Noob & FoMO … Welcome to the STUCK in NEO Club!
Hello everybody! Thanks for visiting the blog of a Noob entering the Crypto Market.
The first article of my blog describing my entry in to the Crypto Market and way I decided that I have to Invest in the NEO Cryptocurrency can be found here.
Well, almost 3.5 Weeks after I entered the Cryptocurrency Market for the first time I realized that:
I’m Noob & FoMO
I hope that I was FOMO for some time at the beginning, but now realizing all this I changed a lot and maybe I’m not FoMO anymore? …. ha ha ha, we will see.
What Noob means anybody know but what is the meaning of the FoMO therm will ask somebody, especially the new peoples entering the Cryptocurrency Market.
FoMO according to Wikipedia is: “a pervasive apprehension that others might be having rewarding experiences from which one is absent … FoMO is also defined as a fear of regret, which may lead to a compulsive concern that one might miss an opportunity”
OK, what FoMOs on the Crypto Market do?
They buy when prices are high driven by the fear of losing the opportunity which COULD make them successful, rich and etc. They buy on the exact wrong moment relied on hype and headlines, soon after that when the Market go in the Correction phase and the prices drop they panic and short after this emotion rises to some very high level they sell …
This moment is important for the experienced and patient players on the Market, because they receive good profit from all this.
Well, I realized now, after few weeks of learning that I, as many many others have made all the steps which FoMOs do when they enter the Market.
There was few very important signs from my World, that I should not rush in all that. Everything was happening with difficulty and was complicated. I had to wait long time before for my Fiat money I bought ETH at Coinbase.com and also had to wait long time (around 12 hours) before the ETH was received in my ETH wallet in the Bittrex exchange.
I had to wait for all that around 48 hours and during that time the prices of NEO raised almost double! I bought my first NEO at 18$ and now the price raised to $40+, after that correction started and the price dropped a bit to 36$ … :(
Well, at the moment I bought my first ETH I started to learn step by step about the Market in YouTube. I saw somewhere there that it’s a very good Idea to start with small amounts and NOT to buy only one Cryptocurrency … :)
I had all my money in the ETH wallet in Bittrex and started to look around.
The first “investment” I made was buying 100 Monaco (MCO) coins at their peak. Some time after that the correction started I panic and I sold everything FAST at loss …
- - Ops, what just happen? :(
After that I started to look for more information how to do better the job … During all that time NEO was little up and that little down, which was so fearful :) I realized that I have now a price which is double expensive as few days ago and decided that will wait the price to drop back to $18 … very good decision, but I don’t realized what FoMOs do and what the emotion in trading and FoMO can do … :(
After 3 days the NEO correction ended and the 5-th Elliot wave started. The prices started to grow so fast … $36, $38, $40 It was 01 at night and decided that I’ll go to sleep. At morning the price was even higher …
And now my biggest enemy, the one between the ears of the inexperienced trader, the FoMO started to talk:
- Hey, what you are doing?
- The NEO is become more and more expensive!
- You stupid cowardly at this moment are missing the opportunity!
- NEO will rise to the Moon!
(wow, this “is going to the Moon” sentence for Cryptocurrencies is so so stupid!!! But I realized that a bit later, after I got into a training group of beginner Cryptotraders like me led and trained by a young but experienced Cryptotrader (actually they are whole group) who settled in to the Costa Rican jungle and start working from there.)
I bought first some NEO at price $48,71 a hour after that I bought 5 times more NEO at price of $49.91 … After I bought everything some lightened came, especially since the price jumped a bit, to about $ 52 … :)
And after that the period of the correction started … Today, 16 days after I made my first bigger Cryptocurrency purchase the price is $31.84
Welcome to the STUCK in NEO Club!
The very good news is that I haven’t sold any part of my NEO coins and will not sell the purchased NEO at loss. I’ll keep them for some time, waiting the prices to rise and after that definitely I’ll decide if I will sell some part of them.
There are so many good projects around! It’s a big big mistake to keep all your money in just one coin!
O, yes there are so many good peoples, who would say:
- I believe in NEO!!!
- NEO is going to the Moon! (“soon?” … )
… and so on :)
We will see where and when NEO is going! But definitely I’ll hold some part of the coins, with some part I will go short, but not at loss. :)
I have shared all this because I’m pretty sure that there are so many other Noob peoples like me entering the Cryptocurrency Market. Sharing my experience I believe that I could help to some of my brothers and sisters.
LOVE to all of you!
Realize and face the FoMO emotions inside of you!
This could help you to NOT to be a victim of your biggest enemy in the World, this one who hides deep between your ears …
I will tell about the training group of beginner Crypto traders led and trained by a experienced Crypto trader (actually they are a whole group of peoples) who settled in to the jungle of Costa Rica (Crypto Rica :) ) and started working from there.
Later will start becoming familiar with different Market technical analysis terms and indicators like MACD, RSI, the Fibonacci Retracements and we will start studding fundamental Market theories like the Elliott Waves Theory and many other interesting topics.
Thanks for reading! If you like the topic, Subscribe! :)