The Truth About Forex Trading, Bitcoin Mining, And Cryptocurrency

– This is so crazy. This is one of the most common questions we get on social media, and it's from you. It's: Dan, should I
invest in cryptocurrency? Should I buy bitcoin? Should I get into forex trading? Or, I'm in it. What do you recommend? Do you do forex trading? Do you buy cryptocurrency? So, today in Boss In The Bentley, I'm gonna answer once and for all. (upbeat music) If you're asking me, Dan, should I invest in cryptocurrency or should
I get into forex trading? The simple answer is:
The very fact that you're asking me about this is… You shouldn't. Because when you ask me this question it means, chances are you
don't know enough about them. Maybe you see it on social media, or your friends told you about this, or you hear somebody making
some money doing this. And you thought, "It's a good idea.". The problem is… You think of forex trading,
or even cryptocurrency. They're not a fucking business. They are just investments. So, in case you don't know
what forex trading is. All it is, through
very, very simple terms: You buy currency at a certain rate, hopefully you buy low. And you sell currency at a certain rate. Hopefully you sell it high, right? That's all that is. You buy low and sell high. That's how you make
money in forex trading. I make money through
currency exchange, where… Example: I have a lot
of revenue coming in, in U.S. dollars. Then, I would see when is a good time to hold on certain
amount of dollars of U.S. Or, a certain time I know that, hey, it's gonna go down probably. Then, I'm gonna sell some U.S.
and convert into Canadian. So that, to pay for the company expense and all of that stuff. But, I'm not trying to make
money on the difference. Right? I'm trying to more fully utilize the capital more efficiently. But, I'm not trying to make money on that. When you've got no money… When it comes to money there are three things you need to know. There are three skills you need to know. Making it, keeping it, and multiplying it. A lot of you guys, you're
trying to multiply. You've got nothing to multiply! You've got a couple grand,
you've got ten grand, you've got 20 grand, you've got 50 grand. That is nothing! It's not enough to multiply. You're not going to
become wealthy that way. The very first thing
that you have to do is, focus on making it. Maximizing your income. When you maximize your income, assuming you don't just
blow it all, like an idiot, and you keep most of it… Not to be frugal, but you keep it, you accumulate it, so
that you could invest. Now you can invest in
something that is sustainable. Something that will provide
you with a good return. But, first you need to develop what I call a 'high income skill'. You need to have a skill
set that can earn you, continuously, money. Income. If you think about it,
even cryptocurrency. So, you buy a little bit of bitcoin, you buy a little bit of cryptocurrency? So fucking what. You still can't pay the bills. You still can't put food on the table. You need a continuous income stream, that allows you to do that. You need the ability to earn. To earn money on a regular basis. To pay for your bills. Otherwise, you're trying to speculate. See, the most dangerous thing is this: If you go into something,
and you're speculating, and you think to yourself,
"This is a business."… It's not a fucking business. At best, at best, it's speculation. To me… Some people
might disagree with me. I know I'm gonna get comment from YouTube, on social media, about,
"Oh no, let me explain to you about cryptocurrency,
let me explain to you about blah, blah, blah, blah. Let me explain to you,
it's not what you think." Fuck you guys, I don't give a fuck. I'm just saying, I don't agree, and it's not what I invest in. I'm so pissed off, because I have people, quite a lot of people, using my name. Set up fake Facebook group,
fake Facebook profile, fake Instagram profile,
fake stock tip profile, using my name. Using my picture,
pretending to be Dan Lok, telling people to buy certain stock. Telling people to buy
certain cryptocurrency. Telling people, basically,
scamming people, using my name. I don't approve of that,
I don't appreciate that. So, if you see anything like that? If you're my fan, don't believe in that. You see anyone recommending a stock tip, cryptocurrency, or
bitcoin, or forex trading. Whatever it is… 100% percent, it is not me. So, if you want to follow me, follow me on the proper social media channel. Which, I have my links on all my sites, on my YouTube description. Those are the official
social media accounts that I have. Anything outside of that? They're fake, they are not real. People using my name, because they know how much exposure I have. And that's what pisses me off. Not only they are telling people to invest in certain things, they are basically using my brand to deceive people. That is just fucking wrong. And my legal team is constantly, we're shutting that down every damn– Before, it was every month. Now, it's almost every day we gotta shut these things down. That's how crazy it gets. So, the most dangerous
thing you can do is, going into speculation, thinking it's gonna be an investment. It is like, the other day. Jenny and I, we were in Vegas. And I never gamble. I don't gamble. You've read my book, you know I don't like gambling. But we got some time to kill. And I thought, you know what? Why don't we just, sitting in front of this Monopoly, kind of a slot machine. So, cool! Let's just play some games. So, we put in like $100
bucks, or whatever. We play, and we actually,
from $100.00 bucks, within like, 30 minutes, we were up $300.00, $400.00 dollars. This is cool, this is fun, right? And then, afterwards, we keep playing, and went from $400.00 – $300.00 – $200.00, and then we lost all. We lost $100.00 bucks, right? It is very foolish to
think, oh, you know what? Is that an investment? Or, am I trying to make a living, playing the Monopoly slot machine? Or, am I trying to get rich with that? That's how stupid it is, when it comes to you thinking about forex trading, or cryptocurrency. That thinking of, you know what? I'm gonna make a business out of that. It's as if you're saying, I'm gonna play the slot machine, and hopefully
that will make me rich. No. It's not even speculation. To me, it's a game. It's like, I lose $100.00 bucks, it's no big deal. It's a fun thing. It's just entertainment. I'm not counting on that to make money. You shouldn't count on that to make money. The only thing you count
on make money, is you. See, real estate doesn't make me money. The stock market doesn't make me money. Business doesn't make me money. I make me money. Those investments work because I work. Your investment would
work only if you work. The only thing, the
only person to count on to make you money, to make you successful? It is you. So, comment below. Don't
follow those advice. They are not good for you. Learn to think independently. And, until next time, I'll
see you in my Bentley.

33 thoughts on “The Truth About Forex Trading, Bitcoin Mining, And Cryptocurrency

  1. What was your biggest takeaway from
    my video? Comment below.

    Also, you can comment any questions
    you have for me.

    I might feature your question
    in one of my next videos.

    Don’t forget. Like. Comment. And subscribe.

  2. Investing and day trading are 2 other things. With day trading you can make enough to Bring food on the table

  3. I want to be in business but WHAT business…. That is the question…. Finding a business that I can do is difficult to find…..
    Human nature is to want it yesterday…..

  4. Thanks Don lak, people dont understand what is the big impact of cryptocurrency in the market, economic will decrease. People should learn about financial literacy.

  5. ithink what dan lok pointing is don't enter to investment that you don't understand gamble is anything you do that you don't understand if you understand it its no more a gamble. so for starters focuss on multiplying your income using your passion and accumulate more investment that will flood your cash flow with surplus income. and if you want to gamble gamble only what you can afford to lose and learn. its hard to enter crypto currency when don't have surplus income because this investment need accurate and more technical knowledge and most of all passion.

  6. This video is why i follow you and watch as much of you as i can! Not many people are as real as you are, Dan Lok!

  7. What you think about Bitcoin not what you can gain from it, what you know about criptocurrency, about smart contracts that the things really interesting not the day trade investors, please talk about that, the real hire fire problems that criptos are trying to solve.

  8. I'm Brazilian, I liked this mind, many people are just manipulated, they think that are on top of the paramount, but in reality they are just in basements.

  9. I am trading in btc since 2016
    But this man for the first time making super logic and giving me answer to exit it

  10. Honestly everyone is not born with the art of trading. So I dont recommend everyone to start trading because its an art. also many people loss thier money if you cant follow trading rules. But it work for me I have been trading and investing more than 13 year. I got my living from it and buying house and cars from it. Also some of my friends do. Mr. Dan lok dont speak much about something which you dont know. Speak only with what you know and good at.

  11. Salary while side line by trading 😊 just for snacks and to earn extra income not for life time 👌🏻

  12. Truth is I am also a trader but I had to learn and make that high income skill first before investing in Forex. Many people around the world are rich coz of trading, but all first get to learn and invest in themselves

  13. The people agreeing with Dan that trading is no business are just clueless or probably cause of their own failed experience as traders.
    And trading is a business. Dan says it isn't cause it's not his field of expertise so he doesn't understand it and it's fine, but this is exactly the biggest reason why most traders fail…because they don't treat it as business, they think is a hobby or just an investment! It's all about having a trading plan, have rules and discipline and ofc emotional control. It's obviously not for everyone as any other career or business out there but you can really be successful in it if you have the will and find good mentors as well. And btw if you're a successful trader with a 20k-50k account and compounding your gains the sky is the limit so that's also not true. Numbers don't lie, and anything is possible if you set your mind and efforts towards greatness!

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