Don't buy bitcoin only because of FOMO

[alltalk]

It's not easy to be an investor in crypto, we have been crypto lovers for more than 10 years, we are still always learning to analyze projects, markets and coins in circulation. If investing were easy, many people would get rich and once rich would leave the crypto world.

As crypto investors, we have many challenges. The volatility, FUDs, government intervention, scammers, and the change of world economic status become some important matters to face for every crypto investor. We must always learn about those factors, and we must prepare varied plans to deal with those challenges.

Yep. We already become crypto enthusiasts around 14 - 15 years. Bitcoin was created in 2009, and we are already in 2024 now. There must be people who can be rich investing in Bitcoin, but there are also people lose their money in Bitcoin. I think investing isn't as easy as we think, it also requires proper knowledge.

[dekafee79]

As crypto investors, we have many challenges. The volatility, FUDs, government intervention, scammers, and the change of world economic status become some important matters to face for every crypto investor. We must always learn about those factors, and we must prepare varied plans to deal with those challenges.

Yep. We already become crypto enthusiasts around 14 - 15 years. Bitcoin was created in 2009, and we are already in 2024 now. There must be people who can be rich investing in Bitcoin, but there are also people lose their money in Bitcoin. I think investing isn't as easy as we think, it also requires proper knowledge.

You are right, investing requires knowledge, experience and proper analysis. It takes a long time to get it all, you can't suddenly become rich investing unless the person has good luck. Moreover, buying during FOMO, this is really very risky.

[DabsPoorVersion]

As crypto investors, we have many challenges. The volatility, FUDs, government intervention, scammers, and the change of world economic status become some important matters to face for every crypto investor. We must always learn about those factors, and we must prepare varied plans to deal with those challenges.

Yep. We already become crypto enthusiasts around 14 - 15 years. Bitcoin was created in 2009, and we are already in 2024 now. There must be people who can be rich investing in Bitcoin, but there are also people lose their money in Bitcoin. I think investing isn't as easy as we think, it also requires proper knowledge.

You are right, investing requires knowledge, experience and proper analysis. It takes a long time to get it all, you can't suddenly become rich investing unless the person has good luck. Moreover, buying during FOMO, this is really very risky.

That's the common mindset of most newbies who just happen to know Bitcoin through social media platforms or from some influencer who uses Bitcoin as their content. They think of Bitcoin as a tool or an investment where they will invest and do nothing, after a few days they have their profit. Which is incorrect, as they don't properly get any explanation or do any research about how Bitcoin does work. Due to this reason, they often happen to lose their money as they are only FOMO to start their investment and they don't know what they need to do next.

[alltalk]

You are right, investing requires knowledge, experience and proper analysis. It takes a long time to get it all, you can't suddenly become rich investing unless the person has good luck. Moreover, buying during FOMO, this is really very risky.

We only can do a proper analysis if we have good knowledge and experience, right?
So, the point is to always improve our knowledge besides we have better experience in crypto industry.
Sure, to have enough knowledge and experience, it requires a lot of time, it will never get instantly.

Although a person has a good luck, I doubt he will be lucky enough in trading or investing if he don't understand how to do it properly. At least, someone must have the basic knowledge or basic skills. No one can be rich with no knowledge!

[KingsDen]

Very well noted. It is a nice advice from Op but we need to realise that in as much as we are in the industry, we must respond to the stimuli of the industry. FOMO is an agent of bitcoin and also is FUD. Both plays out in different instances. While FOMO makes one to enter the market in a very wrong time, FUD makes one to exit market prematurely or at lose. So, in as much as we must react to the above two, we should try to be confident of ourselves and trust the bitcoin. After going bear, it must bull and vice versa.

[Wiseman]

I agree with you about holding in the long term, but there are people who are much better able to spin this money and get profits much more in the short term, often these are traders or those who understand how everything works and can take risks and correctly and quickly make analytics.

If a trader with the same capital can make greater profits than the holder, that is very extraordinary. He is truly a professional trader. I don't have that kind of analytical and predictive ability yet.

And what is unusual in this, I think that everything is clear and understandable, if it were the other way around, such a profession as a trader would not even exist, but it is the other way around and in fact any even the most novice trader gets dozens of times more profit than an investor, but there are risks that traders have to take, so not everyone can be a trader.

[Learn Bitcoin]

And what is unusual in this, I think that everything is clear and understandable, if it were the other way around, such a profession as a trader would not even exist, but it is the other way around and in fact any even the most novice trader gets dozens of times more profit than an investor, but there are risks that traders have to take, so not everyone can be a trader.

Yeah. I can be an example. I was holding some BTC for a while and my holdings are 2x at this moment. Lately, however, some web3 wallets and other cex have offered trading activity bonuses. Like, If you trade xxxxx amount, you will be eligible to win a share of $xxxxx amount. So, two days ago, I thought I would give it a try with a small amount to participate in an activity similar to this.

What I didn't know is that the pairs they offer are too volatile. That was a first come, first serve system, and I had to rush. As soon as the new paid opened, the token raised up to 11000% percent. Imagine how volatile it is. A lot of people sold at 11000% profit. But unfortunately, I lost 70% of my portfolio. That was due to my inexperience. I had to research about that pair before I start trading that pair.

[Cryptsafe]

And what is unusual in this, I think that everything is clear and understandable, if it were the other way around, such a profession as a trader would not even exist, but it is the other way around and in fact any even the most novice trader gets dozens of times more profit than an investor, but there are risks that traders have to take, so not everyone can be a trader.

Yeah. I can be an example. I was holding some BTC for a while and my holdings are 2x at this moment. Lately, however, some web3 wallets and other cex have offered trading activity bonuses. Like, If you trade xxxxx amount, you will be eligible to win a share of $xxxxx amount. So, two days ago, I thought I would give it a try with a small amount to participate in an activity similar to this.

What I didn't know is that the pairs they offer are too volatile. That was a first come, first serve system, and I had to rush. As soon as the new paid opened, the token raised up to 11000% percent. Imagine how volatile it is. A lot of people sold at 11000% profit. But unfortunately, I lost 70% of my portfolio. That was due to my inexperience. I had to research about that pair before I start trading that pair.

I have had similar experience in the past when taking part in exchange launch pad.  Other crypto markets are very volatile upon launch so one would need be smart and wise enough to sell at that first  launch and that happens like upto 1 to 2 hours upon launch of that token and after then there is a decrease in price action or value of the token.

I have learnt that in such a launch pad or market, you do not allow your emotions lead you. Sell out immediately because there would definitely be a drop in price after then because of the dump from holders of the token. That is why you see a token drop in price after listing and after as long time the real price growth begin to take shape as a result of the utility value of the project.

[legend45]

And what is unusual in this, I think that everything is clear and understandable, if it were the other way around, such a profession as a trader would not even exist, but it is the other way around and in fact any even the most novice trader gets dozens of times more profit than an investor, but there are risks that traders have to take, so not everyone can be a trader.

I don't understand that traders can make profits tens of times higher than investors. What can I offer? if top coins, investors who hold for the long term profit are bigger than traders. but for traders who buy the coin at launch on the exchange, it can make tens of times more profit.

[Marlboro]

buying bitcoin when FOMO is the same as living but looking for trouble, because this is very risky. And why should we do it?

[Wiseman]

And what is unusual in this, I think that everything is clear and understandable, if it were the other way around, such a profession as a trader would not even exist, but it is the other way around and in fact any even the most novice trader gets dozens of times more profit than an investor, but there are risks that traders have to take, so not everyone can be a trader.

Yeah. I can be an example. I was holding some BTC for a while and my holdings are 2x at this moment. Lately, however, some web3 wallets and other cex have offered trading activity bonuses. Like, If you trade xxxxx amount, you will be eligible to win a share of $xxxxx amount. So, two days ago, I thought I would give it a try with a small amount to participate in an activity similar to this.

What I didn't know is that the pairs they offer are too volatile. That was a first come, first serve system, and I had to rush. As soon as the new paid opened, the token raised up to 11000% percent. Imagine how volatile it is. A lot of people sold at 11000% profit. But unfortunately, I lost 70% of my portfolio. That was due to my inexperience. I had to research about that pair before I start trading that pair.

Perhaps it was a lure that make exchanges, such pairs certainly can not trade if you do not know what is happening, they at your expense made liquidity and earned on it, it is better to trade proven coins.

[NikeFit_7777]

Aside scam, fear is another means through which many investor losses on several investment opportunities that they would have utilized effectively and take a very good advantage with, but instead of them having the understanding that fear could only cause them the loss of asset, they think in most cases that such is a smart way of playing safe to avoid the loss in which they later fall in for.

The market can go dips in many instances and that is not a call for us to adopt fear into the situation, we need to realize this that the market will always pump after each session of a bear market and all that is needed at such particular time is enough patience in holding and not a decision for sell as a result of fear, this same thing has been what has been affecting many from adopting bitcoin because they dont wanty to lose because of fear.

That's the thing. The stronger the fear of lost profit, the more Fomo the user has. The market absolutely always provides opportunities to make money. Whether you take advantage of them or not is a secondary issue. It depends on each individual. If you go in for deals - also try not to pass the buck. Otherwise, it will lead to greed + incomprehensible actions.

P.S. What's happening now is the real overheating of the market + all the metrics say so. What will happen, suddenly bitcoin will be worth (let's say 90.000 thousand dollars). Can you imagine the panic/greed then?

[Learn Bitcoin]

I have had similar experience in the past when taking part in exchange launch pad.  Other crypto markets are very volatile upon launch so one would need be smart and wise enough to sell at that first  launch and that happens like upto 1 to 2 hours upon launch of that token and after then there is a decrease in price action or value of the token.

Yesterday, I took a chance to trade shitcoin right after the listing and tried to make some money. Unfortunately, It didn't work for me. Usually, shit coins move a lot when they get listed on some major exchanges like Binance and Kucoin. Yesterday, Binance listed a token named Book of Meme, and I tried to make some money trading this shit. But, Unfortunately, the market moved only a little and fortunately, I was able to recover my initial investment.

[Mr. Magkaisa]

          -    In the past few days that there has been a short correction, I think this is a good opportunity for our bitcoin holders to buy in the dip, even in other altcoins.
If we have other altcoins that also want to buy, then hold again.

I will do DCA continuation again, and even the others will probably do the same, as long as we have chances to buy. That's how we live here as community investors in the crypto space.

[Learn Bitcoin]

Perhaps it was a lure that make exchanges, such pairs certainly can not trade if you do not know what is happening, they at your expense made liquidity and earned on it, it is better to trade proven coins.

True. But, predicting the market is not easy. Everyone cannot do that. Moreover, if you want to make more profits, you have to take some risks, and that's what I tried. In my case, I was the one who lost 70% of the money. But, someone else got more than 70% in profit. Right? I already understand what mistake I made during the trade period, and I am planning not to repeat it.

Another exchange will list some pairs tomorrow, and I am planning to buy that coin early, even before they list it. I will get the coin from somewhere else and I will try to sell it on that exchange at a good price. I hope I won't repeat the same thing again.