Thank you sir! We doing it bigly!
I learnt the hard way of dealing with FOMO.
I bought into TENX at near ATH, buying into the hype - FOMO kicked in hard & now i’m stuck with a bag full of TENX. I’m not going to sell it till it has it’s run thats for sure!
As regretful as I am with being hit with this FOMO, it was actually a really good lesson to be learnt. I was fresh into this crypto world, i didn’t even know what FOMO was or what buying into the hype or even what ATH meant. Watching it go down further & further i started reading, taking in more content… discovered this place.
Without this happening I could be well more worse off.
Now I know how to deal with FOMO, reading, researching, goals, entry points, sell points. Putting that time into a coin before throwing down.
There’s always going to be another buying opportunity for another coin if i miss out on one i’ve learnt.
Hardworking and shrewd - I’ve had a hard time with focus and motivation in recent years. I’m no stranger to hard work and discipline but these are behaviors that I need to rekindle.
Open to new ideas - Easy. I’ve always been open to new ideas and trying new things. Without experimenting, without change, without adaptation… How can we expect to progress?
Honing skills - I do okay with this but have room for improvement. I think my main flaw here is that I get a little impatient with the process of learning something new. I start to feel that I’m not learning fast enough or well enough which leads to frustration and inconsistency. I have to remind myself to keep plugging away no matter how slow it may feel.
Reaching personal best - This is one I haven’t given much thought until now. I’ve definitely been focusing more on the money since getting into crypto and in doing so it’s been a pretty stressful ride. I need to work on managing my emotions, creating discipline and developing a solid routine before I end up out of the game from too much stress.
Being at peace and self-aware - I’ve been failing hard at this, FOMO and FUD have been kicking my ass all over the place. It’s time to step back, take a deep breath and reapproach this with patience and a level head.
Realist - I’m just starting out so… I’ve got a LOT to learn but I’m still here, still moving forward and I realize it’s going to take time.
There are many people out in cryptoland that will try to convince you that their plan is for everyone. This is NOT true. You need to find your own path. Leverage others for the things they can teach you, but YOU own your own path to your goals. When you listen to others and it doesn’t work out, you are always mad. If you follow your own plan and it doesn’t work out, then what did you learn from the situation so that you can do better next time?
When you OWN your own destiny, you can find peace! Otherwise it is a very hard road! Day by Day we will make it!
To Da Moon
Well said… thank you. Starting out has had some tough lessons but lessons worth learning for sure.
As our Doge Lord tells us, fail fast, learn fast and try not to make the same mistakes twice. This is a LONG Game…tomorrow will always bring another amazing deal so forget about the one that gets away today!
Hearning this I know that I’m at the beginning. There is so much to learn. When I start with something I’m always on fire and I put heavy work on it. But at one moment all collapses and I struggle. This is something I have to to work on it. Thank you @peter for your video, especially the last 6 ones. I think they are a good path to follow for improvement.
Actually I bought Bitcoin at 12100 EUR and unfortunately at 15100 EUR. Yes, unfortunately. I gambled. I didn’t do the research and I didn’t sell with a stop loss. At the moment it is at 11400 Eur. Now it’s time to discipline, hodl and wait.
Bad behaviour patterns; focusing on money rather than good trades, especially when a big piece of news comes out (e.g. Bitcoin Cash being listed on Coinbase/GDAX, Ripple partnering with MoneyGram). These trades end up being gambles because of FOMO and irrational decisions are often made.
I’m still new to this space so I’m still finding out what my limitations are and learning about the markets. There are a few hunches that I’ve had but haven’t acted on them because of fear of being wrong, I think I’m learning though (e.g. the first BTC crash that you experience, it’s very difficult to buy the dip, especially if it’s below the price you first bought in at).
Good behaviour patterns; I would say I’m hard working, open to new ideas and I am honing my skills but maybe not in the right way. I still need to get a good book on crypto and/or trading. I’m becoming more at peace with myself, for example before executing a trade I try to take a break, get some fresh air. It will still be a good trade in 5/10mins if it is actually a good trade.
Excel at: Disciplined, open to new ideas, level-headed
Opportunities: Get far in the weeds and over-research (slow to commit). I found my behavior (too slow due to research) in crypto to be different than in business, since ~95%+ (guesstimate) of the projects are speculation based on team, leaders, advisors, the way the coin/token is structured, roadmap, Github Activity, buzz and marketing efforts. We do not measure value (mostly) in the success of existing projects/companies. For example, in wall street you can invest in a stake of a company based on the real-world performance of its working product(s)/Service(s). What was the revenue, growth, EBITDA, margins, etc… Crypto is all about what will the project do, who is running it, when will they deliver. White papers are the same as my resume, biased.
That being said, I know what I am getting into, but I want to at least make sure that I am comfortable with the information that is available. If I were a short-term investor, I would play off of TA and the FA wouldn’t matter, but I am not that skilled to time the market like that.
So, I find myself slowed down by research, probably beyond what I should be. To add to that there is a lot of bad information out there, so I have to deliberately wash my brain of all the rumors and unproductive misinformation regularly.
I find that the time I research always slows me down. This is a good thing. It makes my decisions less emotional!
From all the ups & downs lately my co-workers keep on telling me I’m a patient man LoL.
They seem to have been freaking out more than me about my $.
For some reason they’re all afraid to put $ into crypto although they’re all positive I’m gonna end up making a killing.
It seems like 30-40% daily gains & 30-40% losses without budging is a skill…I just figure if coins like ETH can go from 8$ to 1000$ in a year, and NEO from 18 cents to 120$ in a year, no point in doing anything but HODL my ICX for a year or 2 until it reaches what I plan to sell it at. Why fish for minnows when you can be patient & land a whale…
Plus, not constantly spending my time in front of charts frees my precious time & “brain juice”.
I think I’m doing good with this 6 patterns. Righ now for me a trading opportunity is something that I can decide in the next few hours, something that I need to take action “now” because in the next few minutes could disappear, it is not a real trading opportunity.
I could definitely be more hardworking, I’m pretty easily distracted by things of no import. I used to be better at this when I was younger, but I’m trying every day to improve in this regard.
New ideas is a given, after all the stuff I thought I knew in the past turned out to be propaganda and lies. I’ll always remain intrigued by new ways of looking at things and skeptical when there only seems to be one option.
Always keep improving, otherwise what’s the point? I admit that when I start something completely new it can be hard to find the motivation if the results don’t show immediately, and if it takes a very long time to finish/master something it’s easy to feel disheartened and think about quitting. Another thing I need to work on.
Money has honestly been pretty low on my list of important things, mostly because I’ve not had a whole lot I’ve grown accustomed to that lifestyle and been at peace with it. It’s always nice to be able to buy stuff or travel etc. but I don’t need a lot to be content.
Not sure if I’m at peace with myself, but it’s a lot better than 10 years ago, that’s for sure. I’m pretty bad at telling what my limitations and weaknesses are, but the same goes for my strengths. All in all, self-reflection is not my forte.
Realist, absolutely. Even though I’ve gotten caught up in FUD and FOMO in the past, in the bigger picture I’ve always looked at things from a logical point of view, and kept emotions at bay. Learning some philosophy has been helpful in this regard as well. More planning and analyzing are definitely on my to do list however.
I would say some of my strengths include having an open mind and doing things for the inherent value/not money. I can confidently say my work ethic has improved quite a bit this past year.
Perhaps the biggest thing I can work on is my realism and pragmatism. Setting achievable goals and knowing my short-term limits can enable me to progress and grow further in the long-term.
Bad habits: I’m get super antsy on pay days to chuck a handful of cash into my HODL stash. Need to be more mindful of my purchases and apply the skills learned in B90X.
Good habits: I would like to think that sticking with the B90X program has kept me diligent. I will forever be honing my skillsets, and not just knowledge of the crypto space. I’m a big proponent of continue to work at things you’re bad at but enjoy. I really dislike when people just accept they are only so good at something and believe they cannot get better.
Defiantly becoming more responsible with record keeping.
I am much more sceptical of news feeds and much better at ignoring fud.
In the past couple of days I had a real fomo moment, but I was able to identify what I was feeling and stick to my trading plan. Which has turned out to be the correct call.
[quote=“peter, post:1, topic:10632”]
1 - Hardworking and shrewd
Trying my best to absorb what I can in this big world of investing/trading. Keeping those both seperate!
2 - Open to new ideas
Yes, one of my strengths, I’m not beholden to any one ideology but open to opinions as long as they make sense.
3 - Keep honing their skills
I try and try to learn as I move forward. May not be the smartest, but I will guarantee maximum effort!
4 - Continue to reach their own personal best is more important than money
Being good at what you do matters more to me which will have a monetary repercussion.
5 - Are at peace with themselves. They are self aware!
I am at peace with myself but question all things that I do. Uncertainty clouds the mind at times. It’s a constant struggle.
6 - Realists - He knows his abilities and limitations
This is a tough one. I know of my limitations and abilities physically and mentally, but I hope that they do not hinder the infinite possibilities of success I desire to achieve in lifetime.
I will just keep moving forward, I may take a couple of steps back, but I will always press forward!
- I have a full time day job, part time retail job, and now I’m starting my resto mod shop/ restoration. love hot rods and cars in general. I love my customers new and old. So hard working check lol.
- listening to what others have to say has allowed me to definitely open minded. I’ve been the one in my group to try almost anything once. I’ve found that something I thought was boring was cool as hell after letting someone talk me into trying it. I don’t just jump in without knowing first.
3)Being a mechanic I’m always reading up on the latest tech. and I bring it to my cars and put it thru the proving grounds. So I always hone my skills lol it’s what i do. I strive to be the top 1%. I feel I’m in the top 10% for sure.
4)I;m always researching something. If its not about the cars its what I can do to grow my money over time. money management is not my strength for sure. this one in the last 2 years I’ve been reteaching my self how to spend wisely. I’ve cut a lot out of my life that i defiantly did’t need. work in progress lol.
- For the first time in my life I know were I want to be and i might be able to get there. I see more of my potential and I can see it others to. I’ve been helping others with good advice because everyone needs to succeed. and this I love to do is help others!!!
- lol I think I’ve said i just dont know and let me ask some ppl that might. for instance I’m building my first mining rig. and I;m going to do a 19 gpu mining rig and I have 9 gpus right now but no os to use. not even sure what to use or where to look to get one. I would love to get this started but I think I need linux to do this but I have no clue. If anyone cane help me please. If the os is free it’s even better lol. I don’t know programming but I am open to learn anything I can about this. thank you to peter and anyone that can help me .
- after 37 years I’ve come to the realization that I don’t care what ppl think of me. I like who I am and I know I’m a great person. I help others whenever i can
- In business I hire ppl to do what i can not do. not that those individuals are better than me but possess a different skill set. continue to reach my best is hard to do and im great at honing my skills
1 - Hardworking and shrewd - Natural trait of mine!
2 - Open to new ideas - I love new ideas, food, activities and relationships
3 - Keep honing their skills - This is my weakest skill. Having a full-time job sucks…
4 - Continue to reach their own personal best is more important than money - I’m humble. Teach my friends and taking time to spread awareness over profits is a better solution right now.
5 - Are at peace with themselves. They are self aware! Ying & Yang
6 - Realists - He knows his abilities and limitations - Sky’s the limit for me!