknowing common man like you and me. Put it this way, why do we have thousands and thousands of self proclaimed trading gurus but still have a 99% failure rate. As far as am concerned, the majority if not all of them are out to get your money. Here is an easy way on how to spot them....
If you do not know it, do not trade. If you have to wait for someone else to give you a signal or to tell you why they think you should be buying any financial instrument then I would advise you to trade for the short term or better still avoid trading at all cost. What would happen to you and our trading if you couldn't get the signals or opinions again? The problem with majority of the people they are not willing to put in the hardwork that trading demands so they take the easy way and take ideas from people they do not know to invest money they do not have.
I know the gurus are out to get me now but let me put my money where my mouth is. Please Google and read "extraordinary popular delusions" by Charles Mackay
Am talking about "Tulipomania"....You will be happy or shocked to know that It was the first futures market in history, and like so many of the ones that would follow, it crashed spectacularly, plunging speculators and investors into economic ruin and despair. During this period the contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then dramatically collapsed in February 1637
I know that cryptos may be the way of the future. Actually Russia is considering making cryptos an official currency and so will others countries I know who I won't be mentioning here.
So, before you buy any coins based on someone elses opinion. Educate yourself first. Ask yourself this simple question..., cui bono? which translated in English means WHO benefits? Is it you or the people pumping you with those signals.
"You will see me struggling but you will never see me quit"
With all sincerity,
The Humble Trader