Have you taken financial advice from a WhatsApp group, telegram group, youtube, or TicTok, only for you to regret ever having to do with that advice? Oh, I see you raised your head there like I followed a piece of advice from a social media channel and I was f*cked at the end.
I remember having this conversation with someone who was following a social media call and put signal, then I asked how many times he had made profit, and he said he had very little wins and more losses. The truth is you might be lucky to meet the real experienced and sophisticated teachers, traders, and financial advisers online, but they are very few. Following social media financial advice can be derailing, imagine following a trader who ask you to buy a coin now, only for you to be buying at its highest high, you are sure to lose your money to such trade.
For me, there are a lot of reasons why I do not support taking financial advice from social media influencers and teachers, they include;
Lack of expertise, as many of these social media teachers and incluencer that share financial advices online do not have the expertise to provide reliable and trusted advices.
Conflict of interest and personal gains, is another reason why a lot of the social media advisors give advices. An influencer just bought a coin, but needs profit and wants to manipulate the market. All they have to do is create a video telling people to purchase the coin they had just purchased.
Majority of the information being passed aren't verified information. They just give informations because they either want to stay relevant or they are making money from the platform where they are posting those financial advices. One thing I am sure you would not like to hear is that there is no guaratee that any coin or asset will reach its previous all time high, so instead of believing that envangelist who refer to himself as a financial coach that a coin is gone down 70% and would rally back to its previous position and go pass it, just put the money in a pool at a casino because you might end up lsing it. Imagine I had told you to purchase EOS at $16 because it had dropped to that level, only for it to go down to $2, i'm sure you would have been smiling to the bank to cashout your profit. Most of these financial advisors on social media platforms are not verified, and social media platforms are breeding ground for misinformation.
While you cannot know everything, when they tell you to jump in, do not jump in. Do your own research and be sure you are not wasting your money on a call that can send you bankrrupt. Remember that advices on social media platforms are one sided, looking at their own which might not even be made from the trading signal they are giving you or the advice they are clamoring that you follow.