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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?