FOMO It's Not Just For Crypto!

Crypto trading has taught me so much. It's taught me how to be more responsible with my money. It's taught me about investing, risk management, inflation, interest and everything else that comes with finances. Most importantly though it has taught me about FOMO. Fear Of Missing Out!

FOMO can be a traders worst enemy. The few times I've taken a serious crypto ass kicking on an alt, was because I "bought in" on rumors, diving in head first out of fear that if I didn't act in that exact moment all was lost! That never works out! At least for me it never has. This is such an important lesson for every trader to learn. Acting impulsively in this game is the easiest way to lose money, and lose it fast. The markets will always present new opportunities. Occasionally you just have to let one get away!

So this morning I went to look at a new motorcycle at the dealership and things just didn't work out. I don't want to get into too much detail about it, but my decision to buy a new bike was based on a need to build credit. I could of swung it, but by the end of the day it would of affected my trading capital and I decided against it. The old me would of said screw it and just did it. I wasn't even close to over extending myself, but the new crypto me decided now wasn't the time. I sort of chuckled to myself as I thought, "The market will present new opportunities, just let it go."

I left the dealership a little disappointed, but can't help but think that by the end of the summer something better will come along. Now just wasn't the time. I did learn some interesting information on credit reporting, and already discovered how to fix the issue. So I wait a couple months, keep shopping, and the next time I approach this issue I'll be better prepared, get a better interest rate, and hopefully an even better motorcycle!

FOMO! It's not just a lesson in trading, but a practical life lesson as well.