The FOMO (fear of missing out) buying mindset. Is it the right mindset to have when Investing in cryptocurrency?
Don't end up like Stan all because you have the fomo mindset!
Lets talk about this upward trend in recent investors. So many people are flooding the crypto market exchanges all in hopes of getting a "piece of the pie." Why not? People are making it look and seem so easy, but is it really that easy and the bigger question that we have to ask ourselves is, is Cryptocurrency worth investing in? Sure you probably heard about the bitcoin and maybe even watched the documentary on netflix, but did you know it has been out since 2009? So one has to ask themselves where have i been? Apparently living under a rock to have missed this one. This has made a lot of people who bought into it very very rich. I only recently discovered that I wanted to invest in 2017 after doing an abundance of research for myself. Shoot, I don't know about y'all, but I need to know where my money is going before I just invest it into something without even knowing what I'm getting myself into. I know what your thinking... You missed the boat on that one. But, did I really? Today the crypto market has expanded and people all over are able to invest in bitcoin as well as something called an alt coin. most of which have the serious potential to earn you some major coinage.
As investors swarm in and take over the market I find myself wondering if it's because this is the future or straight up fomo? As of lately we are experiencing a hold on registration for a number of exchange sites that have become quite popular, such as @bittrex @binance @bitfinex and @tether to name a few. Millions have suddenly taken a interest into this whole new world and want in. These sites have shut down the registration because too many people would mean slower sites. I can't lie I was completely sold when I saw a number of youtubers telling me how I can make a million dollars by investing just $1000... okay okay, maybe I wasn't completely sold annnnd I may have even said.... I'm calling bullshit on this whole thing a few times. I mean seriously, if you could make this much money why haven't more people all over been doing it and getting rich. I'll tell you why. People are scared and we generally tend to go in the other direction when we are unsure of something. C'mon doesn't that word I keep using. what is it? oh yea, INVEST make you a little nervous? If it didn't then I'm shocked! The fomo trend actually has people putting their money up unbeknownst as to whom is actually on the receiving end of it and in some cases there have even been reports of scamming and fraud. Recently we saw a guy arrested for trying to pass off chuck e cheese tokens for bitcoins! Really, now if that isn't bat shit crazy I don't know what is. All I know is this man was walking around with the Got em' face for quite a while before getting caught. Now ask yourself can a sudden leap into the cryptocurrency market with the fomo mindset send you to the cleaners? There are two answers to that, hell yes and don't do it! When investing you really want to take your time and do your research. You wanna watch the market cap site, read blogs, look for tweets and of course watch popular crypto youtubers like one of my peronal faves @empolodar @vincentb and take notes.
Still haven't decided if you wanna join in on this trend? Well, let me help you. No don't do it! The investing part is actually a awesome thing to do and you really can make a lot as long as you CREATE A PLAN and know what you want to do with your investment. There are many options to doing this and you don't have to pick just one, but you may want to stop and evaluate how much money and time do have to put into this? Do you want to Hodl or do you want to day trade? for some of you ask yourself can you handle doing both? The end all conclusion in my opnion is that you shouln't join in on the fomo (fear of missing out) buying trend. It's just way to risky and for some people that could mean losing a lot more than they could stand. Bringing me to my next thing... oh you thought I was done huh? Cute, but no! Before I go I want to leve a few tips that were helpful to me when I first started to invest into cryptocurrency.
TIPS:
- Do a budget plan if you don't already have one and figure out how much you can invest. Remember never put up more money then you can stand to lose.
- Don't go doing things like taking out a second mortgage on your home or cashing out your 401k. This could probably be one of the dumbest things you can do.
- Research Research Research learn about as much as you can before investing. This is one of the most important things you can do so you don't end up stuck with shit coins for a long term investment.
- Have patience! There will be loses and gains, but if your in it for the long haul you really have to be patient.
Well, that's my time! Don't forget to leave a comment below and follow me.
& 
Lyndzee G.
YES! Especially during bloodbaths like we are having right now! But still people shouldn't just buy blindly, they should do their research and invest wisely... BUY now!
Exactly!
@jerrybanfield any thoughts on this
?
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Good comments. I started at about the same time although like you I had watched the investment class for a while. I only put a small amount in and recently had to re-balance because I hit my target % of net worth rather quickly. The nice part about that was that caused me to sell when everything was high a few days back so I am pleased with that. Now I have to wait for pull backs to invest more. Tax is becoming a good problem to have so I am switching the crypto investments into a self managed ROTH IRA. That way even when i trade pairs on a short term basis i am not incurring tax drag. That said I am basically a HODLer but at least like to have the option to trade with being taxed as ordinary income. Followed!