The Hour of Fear and Greed in Trading
After witnessing both cycle's of market - bear and bull, one thing I found common is going through fear and Greed situation.
So, This is about my experience on what happens when FOMO walks in and how to cope without letting emotions ruin your trades.
The Hour of FOMO
A trader can't see future other than depending on reading charts and looking for fundamental aspect of assets to lock a trade.
For an immature or new trader it takes a minute to lock trade and FOMO kicks in.
I used to look at screen all the time and my heartbeat was like crazy when I see Green candles turning red and red in green on 1minute chart for real.
This was my Beginner stage of FOMO where I used to be afraid of losing what I've risked for and it ruined many of successful trades.
I have seen this thing happening to a lot of traders who don't take profits cuz of greed and later sell in loss.
The only reason behind "Greed" and not taking "profits" is people on internet are bullish.
Twitter - A Place full of FOMO
Twitter is literally a platform where people will always want you to believe what they're saying.
In last bull run when tweets like $500k Bitcoin at peak of bull run or $100k kind of was coming in feed. It made me convinced to hold my bags until crash happened and everything went all the way down.
A place where thousands of bots are shilling all the time and creating FOMO taking advantage of their influence.
So, I decided to spend less time on Twitter finding facts only and avoid getting FOMO again this time.
Leothreads is much better place in this term at least haven't seen anyone FOMO or convincing other to believe they're right and I also don't hesitate to ask questions when I'm confused about trade to hear other point of view regarding market.
Wrapping up...
As of now FOMO is kicking again as the Alt's are outperforming in market which is creating more Greed and less fear at the moment.
So, the whole point of view was being on the right place at right moment where you don't see FOMO and toxicity but facts and relief.
Posted Using LeoFinance Beta
https://twitter.com/1350003331549290497/status/1618722075241484288
The rewards earned on this comment will go directly to the people( @idksamad78699 ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
FOMO is a really hard feeling to fight off. Twitter is definitely a place to avoid if don't wanna experience FOMO. So many mixed signals there. Also, some crypto news feed apps can be dangerous in that sense since there are also ads mixed in between and those sneakily add to the feeling.
Posted Using LeoFinance Beta
Exactly... Will uninstall twitter at some point when feed will Flood with baseless FOMO tweets and tbh i don't follow much crypto news profiles other than one or two legit one's.
Well, ain't no way to get FOMO this time.
In my case, i don't panic if the situation goes against me in the crypto market. After some analysis, I invest those projects which seems good project. And I have faith that a good project will fice up today or tomorrow. It's just a matter of time.
You seems like Mature and knows how to deal with emotions. It's indeed just matter of time. Hopefully won't make mistakes in bull run again.
I think learning from our mistakes is the real lesson for us. But nobody knows when bull run start. Currently I am I started investing for both long term and short time. Important I can book instant profit and in long term it will be helpful to take profit in bull run.
Haha you've rightly highlighted Twitter as a place of FOMO, however, it's also a place of FUD. for a very long time, I heard Bitcoin was going to hit 10k on Twitter, some people even said 5k. However what I do is to avoid all that, but I like being on Twitter though. Leothreads is friendler and great.
Literally everywhere i Go there was at least a tweet saying we going to $10k or below...I started blocking those profiles and even reported so they won't pop up again in feed. 😂. Yeah, I do spend time on Twitter but way less now... Leothreads is becoming much better.
I think FUD has a way of putting people into panic mode, people are not the market. I'm glad we didn't see 10k
Yeah, true. Hopefully won't see market close to $15k again.
Everyone deserves some relief now.