Kill the Crypto FOMO

Now that you know about the first type of FOMO I wrote about in here, I want to talk in this post about another manifestation of this fear you might have already heard about it here and there and that is the crypto FOMO. This manifestation is somewhat different from the one mentioned in the other post but because we’re all involved in crypto one way or another, and we all want to make some bucks I feel like I have to address it too.

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I am a firm believer that if you want to make good money, firstly you will have to kill the things that are stealing your money, to learn how not to lose money and when you’re making an investment the FOMO is one thing you have to kill. The problem is that such a fear is a rather strong emotion and it’s a lot harder to think clearly and take a good decision when you’re in an emotional state.

Crypto FOMO

Of course that when you’re seeing a coin mooning and hearing all of these crypto “celebrities” talking about it, you want to get on it, so you don’t miss out on mad gains but, you are taking a massive risk by acting based on your emotions.

Yes, if you buy into a coin when it’s already up 50% you might still make some dollars but, the chances are that you won’t. One fundamental rule of trading/investing is buying LOW, selling HIGH, not the other way around. Now just think about it, some people bought BTC at 20k back in December because they were afraid they would miss out on the next revolution. Most of those people were probably newbies that wanted to make some quick money, and they probably sold everything on a massive loss. Yes, on the macro they would still make plenty of money but they probably already sold because they got scared.

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I’m far from being a crypto expert but if there’s one thing I know for sure is that those with patience always get rewarded in the end, and they get rewarded better. You won’t be able to make mad gains on each coin, but by waiting and buying only at the perfect moment, only the perfect coins is the best way to assure your success. Just kidding, there is no perfect time or coin, you won’t always buy the bottom and sell the top, but if you’re pretty close, that’s good enough.

If you’re missing out on a coin don’t worry about it too much, there will always be another great one you can buy cheap. Such things take practice; you have to learn what things to buy and when but the best way to do it is by learning from somebody else and trying everything out on your own until you get it, even if you lose some money before you know the market. You won’t be able to learn enough just by standing on the side and watching; you need skin in the game.

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I don’t know enough about trading/investing, I’m not an expert, so instead of taking the risk and making small trades every day, I like to play the longer game, so I’m only making a couple of moves a year. I mean, this is my first year in crypto, and I only made a handful of moves so far, which have paid me as good as you can get paid in this market.

Conclusion

If everybody’s talking about a coin, the chances are that the time for huge gains it’s already over, and you should try to spot the next big thing before it’s even a thing. More than anything else, this is a game of patience, and so you have to be willing to sit on the side and wait for your time.

I know that there are a lot of people making good money every day and you want to make something for yourself too but don’t rush into things, there is plenty of time to make money. Find your strategy and go with it. For me, it’s just doing a couple of big trades a year and focusing on creating content and doing my thing for the rest of the time, for you it might be trading weekly or monthly. Find out what works the best for you and keep on doing it.

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One of the bests things you can do in life is finding patterns that work and sticking to them, and that’s what you should do in crypto too. Again, be patient, find your thing and learn from your mistakes while having fun because, at the end of the day, your happiness and well-being matters more than the content of your digital wallet.

P.S: Right now I am in a very busy period of my life, and I barely got 2-3 hours of PC for the last couple of days. I may not be able to be as active as I would want for the following few weeks but the things are going to change soon.