Did You Get FOMO'd? Don't Leave Yet!
In case you haven't heard Bitcoin shook off about 50% of it's value last week leaving a whole bunch of people dazed and confused. I just happened to sell most of my bitcoin the week before and turned around and bought a bunch of Ethereum at $4000+. Ethereum was not immune to the selloff, and although I was not 100% in the market at the time, I was enough in the market to have suffered a huge decline in the value of my account. Like, MAKE ME WANT TO THROW-UP huge.
I didn't crack, I didn't sell. I just held on for dear life. at one point I had to turn off my phone and computer, go outside and play with my bees. I had to get my mind off of it.
Why did I do this? Because the only sure way to lose your money is to sell your investments when the market is lower than when you purchased them. Common sense, right?! Then why did so many people sell their investments for less than what they bought them for?
I'll tell you exactly why. Most people are too lazy to do any kind of reading or research. They want to gamble. People have started hearing how others are getting rich on cryptocurrency and they get the FOMO sickness. What is FOMO? Fear Of Missing Out! When people get the FOMO they jump into the market just to get a position, and the minute that position does not bring them instant wealth they jump back out. The ones that are really smart will take that lesson, learn from it, and make a more educated approach the next time. Sadly, most will walk away forever believing that the system is rigged and they can never win. This second scenario is what typically happens, and it is so sad. I believe anyone can learn to trade and win. The truth is, we are born with the ability to gamble...and that almost always ends badly.
The financial markets are a huge psychological game. Yes, it is rigged. Yes, you will lose at times. Suck it up buttercup. Nobody wins if there is nothing trying to compete with you. The would simply be existing. You can learn in just a couple of hours how to make small gains in any market. If you can learn to make small gains, stay consistent in what you learned, and never get greedy, you can become a millionaire in a few short years through trading and compounding.
Don't walk away! Now that you've had a setback, learn from it. Learn what to do differently. Bitcoin is already looking like it is on a rebound. It may be a rocky rebound, but I believe that cryptocurrency is here to stay. I believe you believed that too or else you wouldn't have gotten involved.
I know that thousands of new people have come into the cryptosphere in the last few months. Most of you came into crypto because you heard that your neighbors uncle made a small fortune in it, therefore you believe you can too. So do i, but you will have to learn a new skill. You will have to learn to control your emotions. It will take some time and effort, two things most of us don't have. I want to encourage you to seek out books and videos on trading crypto. You can do this. I know you can. The only way you fail is if you quit!
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