₦airaland Forum

last week when the dollar was rising at a very fast rate and looking like it would never come down, some people decided to take advantage of it to stack it up withouth aquiring the proper knowlege of how it works

From experience i have found out that buying dollars when it's going up at that rate is very dangerous infact from my experience in trading not just the dollar/naira issue. Buying any currency when its at it's high is never a good option. The best thing to do if you actually want to gain from the misfortune is to buy when it's not moving, when it feels like its not going up or down for up to a month, two months even. Buying at its high is just being greedy and looking for quick cash.

Imagine buying for 1m at 1300 and finding out it's now 950 or so, thats almost 400k gone from your 1m. That means you lost more money in a very short period than you would have gained, now you have to either cut your losses or wait for it to get back to where you invested from.

I'm not here to judge or criticize anyone but I'll advice people to be patient especially with their money and also learn before investing in anything, anything at all

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Wujio:
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Hope you're good?