I’ve heard about these crypto hype these past weeks. I know some friends who are making significant amounts of money on it. Does anyone have advise on how to deal with this feeling of missing out? Is it too late to invest in cryptocurrency, especially in bitcoin?
It’s never too late to invest. There are plenty of projects just getting underway or with planned road maps for the months and years ahead. You just have to do your research. But even currencies like bitcoin and Ethereum are thought not to be near their ceilings. So plenty of upside potential, as long as you’re not expecting overnight riches.
Can you make serious money? Yes, but as with any investment in a speculative asset, you need to be okay with the possibility of losing some, or even all of your investment. Buying and holding or even actively trading crypto currencies requires many of the same traits required to be successful with forex trading. You need a plan, sound risk management, and the will to continuously educate yourself. Crypto currencies are inherently technical in nature, as can be the buying/selling/trading/storing/staking/converting of those currencies. Get educated!
I would say if you’re itching to get involved, ask questions here as you’ve done, or talk to your successful friends. What better place to go to than to the source, to someone who was probably in the same place as you are now.
Stock to flow charts, increasing google search trends, insitutional investments and many more things point to this still being a good time to invest in Cryptos for the long haul.
I’d expect a pull back at the end of the year but still at above todays prices
Instead of following FOMO movements, instead focus on search of undervalued assets still staying in the shadow which have potential to double or triple in price. However it requires some thorough research as well as patience because you never know when the broad market will discover your asset and push the price higher.
There is always going to be another “hot” investment, another “the latest thing”, another “trader’s favourite”, another kid who’s bought a Lamborghini off some tech trade. If you’re going to profit from these bubbles you need a strategy to find them quickly, filter them, assess where we are in the bubble’s life-cycle and enable a rapid entry and exit, and use of effective risk management.
I’m not saying don’t get involved in bubbles, but if you are going to be a bubble trader, be a bubble trader with a bubble trading plan and a bubble trading strategy. Don’t think you should just jump in because somebody else just jumped in.
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I just eat it, man. I’m not giving in to that impulse of chasing money.
Personally, I’ve had the problem of abandoning endeavours. I want to break that habit.
There is never a convenient time to make a hard decision.
I think Dan Peña said that.
If you have the time and resources, do what you think is best.
But don’t think you’re the only one with FOMO. (If you were.)
I’m staying focused on forex. For me, anything other than forex is a distraction right now. I don’t care if crypto is going to the moon! My mind is laser focused in this instrument right here.
Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic, which is problematic when making trading decisions.