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King of FOMO: Taking Advantage While Experiencing FOMO
As far as you remember, I have shared my experience in farming a $BAKE before and it was published on readcash where I can say that I am “lucky” to experience the moon! As what I've mentioned, I bought a $BAKE at a price of ≈$0.3 and now, the price is playing between ≈$1 and ≈$2.
Looking on the projects of $BAKE, I can say that it will be the next $CAKE that will have a good potential on the future or before this year ends.
Moving on to the real topic, if I am “lucky” on $BAKE, it is the opposite of my fate in $CAKE where I experienced FOMO (Fear Of Missing Out).
Seeing my friends having a good profit and experience on investing in $CAKE, I felt envy so I said to myself, “What if I also invested in cake?”. As expected, I bought a $CAKE last February 19, 2021, at the price of $20. Yes! FOMO at its finest! Now I want to call myself as a King of FOMO. That time most of the coin are really going to the moon and if I'm not mistaken, that was the time when Bitcoin reached its new ATH.
Things became worst and after buying a cake, the price of the coins fell. If you look on the chart of cake, it is now playing between the price of ≈$9 to ≈$11 and I think it will take a time to pump again but some crypto-enthusiast said that they will pump again this year and possible to reach ≈$40 to ≈$50 before this year ends. Who knows, right? There's nothing impossible on the market!
So to lessen the negative things on my mind about cake, I think a solution on how can I take advantage of experiencing FOMO? Two weeks ago I had an idea to solve it and it is to accumulate some interests while waiting for the pump so the wait will be worth it. Since I am holding my cake on Binance, I tried to search it on “Earn” Tab. Unfortunately, CAKE is not available there so I hold it instead.
Yesterday, I had an idea “How about farming CAKE?” Luckily, my plan was successful, I am currently farming CAKE. Actually, I planned about this before but due to my school works, I can't manage to do it. Now, let me teach you on how can you farm CAKE in beefy finance. I am using beefy finance because I don't have an idea on Pancakeswap so I explored beefy.
First, you need to install Trustwallet and got to the Dapps tab. Click Beefy finance.
1. Change the platform into Pancake and obviously, the Asset into CAKE.
2. Scroll down, you should see the Cake Smart.
3. You need to put 100% if you want to invest all of your cake. After that, click Approve (not included on the photo because I forgot to capture it) they will ask a network fee that's why you need a BNB on your smart chain address. After approving click Deposit all then you are done.
As you can see on the photo, I have ≈2.39 CAKE and its current price is ≈$27.87. Actually it must be ≈$44 but since its price dropped for almost 50%, I had 50% loss on my investment.
Note: This is not a financial advice, this is just my opinion on how can you lessen your thoughts about experiencing FOMO. Always Do Your Own Research. Do it at your own risk. Invest what you can afford to lose.
Don't forget to do your own research, if I'm not mistaken, this past few days Pancakeswap had an issue resulting for retiring of some vaults. Researching is always important.
In this experience, I had a lot of realizations and let me share it with you.
Think outside the box. Since you experience losses, why not trying to explore new things and look for different opportunities? In my case, I took advantage of having losses, instead of grieving for your loss, try to find different opportunities to solve your problem. You are earning while waiting if you did this.
Don't waste your time. In my case, I wasted a lot of time since I bought a cake on February 19, 2021, but started farming on March 23, 2021. If I grabbed the opportunity immediately, maybe I also earn more cake. Always remember that clock is always ticking. Every seconds on the market is important and lastly, the market is not sleeping.
Lastly, Avoid FOMO. We have this principle, Buy low, Sell high but in my case, Buy high and cry in dip. Buy high sell low. Don't do what I did especially if you can't afford to lose much money.
Before this article ends, let me say this to you. If you are unlucky, look for the opportunity. Instead of grieving, use it as your motivation to learn more.