Best distraction to not fall into FOMO

N

NorackWood

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Hey guys,
I’m relatively new to cryptocurreny: I got into this space about 10 days before the 1st of aug, I binge-learned a bunch of things and i decided to buy some coins because i thought I would gain some money after the fear of the bitcoin fork would have gotten away.
My problem is that now, after a couple of weeks of earnings, I found it difficult to not overthink every decision and consequently to make stupid mistakes, even though I’m just playing with toy-money…
Any suggestion? what’s your favourite way to distract yourselves?
Peace!
Doge
DKmyWc1ydUbPfhkmbtZa5rijsCjFEmrZ8z
 
I would’nt say its toy money. that will make you careless and its gonna lead to mistakes.
Make plan, you hodling? then just put it safe and check back in again in a month
or are you activley trading for profits? if so I would study everything you can find on it.
 
Just sit and watch the markets rise and fall. There is a heartbeat to it… every. 10. Minutes. 10 btc enter into the ecosystem… wonderful
 
Welcome to Crypto and to the Community I am also new here. The main thing is to see it as a hobby don’t put in your Rent money see the bigger picture. Go in to the communities to see how others are reacting, and always ask questions you will be surprised how mucch insight you can get and learn from others, actually check out the companies web site and twitter to see if their working lol . Balance your time in between trading and looking at the market, for example I buy once a week that is the most intense day of the week, decisions need to be made, do i buy now, how low do i think it will go, and so forth. Once I make my final decision I take a big break go to the gym, go out for a walk or meet a friend distract yourself so you can come back fresh later with a new perspective.
Best of Luck Bro keep coming in to the Pub
D Castillo
 
I like the idea put forth by Warren Buffett’s. You should treat your investments like you only had 20 throughout your lifetime. Of course you can invest in more. However, what this will do is force you to think long and hard before investing in something. Gain an understanding of the technology, team, community, competition, potential problems and upsides, etc. behind the coin. When you have done this, you should be able to act more rational.
Peter Saddington have suggested that you should always research a coin for 30 days before you invest in it. If you have a principle like this, may it be a week or a months worth of research, and you stick to it. You cannot get caught in FOME. You will either be investigating, already be invested or decided that you will not invest. News about the coin can enter the scene, then you should have a predetermined grace period. A few days to a month, whatever ever you like, where you evaluate how this new information impacts your prior decisions.
Hope this helps. Best of luck. May you investments always be evaluated and strive for rationality.
 
Glad you noticed that. Notice also that I NEVER jump on a pre sale for ico? (I’ll let u guys make that money).
It’s just part of my principles. It makes me take my time. Think thru it. And execute on logic and not emotions.
I never get in at the low lows… but I also don’t have any fomo about any of this! Just me speaking here!
 
i just buy in low into something that i expect will rise in a hour or a couple of hours.
Set a sell at a certain amount, then hold and check in an hour :)
 
I honestly just do it for fun and to grow my savings. There have been times when I’ve checked Blockfolio at work and saw massive losses. Sometimes I saw massive gains. You can’t really be too emotionally connected with it. If you’re in it for the long term, just relax and live life day by day. You really just need to have a give or take attitude about it. Right now I’m down in some of my coins, but I’m not in the least bit worried.
 
I agree here, one thing that has crossed my mind is that i may be able to quit my job as I get better. I made 2k profit in 2 weeks that’s more then my actual pay check, so lets see if this time next year my hobby turns in to a career. I am working hard and learning every day.
 
Being quite new to this, I have also fallen to the FOMO in the past and then regretted it later. It’s so hard, but I’m trying to get better with time. Also, I’m learning how to read the market data (starting with candlesticks and common strategies), which makes me much more educated and thus more confident in my decisions to trade.
 
CryptoD4535:

I made 2k profit in 2 weeks that’s more then my actual pay check
Click to expand...

It’s a trip isn’t it? That’s one of the sole reasons why I’m not worried. I usually end up making more than I do at work in a week whether I lose or gain
:grin:
.
 
It is so crazy and i just started, i think with enough effort we can actually make a living off it, but lets see where it takes us like you said lets treat it like a hobby a dam good one too, all I know is that I am already up 3k this month in profits amazing
 
This makes me want to grind out some more research and try to start day/swing trading to make quicker gains. maybe oneday soon
 
WOW, thanks for all this answers… I was wondering because this weekend I made some gains just by buying on Friday and going hiking for 2 days in the mountains without acces to my portfolio, but when I got home, I started losing some of the positives simply because I felt the need to trade… well I think it’s just more experience.
 
One of the things I have been doing (recently, and BTW I agree with your premise) I have bought 6-7 ICO’s I had an interest in - NOT IN BULK but just a few tokens to tuck away and watch in my ETH wallet.
My reasoning is, if I see it later in my ETH wallet I will remember to go back and research it. (30 Days+ or later) This is just me though, and when I mean small amount I am talking $5 to $20 USD/ETH in any given purchase to date.
My 1 Rule Breaker (being a Motley Fool) is I will purchase One RPX on September 10th. Which may far exceed my 5 to 20 limit.
:smile:
 
Thanks, I didn’t know about this upcoming NEO ICO… i Guess NEO is going to rise again just like ETH with the ICOs madness
 
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