There will always be a green day as well as a red day. It is then important to know the right decisions to take on each of these days. For me, a green day in the market is for taking profits (selling) whereas the red days is for accumulation as some would say; buy the dip. It is natural to be afraid of missing out hence, the Fear Of Missing Out is inherent in everyone of us. That not withstanding, it is also imperative that as a trader (spot or futures), you try as much as possible to deal with your emotions and not FOMO.
The fear of missing out is mostly being triggered by news or media as such, one has to be mindful of the information we consider. We saw how CoinTelegraph painted a wrong picture about bitcoin's dipping yesterday by publishing that there was a case of double-spending. Eventually, this caused the market to dip even more as bitcoin fell below $30k and other coins followed.
The fear of missing out poses many dangers as it causes one to make irrational market decisions that always lead to an eventual loss. I've seen and also heard of persons who out of FOMO have bought cryptocurrency assets at very high prices just to watch it plummet to very low bottom. One recent scenario is that of SUSHISWAP and even 1inch. On the day these coins were being listed for trading, they pumped over a hundred percent gain and many persons rushed to buy. In a twinkling of an eye, we saw them crashing down and still yet to bounce back.
I've learned to always put my emotions in check. Sometimes, you just need to sit and watch the market move till there's a very good entry. However, if you must FOMO, do it on a Red day! Be greedy when others are fearful and be fearful when others are greedy. It's always better to buy on Red days than on Green days!
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