Don't Take An Entry Out Of FOMO
It is hard to resist when you are on FOMO. It's a strong feeling. It seems you are missing an opportunity big time. If you see the crypto market recently, there is a huge price movement.
For example, BTC price was around 21K and crashed to 17K. You see big red and green candles in the chart. Let's take a look at the BNB chart as an example. BNB price dropped to $313. Then it started rising. You can see a huge green candle. BNB price went up to $398.
If you looked at the BNB chart at that moment, you felt like you lost a huge opportunity. If you just bought BNB, you could make a huge profit in a very short period of time. You could not take this anymore and get into FOMO.
Just bought BNB on the top. Next time, all you saw were big red candles and BNB price crashed to $298. You sold the bottom because it got out of control and you could not take it anymore.
The crypto market is so volatile. When you get into FOMO and take your entry to buy crypto, most of the time, it ends up pretty bad. When you do trading and buy and sell crypto out of FOMO and FUD, it does not take long to make your trading account balance zero.
You do your research and analysis. Then you decide to invest and hold some crypto for the long term. You can take advantage of the crypto market volatility to buy and fill your bag.
You need to follow your system to make your move in the crypto market. When you do trading, you have to follow your system strictly while taking entry, putting a stop loss, and taking a profit.
Having a plan before making any financial decision will help to keep you on track. You will not make any sudden move out of FOMO and FUD. The crypto market will do its thing, but what you are doing can change a lot of things.
I'm sharing my opinion here, this is not financial advice. Do your research and due diligence before making any financial decision.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
FOMO is the deadliest word in the vocabulary of a crypto investor. I have had friends who fell victim to it and lost huge amounts of money. Great article written, which can save a lot of new investors from this nightmare.