What can we do when the fomo of a bull market invades us?
Today the furor over created fomo has taken over the crypto market since fomo is created thanks to the fear of missing out on a great opportunity to generate money with a good investment. Therefore, fomo is a psychological phenomenon that affects us and we tend to make impulsive or risky decisions without a clear investment strategy that could lead to losing our money.
The fever created by a bull market can be caused by good news, rumors circulating on social networks of a possible approval of ETFs or volatile market trends and to avoid falling into fomo it is important to be well informed about the latest news as well. that there is a lot of fake news around the crypto world.
Emotions play a fundamental role in this case since we usually get excited to see the price of bitcoin inflate. Therefore, it is also advisable to diversify your investment, establish profit and loss limits and not invest more than you can lose.
The furor over the possible approval of bitcoin ETFs has increased demand and the price which has reached all-time highs since the last bull market, seeing an incredible 140% increase so far this year as more investors join in. to the cryptocurrency market and trust towards it has potentially increased.
Generally when we are watching the market we are waiting for an opportunity and at that moment we see a strong movement in one direction and what happens in our head is that our mind thinks that it is that ascending candle that represents a great investment opportunity and generate profit but in reality it is just an ascending candle. Let's give an example:
In trading the mechanism is always that of a strong candle and a thought that if we do not enter at that moment it is possible that the price will escape and we will lose the opportunity.
This is what makes us go in most of the time when we don't have to go in, so here's what we have to ask ourselves when we start to feel that fear? when we begin to feel that sensation that is experienced as a kind of impulse or oppression that forces us in some way to enter.
We have to identify that feeling and know that if in some way we are being compulsively forced to enter it, it is probably not going to be a good operation, so this would be a way to avoid fomo by being a little more aware of our emotions when we are trading and refusing to trade when we are feeling these impulses, especially if there is no plan in mind to do our trading to avoid losing our money.
We have to avoid that feeling that I have to enter at this exact moment because if not the opportunity is going to escape me and sometimes it usually happens that when we buy the price automatically begins to fall and that uncertainty begins that our investment is falling and The mistake that many make is to sell when the price is falling.
Patience is a fundamental virtue in trading since the best investment is to hold and accumulate a cryptocurrency when we believe that we are buying at a very cheap price and we have the expectation that in the medium or long term the price of the currency will reach the desired levels. and have the profit we want to obtain for our crypto.
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Before the fomo comes, it is best to draft out a plan which will be stuck to throughout the bullish market
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