OP my advice to you is to stop giving advice to that friend because your friend clearly doesn't want to listen to you and greedy and in the end you are just wasting your time making sure that your friend doesn't fuck up his/her investment. My take on this is to make your own investment and make it grow and then show that to your friend and tell your friend that I told you so and don't give your friend anymore advice and just focus on yourself growing the investment that you own instead of your friends money.

How many years your friend stayed here in crypto industry? Seems like he was new to this. If he shorted with 47k usd then probably he is a margin or a swing trader?

He was carried away with his emotions and seems he even do not know how to read some tools like technical analysis that is why he did some hastily decisions. Well, we did some mistakes and we should learned from this.  It is okay to hold eos for long term but doing bad entry, thats not an ideal decision.

Shifting from one coin to another in term of investment will surely lead to constant losses. And such drive were being acted upon because of being unsure about the investment and at the same time being so much impatient.

They end up being unsure and impatient due to the fact that they play it as a game of luck, without a single support of market analysis. As a investor you should always look how the market moves, finding supports whether it is the right or wrong time to enter and exit the market, and not just simply putting and taking away money when price pumps and dumps respectively. You have to be wise using all informations you had gathered regarding coins you want to be into in order to get a better ROI. Your friend should not forget that it is also a game of mind and not luck and emotions.

So yea, I guess that's what happened to your friend and to majority of people investing in crypto market. And that should be a lesson to be learned.

I agree. Giving advice to a person who doesn't seem to want to hear it is asking for trouble. On top of that about money matters, where the reaction can be visceral. If his friend was on the ball, would know that the most profitable strategy is just holding.

People who aren't day traders and are not familiar with how pump and dumps work should never touch any altcoins ever, it will end in misery for them if they are lucky! Otherwise they lose all their life savings in the altcoins market to these pump and dumps.
Looking back at the past 3 years, ever since 2017 all the altcoins have been dumping consistently. Holding them is obviously foolish. They are made to day trade.

As for bitcoin, those who don't want to learn from the history and without using their head make statements like "it is old" shouldn't enter bitcoin world at all, specially if they think bitcoin is old while buying a shitcoin!

Well, you warn him yet he didn't listen which is I think the right thing to do because first of all, you don't need to give him any advice if there's something worse happen you will be responsible for his loss. The only mistake he made is having no patience and lack of proper research. I hope that would serve him as a lesson to build up our patience. Investing in alts is not a bad option but make sure that you will do some proper research to mitigate the risk. Alts can be more profitable than Bitcoin but the profit is more certain with Bitcoin.

It doesn’t necessarily true. He could end up having more worth of BTC. See what happened with me. I have sold my BTC earlier at $31k may be If I can remember correctly. And after that, I have invested all the sum in altcoins and I was able to make 50%+ gain on my previous BTC holding. Don't you think it's good?
Problem with your friend is he didn’t sell in a good time, didn’t pick a great coin and he was unlucky.

I got into futures trading for the first time (both live and demo), and I was asking if I should short or long BTC. As of this time of writing, looks like Bitcoin is trading sideways and I am not sure if I am gonna long or short it.

As a day trader, of course we can choose whether to long or short BTC. However if you are just an investor who believe in Bitcoin for the long term, it’s better that you keep HODLing it. Despite that results are not guaranteed and accurate, I have a feeling that BTC might reach $100k before 2021 ends. The current gains of BTC nowadays have exceeded my expectations.

We cannot blame him for what he already do because first of all that his money but the problem with him is that he are not patient enough to wait the bitcoin to rise up again or to increase very high before he sell their bitcoin but most of us have regrets when we sold our bitcoin at the lower value because most us didn't expect that price of the bitcoin will reach that but as of now I think it's this time the altcoins will gives us a lot of profit than the bitcoin because it's price is already high and only double the price we can hit unlike the altcoins who can reach many times but if the altcoins are potential like ethereum and ripple.