Overcoming The Fear of Selling (FOS) - my way

Last week I read a blog post called "Overcoming The Fear Of Selling." You can find it here if you haven't seen it yet. When I saw the topic, I got an association and had a strong feeling about what the actual content of the article would be about. But, I was very wrong.

In my head, fear of selling (FOS as I called it), is very closely related to the expression FOMO, that is, fear of missing out. But, in the article written by @valchiz, it wasn't about cryptocurrencies at all, but about the general fear of selling products and standing in front of crowds. If you haven't read the article yet, do it, because it is great.

But, since I didn't get what I expected from that article, let me share it with you here instead...

My version of Overcoming The Fear Of Selling (FOS)

First of all, Fear of Selling, abbreviated as FOS by me, is given a whole new understanding in Hungarian where the word FOS means shit or shitty. If you use it as a verb, it means to shit yourself. In other words, Fear of Selling, or FOS, is a really shitty thing. Let's continue!

In these days, thousands of people come to the cryptomarket hoping to make a lot of money in a short time. They have FOMO (Fear of Missing Out), and that is why they make irrational decisions based on the fear that it might be too late if they don't jump in right now.

But, once you have entered the field and you are in the game, that is when Fear Of Selling becomes an enemy.

How to deal with the fear of selling...

Those of us who entered the market before or in 2017, all enjoyed a fantastic roller coaster ride that took us all the way to the moon (almost). I remember seeing that all my cryptos doubled in value in less than a week. That is a crazy adrenaline boost. And when you see it once again in the coming week, and then one month later, you are just flying! But, what about selling? Wouldn't somewhere along this road be the time to take out some profit?

When you are on such an upward road, cashing out feels terrible. You have the Fear Of Selling. Do you know why? Often we come up with arguments such as these:

• What if it will go 10x in the next month?
• If it doubled in value, I would be twice as rich...
• It is just mooning... If I sell now, I might miss out on riches in the future!

These are just some of the thoughts that many of us have had and still have, and if you own crypto, that you will get in the future. The Fear Of Selling is a constant enemy.

When to sell your cryptos?

The question is, therefore: "When should I sell my cryptos?"

My answer to that is... make your plans when you buy them, and stick to your plan, even though your feelings and the market might dictate otherwise. I bought some Ethereum around 110 USD... and I sold some already at 150 USD. That feels stupid now knowing that the value is above 320. But, still - I decided to stick to the plan, and I had a 40 USD profit. It isn't really that bad, but if you compare it with how much it could have been, you might suffer.

But, instead of selling like I did on 150, most people join the trip all the way to 320 USD (for example). But, they still don't sell, because maybe it will go higher. However, when decrease shows up, they don't dare to sell, because maybe it will go back up. Who knows where the story will end, but it is a dangerous rollercoastride that might cause regrets in all kinds of ways.

FOS - stick to your plan

Once again.. stick to your plan! Set your selling orders at once (or keep going with a stop-loss that you put higher and higher if the prices go up). It is also useful to not sell everything at once, but instead, sell little by little as the price goes towards the moon. In that way, you will always have something left, but you will also have funds to buy more later (or cashout) if the price should fall.

Don't be a victim of the Fear of Selling

I hope this article will be a little wake-up call in what seems to be the start of a nice little bullmarket. It might feel like you are on drugs, and the feeling doesn't want to stop when things go your way. Enjoy the ride, but use your brain and take some profit! :) Don't be stuck in the shit (FOS) regretting later.

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Thank you once again for reading my article. I hope you have enjoyed it. Do you have any FOS-stories that you would like to share? Or how do you deal with the fear of selling? I would love to hear from all of you!