₦airaland Forum

twinskenny:
he had a terrible experience in Mauritania

Very very

EgunMogaji2:
I can’t wait to start stretching my legs out.

Ilorin, Saki, Owo and Ore are the farthest I’ve traveled from my Ibadan base. I’ll get there soon enough.

Chief, are you following the lion heart riding from London to lagoss?

I know you have the spirit also

Free bushmeat

Godsfavour78:
Who has ever being in a position where they lost everything or most of what they had and had to start again.
What advice can you give such a person?

Just don't give up and rest and don't try anything for now.
There will be temptations to venture into new things to recover what was most but do not try such. Just take a break from everything and rest till you recover mentally

If people learn nothing from this thread please understand these 2 things, with all sense of modesty, the information I’m sharing with you below is priceless!

1. Inflation destroys your wealth, any investment that is below the rate of inflation is destroying your wealth or purchasing power. Currently the official inflation rate in Nigeria is 15.6% that is how much less your money is worth every year. At that rate of inflation every 3 years you lose half of your wealth if you do nothing, i.e if keep your wealth in cash!!! This is one reason why many Nigerian pensioners are paupers despite saving and "Investing" all their lives!!! When you invest you have to invest right!!!!

2. Treasury bills/ government bonds are risk free investments currently I believe they are about 16%. It is very important to understand that is how much you are paid for taking no risk!!!! You are paid for not having access to your money for 1 year not for risk because there is no risk of default!! In Nigeria it is 16% in the US it is currently less than 1%. Any private sector investment that is below the risk free rate i.e the rate for govt bonds should be rejected. If a risk free investment pays X% then non risk free investment should pay you the risk free rate X% plus a risk premium of Y%. It is stupid to take on risk and expect a return less than a man who has no risk attached to his investment...not so?

Taking the 2 above you must reject any private sector investment in Naira that is less than 17% ( risk free rate of 16% + 1% minimum risk premium) because not only is it not making you money, you are taking on risk and not getting rewarded for it. How much above 16% is a good investment depends on your risk tolerance level. However the more the offered return is above the risk free rate, the riskier the investment is, including the possibility of losing it all…. common sense should tell you that.... don’t let any smooth talker deceive you. Risk and return go hand in hand!!! the higher the expected return is away from the risk free rate, the higher the probability you can lose all your money!!

Finally do t listen to people who say an investment or return is guaranteed......they are salesmen/women, they will tell you anything to get your money and get their commissions, some of them are on commision only so if they dont bring in new money they dont get paid. The only guaranteed investment is govt bonds tbills etc. every other investment is a risky investment and you must be compensated above the rate for Tbills for taking risk.

TB is 16%?

This is a myth that does not stand up to scrutiny! This is the kind of ignorance spread around by people who do not understand money.

Between 2015 and 2022, egg had gone up from N20 to N80, diesel has gone up from 160 to 650/700, a new Toyota Corolla that was N5m is now N20m. In 7 years most things have gone up by a factor of 4 in 7 years, I.e 300%. There is no property investment in Nigeria that has done 300% in the last 7 years. You might think your property has appreciated in Naira terms but what can you buy if you sell that property? You will find despite the increase you cannot buy what you could have bought with the money 7 years ago if you did not invest in property.

Let me give you 2 examples of prime property investments over the last 7 years

Examine the price of ikoyi property in 2015 convert to dollars in 2015 and then examine the price of the same property in 2022 and convert to dollars. If you are lucky It has stayed the same!!!! The ones that have stayed the same are the ones priced in dollars the really high end ones, many of the Naira priced properties have gone down if you convert to dollars. You have not gained anything, in many cases the value has gone down!

2) do the same thing for properties in the lekki, Ajah axis you will find the property you bought for $300,000 in 2015 is only worth $100,000 today. A flat you bought for 35-40m in 2015 I.e $200-250k is worth maybe 50-60m today if you are lucky but what is N50-60m? It is less than US100k

I have many friends abroad who brought their money to invest in Nigerian propert market, they are ruined!!! Because their investments are worth in some cases only 1/3rd of what they paid for it.

don’t get carried away with gains in Naira, inflation will destroy all your gains and more!!!!

Learn to stop looking at investments simply in terms of the Naira gain. We are an import dependent economy, so you have to factor the devaluation of the Naira as well as inflation to get a true picture of what your investment will be worth.

People should enlighten themselves, there is nothing worse than working hard and investing and still ending up worse off. That’s what happens when you are ignorant about money in an economy with persistent high inflation and constant currency devaluation like Nigeria

You didn't cover the most important parts, selling your property. How easy is it to convert your property to liquid cash?

2O17:
Open an account with either Bamboo or Trove to give you access to investing on the US Stock Exchange Market then buy S&P 500 ETF ($SPY or $VOO) or you could go with $VTI (Vanguard Total Index ETF).

Leave the rest to Compound Interest & let it do its magic.

N.B: Reinvest your Dividends too.

Not as straightforward as that, lol, been on it since 2020 and I am currently on -50% return

Rany4all:
Yeah, I love the natural drainage that a granite driveway offers...I'm seriously considering it, or interrupted concrete slabs, for my walkways in the green areas, but my driveway would have to be something more 'intact'...if you know what I mean. Asphalt would be my preferred option, as long as the cost isn't too prohibitive.

Someone actually told me asphalt is cheaper than interlocking and concrete, but I kinda doubted him, and that's why I sought to get alternative opinions on here.

Asphalt? Like them tarred road?

victorv12:
Don't be fooled. I am into real estate in Abuja. Most of the rich guys hardly live in these houses. If you're talking about the rich guys, are you talking about the politicians? If they're the one, majority of them don't live in Nigeria. They live in Dubai, US, London, Monaco and some offshore islands. It's only when they're coming for plenary at the National Assembly or their state to collect money they come to inspect these properties. Majority don't live there. They live outside Nigeria.

Lot of empty estates in Abuja

[quote author=Bagholder post=112424147][/quote]They said I was lying lol, looking back, I was glad I picked some points sha.

Me losing the money was unavoidable because the market later went on to go way dipper.

Raph3177:
U should have dropped screenshot to back up your claim of loss. I can still see the lies in this your epistle. Rightly banned for deceit.

It's gone already and I moved on too, just don't know why someone or some set of people would decide to report me

DenreleDave:
I don't bliv this bro..... U mean people reported ur acct for what exactly

That you lost ur money or what?

Don't think mods can ban ur acct for such post



This thread is all abt vawulence....

Abeg take this and chill... WAGMI

I swear, I was banned from that period till today

I sincerely do not understand most things about this thread but I have a conclusion that some people on this thread are toxic.

I hardly drop comments on this thread but I had to drop by last week when I traded my 2300 dollars on future for the first time and I was about to lose it which I eventually lost, I got liquidated.

I don't understand why some people attacked me aggressively and why others felt I was lying, lying? So you all can raise my capital back? Lying so I can drop a gofundme link? Or lying so I can show off that I am wealthy on an anonymous naira land?

I shrugged it off sha since I moved on from the loss the second day but I was shocked when I realized that some of you reported my post and I got banned for it. Why would you do that? What sort of sorcery is that?? For almost 5days, I was banned from liking and dropping comments on NAIRALAND just because I shared my plight.

So bad. So bad.

dayo229:
Please ignore that guy it's obvious he's stupíd and doesn't want to learn.

He is, I already admitted to my mistake and my greed. I was really greedy with the trade.

I will be better and I am sure I will recover from the loss

MrCamron:
Indeed, it was a situation of information insufficiency. If not,it was a loss @Born2conquer could have avoided.

Can I send a DM?

MrCamron:
Thumbs up -Nice input, I wish guys could read and understand the message/strategy you are trying to pass across, you went quite deeper than I divulged last night when I was replying @Born2conquer.

Cheers !

Yes, the liquidation happened in less than 1min. I swear, I wished I could screen record it.

From -500$ loss(which I've been on for over 24hrs) and I had it in mind to close in loss once it entered $1000. Bro, it went from 500 loss to 2300$ loss before I could blink my eyes. Like, bro, it was like JAZZZZ

MrCamron:
Thumbs up -Nice input, I wish guys could read and understand the message/strategy you are trying to pass across, you went quite deeper than I divulged last night when I was replying @Born2conquer.

Cheers !

Woo, me I will send you a mail chief.

I am not giving up, I gats get my money back

cherryCola:
Maybe he opened the trade with $1 real capital and
leverage it to $2,300, cause that the only way that is lie is possible .

Lmao I drop in raw 2300 USD! ABEG! I AM STILL IN PAIN

I REALLY WISH IT IS A LIE, I REALLY WISH I AM LYING, I REALLY WISH THIS IS ME PLAYING AROUND, I REALLY WISH THE MONEY IS STILL THERE BUT MAN, IT IS WHAT IT IS.

ITS GONE

dayo229:
Guy be calming down. Before you say he's lying what you should have done is ask questions. Did you know the price he entered the trade? Did you know what amount he used as margin? Those are the type of questions you should ask first before you refute his claim.

Like why would I lie?

cherryCola:
.

Stop lying around kid how many percent did BTC
move under one minute that got $2K liquidated.

Lmao, I no go talk.

Fuyinge:
macroeconomical factors like inflation, war etc

It has always been there, these factors has always been there.

That midnight to this morning's dip

A question to the general family, what caused the sudden and sharp dip?

dayo229:
What you are trying to do now is emotional trading which is very very bad. Calm down first and stay away from future trading for now.

Yes

Taystee:
No stop-loss?

I am to be blamed, Greed took over

OpenHeaven2019:
So sorry bro. Keep grinding. 1 trade can cancel all your loses.

Amen, I cancelled work today

Would be staying indoor all through

konfusedgee:
Bro futures trading wants you to learn something with this loss, you want to get rich fast, nothing wrong in that, but your skill level is still low, NEVER ENTER A FUTURES TRADE WITHOUT KNOWING EXACTLY HOW MUCH YOU WILL LOOSE AND EXACTLY HOW MUCH YOU WILL GAIN ,. Even if you had shorted Btc you would still be in loss because greed wouldnt allow you take profits only to see the market reverse on you,,,,

Ur a man now in futures, every profitable trader today has at one time blown their accounts, this loss is needed so as to force you into learning the important things about trading

So the question to ask yourself, are you going to give up futures, or are you just getting started

Heavy question, getting back the 2k dollars back is the only thing on my mind.

randy01:
Bro life is not tuff.you need a good proper risk management and decipline to make it in future trading.this is why there is rule to use 10% on every trade.let say you spot a very sure opportunity thats when you can use 20%.with that your $2k bro.you can open position with $100 on cross margin and use the rest $1900 to place stop loss.you will never get liquidated especially if you are good with technical analysis coz your liquidation price will very far and if price is going against you then you can switch to hedge mode.you can open short with another $100 at same time while your long position is currently running.with hedge mode you are still winning cuz you have long and short open same time.you can simply cut your loss on long and left short to run.

Education is very important bro.i get liquidated on that same 10x with gala last year.i have to seat back and ask myself why some guys are using 50x without getting liquidated and me I used 10x and get liquidated.what are they doing that am not doing.thats when I discovered using 5-10% on a trade.basically cross margin was created for that.with cross you can set stop very far.since then i don't get liquidated anymore but I just loss and stop loss will safe me

Greed will always push you but decipline will keep you safe.if you loss just 100-200$ on that trade you will still be in the business and can probably make it back on other trade cuz opportunity is endless in crypto.but now you are out and need to make deposit again.this is the kind of question you need to ask yourself before you make decisions.sometimes you just need to seat back and watch other make money.i never even trade future this month with all the double bottom and top on gmt and ape.

One love bro

Yes, I was greedy. 100% greedy.

Been doing in and out on 20$ account and it's been pretty cool. I merely wanted a quick bucks on the 2k dollars and viola!

DaemoLee:
It's disheartening reasoning the kinda money one loose while trying to make more money.
#B strong. U might need to take a break else loose more while chasing d loss.

Like bro! The loss was around 500$ and I swear to GOD! in less than 10seconds! Viam! Whole 2300$ gone on a 10× leverage.

Life is tuff

Born2conquer:
I need all the prayer warriors on this thread to join me in prayers, I don put all my life savings on BTC. I longed it with the hope that the btc would go back to 42k

Walahi, 55% in loss already

I don enter toilet 1m times today

Liquidated, like it went down within 1mins to touch my liquidated price and that's it! Went back up immediately.

2k dollars gone

MrCamron:
Thats future for you ! smile... !! Once you understand and trade futures better,you wont have cause to feel that way again.
Presently I'm a position with negative Mk 700% ROE (Return on Equity),i go to sleep peacefully,i dont even think of the trade because i know i cant get liquidated. My liquidation price is around 21000. I actually forgot to close the position when i was in profit,thinking i had already closed the position. And thats because i have a number of binance accounts i manage for friends. For the fact that i have put in place proper RISK MANAGEMENT tactics,thats why i didnt get liquidated. No loss,just floating loss ! And floating loss is no loss once your position is still open.


Market is never wrong
It doesn't care about how much you lost.. You lost your house or you make billions..


So don't force market to make money
Please have patience.

And don't think you are gonna miss something FOMO

Like two months before people were crazy for dot buying at 50$ that it's never gonna come down.
Now it came to 18$
Same people buying Ltc at 200+, eth 4200+, ada 2.5+, solana 200+


So remember patience is your another best friend.

Never think that u will not get opportunity.
And always apply proper risk management and leverage to maintain profit/loss ratio.

Cheers.

Me Camron, thanks for tonight.

Thanks for installing those confidence

XaToXi:
5X, 20X, 50X or 125X leverage?

It will affect your liquidation price as it's not fixed.

Leverage: 10X, presently on 31% loss