Topic: Don't FOMO in if you don't have what it takes - PATIENCE! (Read 7805 times)

Well, the mere fact that he FOMOed in at $13,500, he was already up to something crazy sooner or later. You should have given him a lot of warnings by the time he entered at very bullish points. That was a red flag already, an indication that he was simply not ready to face the mind-boggling rise and fall of BTC. And true enough, here comes the hard correction, the emotional went into a breakdown. 

Yeah, it's actually called the sportsmanship spirit kinda feeling we need to keep with Bitcoin investments. That's because, those who bought at $20k are still holding (I'm talking about retail investors) whereas weak hands have sold off theirs. This shows that they believe in the future of BTC and are waiting for the right time. It is true that there will be a loser for every winner and there needs to be one, because without a loser how can there be a winner? You can't sell if nobody is buying and if people are buying it, it means the hype is working out so just chill and let it work - this is all I told him the last moment when he wanted to hodl deeply but sold (obviously, without asking me) and even I didn't get a feeling that he's going to commit suicidal mistake towards his capital while trying to tabulate things to a better level but actually ruined it for himself (at least saved his Dad's money).

He committed a mistake? He became a loser and it was his choice to be one. He didn't wait.
I salute to those who didn't sell a cent worth of BTC during the doom of 2018-19, a bigger salute to those who had the chance to get on the train very early during 2009-10 and are still one of the early hodlers. They're the definition of patience and motivate us to follow them and hodl at least till it reaches back our purchase value.

I'm sure the OP friends also don't have an understanding in trading, sometimes we don't even realize that we are driving a FOMO. When I was a victim of FOMO, I was always patient even though sometimes it was annoying to know that I was the victim. I only remind anyone, trade in our own way, because even if we lose we will be satisfied with our actions, moreover also enhance our trading experience.

Patience is always the key when investing. If you FOMO in there is a high chance you'll just lose money. Wait for the right time when investing and control your emotion. Market won't go up forever and eventually it will go down. If you fomo in you'll be forced to make it long term investment to not lose money.

With the current price at the market, i still think that if you want to sell them at the moment, you will still gain profits. But holding your coins even more will also mean bigger profits to gain once a very good price hits the market. Just keep your patience so you won't make negative decisions and regret in the end.

Even if you have the patience to wait for holding an asset that is now priced below on what you have bought it I still don't recommend on trying to catch up on an asset that is now moving up. You really don't have much any kind of play left, you either hope that it sill comes up or wait for it to come up when it has corrected. Still the best entry is when no one is interested but us people who believe in it and accumulate in the process. Sad to see your friend caught up in a bad move but I hope he will learn from his mistakes this time.

Your image truly defines a trader's psychology based on which he enacts and loses more (even everything) than winning due to emotions and mental stress. Those who trade calmly are the ones who don't give a damn as they know how and when to trade (with how much leverage if it's a margin trade) are the ones listed in 5% of the world's most successful traders and the other type of traders are these who just FOMO in and sell immediately once they see a crash - this is called rush (or I'd say rash) trading which will never take you to your goal and these traders are the remaining 95% who always cry for their unsuccessful trades.

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The major problem for them is to understand and know the entry and exit points and patience is the key to hodl. They just want to get rich overnight but such people end up their capital fired away.

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A bit off-topic, sorry to say but your dreams will be dreams this time as the alts will die slowly once BTC starts to gain speed towards higher values. The reason behind this is - too many altcoins there which have no use case and don't even deserve to be listed on exchanges but are still there, they're already valued high based on USD values so they'll probably be kept there and decrease in BTC values as of now.

Lol, true. Regret is always a feeling whenever we sold our btc at low price. The moment that FOMO entered the market, what we need to do is to go on the other way around and do not participate in the hype. When i was a newbie in crypto trading, I always FOMO and it brings no good in my tradings. Your friend actually followed the wrong trend. A lesson not only for him but to all of us here that following trend is not healthy.

A true scenario is that when Bitcoin's price are dropping from $10,500 down to $9,000 they sell it right away without thinking that it may actually pumped high in the next few days to $14k-$20k. They fell from FOMO thing.

True, now he's totally into regret and finding himself in a situation where he thinks he can come up with more investment by managing it from the same entity (his dad) or others (credit from friends) and he thinks that asking for some extra time with the same interest rate would save him from taking distasteful decisions. Coming up with more capital to gain on a few % during this market when BTC is already this high at $12000, should he consider buying? I even asked him to go to a legal advisor or a counselor who can help him change his mind, but he wants to play out again with his old money that he collected as well as wants to borrow more and get in for a big game but is it really worth it? Taking more credits to justify his previous (or I must say PRESENT) losses and try to recover it back is fine?

According to my understanding, the chance was there when BTC fell down 30% actually as he must've bought more instead of selling just to cut his losses, and have made extra profit on his investment when he knew he could manage and borrow some extra money and time from others now, no? I even asked him during the fall to wait for the right opportunity to sell a bit higher (as the next day BTC was >$11800 again) and also put another option in front of him by telling him to see if he could trade some at lower leverage over Bitmex from that point but he was so scared, his fear killed his patience and the panic pressure made him take that decision with a frustrated mind.

Another thing I would also advise is for people not to jump into anything they are also not familiar with, if the case was that of 2017, I honestly would not have blamed him for buying at $13500 out of FOMO, because when the last bull run of 2017 started at $7000, it did not give much opportunity for correction, and that was how it continued surging for good seven week, but this time around, if he was already familiar with the way the market has been moving ever since the beginning of this year uptrend, he would have understood that the price was already approaching correction stage which would have been the wrongest time for him to make an entry then, imagine price shooting from 9K to 13.8k without correction, anyone familiar would have known that correction was imminent.

This is not just like this in bitcoin world, its like this everywhere around the world in every investment ever. I remember my mother buying gold and collecting it for future emergency. She was that kind of woman, my father would leave her some money for home expenses like food and what not we would need and she would try to spend as little as possible and saved the rest to go buy some gold and put it aside.

After over a year of saving she one day saw gold going down and sold all of them, how could someone believe gold going down would be like "its going to zero", I kind of understand ignorant people doing the same on bitcoin because they don't know what bitcoin is but how could my mom managed to think gold is going even further down and sold it, I will never know. Of course right now its A WHOLE lot more than those days if she kept it.

That's really sad of him. We definitely need patience in crypto. Your friend has done a terrible mistake of buying AND selling at a wrong time.
It's obvious that the market was playing against him. This is a solid proof here that one should be calm and patient while trading in crypto.

People got FOMOd but it doesn't mean they loss, he bought BTC which is a legit coin and has a great potential in the future, as long as he hold and don't panic, he will never loss money on it as we know bitcoin can rise over time and one can also sell with a profit especially at this stage which is still early.

Your friend got panic and have a regret now but I hope because of that big mistake he will not stop his journey in crypto as all of us makes mistakes, what matters is we learn from it. We can set our mindset that crypto trading is for long term as bitcoin is here to stay, even longer than our stay in this world.

At least he maintained to get out with a 30% loss that was his own money while he put the remaining 70% money he took from his Dad. He just repaid his Dad by redeeming all that he had in BTC when the fall took place. But what remains is regret and the psychology remains the same that nobody else can actually give any suggestions to these kinda people because they're too impatient to even listen to us or anybody who goes to them and ask them to wait. Some people even sell in helplessness due to need of Fiat (local currency) on hands, which is why it's said that hodling is not an act of the impatient and needy ones and the needy I'm talking about here are those who either live entirely on BTC earnings / profits / hodlings or (like I said) helplessness.

There are tons of people like this, I have met with someone who literally sold NANO when nano was under 1 dollars and right now its not way higher than that but its at least a bit above but the idea is that why would you sell something you lost 80%+ value of ? I mean isn't it obvious that you will probably make at least some of it back.

Look maybe you won't profit from it, maybe you will have to wait a lot or at the very least maybe you will lose a bit, but nothing in the world would make me sell at 80%+ loss unless I have to pay something urgent and I have no other money left. That is why I keep seeing these type of people who sell when they are down because they can't wait and think it will go down further and I just feel very sorry for them, I have a friend who has been keeping his SYS for over a year and he hasn't sold, I respect him a lot.

Well, your friend doesn't have any patience and that is his fault.

I think your friend doesn't know how to do TA. If he doesn't know then he must watch some youtube videos that is sharing their analysis. I have watched some of them that is why I know that a correction will happen anytime. Your friend now learned a lesson at least. He knows what he will do next time he invests his money again.

I have experienced that so many times, I guess it's more than my fingers. Too many to count lol. But after sometime, you will realize that it's going to be okay and you would know that you could probably be better if you were patient. Yes, that's true but what if it goes lower? Would you still try and hold to something that's hurting you. I could think of two things that could make or break yourself. It's either you choose to hold on and make more losses, or stop loss and find a better trade? Which would you choose?

• Would it make you feel better if you have prevented losses? (Of course)
• Would you regret if you hadn't followed your stop loss? (Definitely)

I think the fact that we are trading here is that we try to bet on something that could probably let you gain some money, that's if you are correct. This forever dilemma would be hard to answer unless you follow a strict discipline that could help you in the long run. I think that's the best way to tackle this, be disciplined.

Crypto market without price fluctuation is impossible, and to survive in this market we need to prepare ourselves and keep ourselves updated with the better knowledge about the market. At times the market fluctuation happens in large scale, people easily fall for it. Overcoming the same is a must and the same can be achieved through having patience. Whenever the market experience unusual price fluctuation suddenly people fear of missing the opportunity to sell at an increased price and the go for it.

Time to pay attention. We have another potential failure similar to June 28th. If we drop straight through the previous flag (low $11,000s) then we will see panic selling. If on the other hand we bounce here, then we need to wait and see.

A quick recovery to $11,700 would strongly indicate a bear trap to me. Otherwise, the daily chart is still indicating a short term downtrend that is yet to be broken. Until proven otherwise, it remains a downtrend.

Your friend has bought bitcoin at the high price, why don't you suggest to bought it at a lower price like maybe $10,000 or even $9000? The movement price of bitcoin has gave an excessive FOMO when its price start to increased. However, there is a lot of risk if we buy bitcoin when our mind fully buy FOMO situation. When don't a healthy mind to decide buy at the lower and sell at the high price. We just have the price of bitcoin will touch a high price and I'll wait until the price reach it but I'll be panic when its price start to decrease because I have felt that situation at 2018 ago so I'll sell it although I got a loss. Maybe these situation can be felt by other people also.