My brother does not understand the high risks of day trading margin funded shitcoins, and feels like a god from bullish gains. How do I help him understand the risk?
I got my brother into cryptocurrency several months ago, as I had invested in Antshares and recommended that he do the same. He had made great gains from his relatively small initial investment, but has now shifted to margin trading at 10x margins, gambling with shitcoins, and day trading like nobodys business.
My recommendation (while you may not agree with it) was to only put 5% of his portfolio into cryptocurrency, and treat it as a super high risk investment and not a gamble. Yes, it is very risky, but that does not mean that the risk should be uncalculated and foolish. I am holding bags of solid cryptos for long term gains, and am trying to get him to see this as a long term investment and not a get rich quick scheme, but the daily gains can be blinding. Is my logic flawed? I do not want him to lose everything...
What book, article, podcast, whatever could I send him so that he can simply UNDERSTAND the risks that he is taking?
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