Why Your Crypto FOMO is Complete BS!

What is FOMO?

It is simply the fear of missing out. FOMO is a costly practice especially in crypto currency trading and investments.

You could easily end up getting in after a gigantic parabolic spike, just to see it drop moments later, losing all your hard earned cash. My suggestion is to wait!

Take a deep breath and buy it at a discount! Do not make the same mistakes I did when I used to trade securities and loss a decent amount due to none other than FOMO!

Take a Deep Breath

Take a deep breath. Do deep breathing exercises or whatever it takes to increase your patience and discipline while eliminating your FOMO.

There will be other opportunities grasshopper! There will be pullbacks.

How to Breath:

1. (Breath in) count 1, 2, 3
2. (Hold) 1,2
3. (Breath out) 1, 2, 3, 4
4. Repeat 3 times

Next I will be discussing Dos that may help eradicate some of your crypto FOMO.

Dos: Long-term Crypto Investments

• Buy discounts based on proven price action and proven all-time highs.

• Risk to Reward ratio should be at least 2 to 1; preferably 5 to 1 for cryptos due to the big risk and the fact there are no real dividend payout like with stocks (unless you are a master node holder, which requires a large upfront investment)

• Wait for retracements. Preferably at 62% or below with a consistent up-trend when completely zoomed out. Preferably not less than 30 minute time frames for established currencies.

• Enter the trade when above criteria is true after (30 minute time frame) large red candle stick and where short-term moving average is below long-term moving average.

*As far as Bitcoin is concerned as of 11/17/17 a 62% (good) discount buy would be at roughly 3,158.14 or below. For long-term Bitcoin investment dollar-cost averaging would be the safest bet, however if you would like to put more skin in the game this is a good time to purchase larger quantities of the currency

Dos: Short-term Crypto Investments

• Buy at red candle sticks (30 minute time frame or below) where short term moving average is below monthly or long-term moving average.

• Only buy breakouts if you are experienced in doing so and have an extremely fast internet connection and understand Level II quotes. Buy at or just before the price where there appears to be a large quantity of buys.

Thanks for reading. I hope this will be beneficial to those starting out trading confused like I did.

*Keep in mind this is not to be seen as financial advise...entertainment only :wink: