Bitcoin Trading Youtube – Online trading applications are attracting new investors willing to risk everything on random stocks. Do they really know what they are doing?
Noor was whispering so her friend couldn’t hear. The 30-something designer from London is down around £14,000 as a result of his investment decision, in addition to the £8,000 he made on bitcoin last year. No one knew the extent of Noor’s suffering. “I’m so stupid,” he said. “You can’t talk to friends, you can’t talk about friends.” Noor is not her real name.
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It begins with the November 2020 US presidential election. “People expect Trump to win again,” he said.
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He started reading about cryptocurrencies online and the more he read, the more he learned. More and more ads about trading platforms are sent to his social media feeds. Because of Covid, Noor did not spend money for a year. He then bought £10,000 worth of the cryptocurrency bitcoin online, which he turned into £18,700 within weeks. “I’ve never been close before,” he said.
He keeps his phone under his pillow and wakes up at night to check his bitcoin performance. (Unlike index stocks, bitcoins can be traded 24 hours a day.) “My brain was fried,” he says. “I’ll keep looking.” He told his friend how good his investment was. “Look, I made £400 in one day,” I told him.
He said. Noor begins to dream of a mortgage-free future where he will work hard to become rich.
When successful, He withdrew his money in Bitcoin, downloaded the trading app Trading 212, and started investing in other cryptocurrencies and stocks: Ripple; A bank and platform; companies investing in the illegal drug industry; psilocybin research note; In addition to meat, manufacturers of plant-based food substitutes; BioNTech, German biotech company; Businesses developing gene editing technology and psychotherapy; gold and silver
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Noor woke up watching the FX Evolution YouTube channel where an Australian trader spent hours on the phone discussing stock market action when Forex traders were eager to trade trading advice in the comments. He joined the production team at the dedicated messaging app Discord. “It’s a social thing,” says Noor. “Being in that group was the highlight of my day.” He continues to attend the Reddit forum WallStreetBets, where he gives advice (in January he raised stock prices for GameStop, the brick-and-mortar video game chain), and spends more time on Twitter, so he has a large investment community. Currently, His feed is about cryptocurrencies and stocks.
People talk about their crypto wallets. I ask: What does this money do? They said: We don’t know. It works very well.
He learned the language of the Internet “meme stock” movement; A community of meme owners who come together on social media to discuss their choices as altering memes; “to the moon”, followed by a rock emoji; After that, it means the tree will go. up A “diamond arm” means holding a stock despite market volatility; “Tendies” are the result of investment. “I started talking from a monkey,” he said. (“Ape” is an Internet term for an active marketer.) He can’t read a book because he has to check his wallet every half hour. “My right hand is cold from holding my phone,” he said. “My friend calls me a Wall Street arm.”
Quickly Everything starts to fall apart. After the first Ripple crash in February, Noor lost money in a long GameStop slump. “This is the worst time,” he said. “I haven’t eaten yet and I’m still looking at my phone,” he spends more time searching the Internet for stock tips as a way to get back some of the money he’s lost or buy things other people have invested in. At this famous marketing event, he stopped bragging to his friend about his investments – he was so embarrassed.
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Part of the problem is that Noor is not a natural investor. “I can’t stand it, It was an accident,” he said. The bigger issue is that he doesn’t know what he’s doing. He was able to use financial information, but didn’t really understand what it meant. I’ve seen the movie The Big Short, but I can’t explain what’s in the short. Buy things based on what she looks online or what she looks like for the day.
As we speak, Noor, with his initial investment of £10,000; He lost £8,000 in Bitcoin and another £5,000. Does he think it’s dubious or an investment? After a short pause, He finally said, “I see it as a gamble.” However, Noor still thinks he can leave. “I think I can invest now,” he said, “but I don’t know. I spent a lot of money, “If I can get it back, I will get it back,” he said. “
He was very sad, He is self-aware and confused at the same time. In other words, he looked like a player on the losing end.
It was the year ordinary people discovered the stock market. a combination of lockout-induced ennui; Through business promotion schemes (on social media, memes referring to investing in your “flag check”) and GameStop visits; There were not many mutual funds operating in the stock market. interests. In financial and undisclosed information. If it seems like everyone is talking about their stock picks and cryptocurrencies, well. Because of them. Young people are at the forefront of this new investment community. Women and minority groups.
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In a recent Financial Conduct Authority report, women; Under 40 and Black; People from Asian and minority ethnic backgrounds are driving the DIY trend, cryptocurrencies, Investing in high-risk products such as foreign exchange (forex) and contracts for difference has been found. (CFD) is a type of investment in which people determine whether a security will rise or fall between the opening and closing trades of the day. (Contracts for differences are illegal under US securities law. Noor was wrong about CFD trading because he was wrong about everything else.)
These new investors use social media for advice; They are overconfident, The report found that they made short-term investments without long-term benefits and often did not realize the risks. Especially if you invest in cryptocurrencies. The regulator was very concerned when it issued a warning in January this year saying, “They should be losing their money.”
“It’s always encouraging to see young, experienced entrepreneurs entering the market,” said Susannah Streeter of retail investment firm Hargreaves Lansdown. “But the worry is that the infighting among social media developers, and the ease of use that allows more people to use trading apps, means that new investors have the opportunity to make short-term decisions rather than linking their investment to a long-term plan.”
According to market research firm Mintel, 11% of Generation Z and 13% of millennials say investing in stocks and shares is a priority after the end of the Covid-19 pandemic. compared to 4% and 3% of Generation X; baby boomers. . “Cryptocurrencies and online investment platforms have become a mainstay of pop culture as well as financial products and services,” said Mintel’s Rich Shepherd. ” Barriers to entry have been removed with the rise of user-friendly services like Trading 212 or eToro. But most of these investments are forgotten. “I hear people talking about their crypto wallets,” Streeter said. “I asked them, ‘What does this money do? What is the blockchain? What is its purpose?’
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When I spoke to digital marketing worker Shane Blake, 26, from Brighton, he was disappointed. “I was a little sad after what Elon did,” he said with a deep sigh. “He knows how to take money out of my pocket. It’s not good to wake up and check your balance and realize you’ve lost £3,000,” he said, citing the chief technology officer’s social media post.
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Originally posted 2023-06-01 12:59:43.
