30 August 2021, Somewhere in the Metaverse - UplandDood (@Just1Dood)

Written on 29 August 2021

(Please DO NOT take this seriously. Or maybe you should. It is a light-hearted look at what we are all so familiar with.)

I've been working on my trading portfolio all day. I think my mind is going bonkers looking at the figures. In fact, I think it has affected my sanity because just now when I typed the above "Written on" date, I'd put 2019 as the year before I quickly deleted and thought for a second and corrected it to 2021! LOL.

Since there's a derivative "Finance" word in the title and later, "Cryptocurrency" related words in this article, I'm obligated to start with a disclaimer. But before I do that, I'm sure when you see someone write about cryptocurrencies (See? It's that word already. I don't disappoint) and investment (See? Another of those words that needs a disclaimer) and recommendations (Oh, this is a biggie that definitely needs a disclaimer), etc, you'll instantly know that those are not "Financial Advice", correct?

The thing I can't figure out is if that was the case, then why the need for a disclaimer? Any person not under the influence of FOMO (Fear of Mission Out) or FUD (Fear, Uncertainty, and Doubt), would know that none of the articles they read online are financial advice. If you want to have financial advice, would you get it from text messages or from Facebook or from articles you searched from Google results? That was a rhetorical question.

It shouldn't surprise you then that in a recent article on cnbc.com, "26% of Americans say their most trusted source for financial advice this year is a financial advisor"?

The second highest percentage comes from those choosing themselves as the most trusted source (if there ever was a blind leading the idiot, this is it). That stands at 20% as compared to 30% from last year according to this same article.

I wonder why the drastic drop from 30% to 20%. Do you want to take a guess? Maybe it's the same reason why articles I mentioned earlier need to keep blasting the "NOT FINANCIAL ADVICE" statement on these kinds of articles.

People tend to follow them despite the warning and end up getting burned and then become next year's cnbc.com statistics.

One year is plenty of time to get burned in the fast-moving cryptocurrency trading universe. Actually, you don't need a year. Just a few minutes is enough to add to next year's statistics.

The First Kind of Idiots

I know one is born every minute but you don't have to be that one people talk about. (though I hate to admit it, I have been one). Even if the article does not state very clearly "Not Financial Advice", please don't be that idiot to take it as such. Geez, spend some money and get a proper Financial Advisor. If anything goes wrong, at least it has been explained very clearly to you before you sign on the dotted line, right? If what you sign doesn't tally with what was promised, then you know at least you have a chance next door. Yup, the law firm.

The Second type of Idiots

Alright, let's flip the coin and talk about the other kinds of idiots. If you present your article in such a way that it sounds and looks like a piece of investment advice with all the colorful charts and trading history with recommendations...hey, my point is that if it looks like a duck, quacks like a duck, there is only one conclusion. It is a duck, even if it denies that it is one.

Then do you think that "Not a Financial Advice" holds any water? Maybe it does. I don't know. I guess only a court of law can determine that.

Again, if you are not under the influence of FOMO or FUD, then you know better than to trust an unlicensed and certified duck!

Be smart and know your ducks. It'll save you a lot of heartache and money down the road.

Don't be the First type of Idiots

I don't know about you but I don't scour the internet for financial advice. That's a sure recipe for a major disaster. I hope you don't either.

I do, however, do research. If it were left to me, it'll be analysis paralysis. I analyze it to death and in the end, still can't make any investment decision. Welcome to my world.

To me, it's really simple. The moment I've made a purchase, I'll have a 50/50 chance in the investment. It'll either go up, or it'll go down. If I hold it longer, then those upwards and downwards journeys are dragged out. Can be days, months, or years. I'll get a final answer once I decide to liquidate. (I hate the word liquidate. It sounds like it's all melted and gone.)

If I'm an el-cheapo by doing self advise, then I bear the full risk. No one else to blame but myself.

If you must know, yes, I do 'invest' in a few different cryptocurrencies.

Have I been successful? I can't say. But I have not lost everything. Sometimes analysis paralysis helps. I research a cryptocurrency to death and I'll know it well enough to determine whether it's a good long-term hold or if it's a gamble. If it's a gamble, then I'm prepared to lose it all.

You'll always hear this - never invest more than you can afford to lose. I think that's pure nonsense. I can't afford to lose anything. Can you? But IF it's a gamble, then though I can't afford to, I'm prepared to.

Look, if let's say I spend $30 per month on Starbucks and Junk Food. I can afford to NOT have $30 spent on Starbucks and Junk Food for a month in order to put that in a cryptocurrency. I still can't afford to lose it but I'm willing to consider having my 'imaginary' Starbucks and Junk Food for that month if I do lose that $30. Get it?

If I'm no el-cheapo and am willing to pay to get good financial advice, then I should get a Financial Advisor with a proven track record. Problem solved.

Don't be the Second type of Idiots

Do I write about cryptocurrency? I'm not well-versed in the subject. But as you can read from the above few paragraphs, I do dabble in them a bit.

Does that make me an expert? Nope. Does it give me enough of an idea to write about it? Sure, since they'll be my opinion.

If I do write, I'm not gonna write like I'm doing a full-blown technical analysis with a clear indication of where I think the cryptocurrency price will be in the future. I don't have the crystal ball nor the technical expertise to do so. Some of you may.

I will surely NOT give my recommendation to buy or not. Even so, I can share about my dream of it shooting to the moon, can't I? I mean, we can all dream, can't we?

Thank God, we are all Wise

Since you are reading this and I'm writing this, I guess we all know our own capacity. We are all wise enough to make our own choices and decisions.

I hope that you, as have I, learned to be vigilant and careful in the crypto-verse. Logic should prevail over emotion. Paying a Financial Advisor should prevail over risky free articles on the Internet, especially if you are thinking of investing your life savings.

Thank you for reading and please kindly take note that...

1. THIS IS NOT FINANCIAL ADVICE

2. DO YOUR OWN RESEARCH

I'm not done

I know many of us are stubborn and take disclaimers for granted. I really think that "Not Financial Advice" does not deter anyone from taking them as such.

Let me put things in perspective.

Imagine this ridiculous analogy. Let's say you're comfortably seated in an airplane excited for it to take off and take you to your destination. And you can hear over the inflight PA system the following announcement:

"Welcome aboard. This is UplandDood speaking from the cockpit. I am still doing some preflight checks but here is an update on the destination weather. It is warm and comfortable (huh?). But temperature may go up or down depending on where the cool front blows. The flight should take us around 3 hours but due to a possible thunderstorm, it may delay us 30 minutes. Meanwhile, please sit back and enjoy the specially prepared airline music. By the way, I'll be flying this thingamajig and I'm not a Pilot!"

Thank you for reading...and I'm NOT A FINANCIAL ADVISOR.

Note: This is an incomplete guide because you need to DYOR (Do Your Own Research).

Sources:

Photo by Sammy Williams on Unsplash

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