GuruTalk- Crypto FUD & FOMO (July - September 2018)
Hello, Dear Bytecoin Enthusiasts!
There are going to be trillions of dollars going into the crypto market in the next 2-32months so let's not let our emotions get the best of us.
Many people will become rich & many people will lose their life savings;
many people will take profit & many more will withdraw at a loss.
Same event. Such different outcomes.
One of the main driving factors of price is emotion. Human emotion.
and since you have one, you are responsible for the way that it behaves.
Not a financial advice....just personal experience
Having said that, knowing what the forces against you are- will help you better maneuver through the obstacles.
There are two main general ways to 'feel':
FUD= Fear+ Uncertainty + Doubt
&
FOMO= Fear Of Missing Out
In short, the way that I go about FUD & FOMO:
FUD-
Fear- it all starts with fear. And the most common of all- the fear to lose your money.
If you at least have a good idea of the what you're getting into (market volatility, risk, overall speculative nature, etc) you wouldn't have to fear a thing, because you are in more familiar surroundings. That's why "Knowledge is Power"
The fear of losing what you have invested is completely understandable. You worked hard for your money.
Key is- perspective. If you consider those "funds" 'gone', or "gamble" money or even allowance- you should not be AS emotionally attached to the amount you have invested as if you were to invest this month's rent money.
ONE SHOULD ONLY INVEST WHAT THEY ARE WILLING TO LOSE COMPLETELY.##
Uncertainty- I hope everyone thinks things through before doing anything...especially when it comes to transfer of currency that they had to sacrifice their time to earn.
If you do your research on a topic and you feel like a project is worthy of your financial energy (money)
Doubt- In my opinion- sometimes it's good to have doubt. And some times -even NECESSARY!
One should always stay alert, do their due diligence (research), and take things with a grain of salt before taking ANYthing for a FACT.
Having said that, there is one way you can remove doubt...at least partially - RESEARCH!
YES! Research can make you a well rounded individual, that will be able to make proper financial, trade, and life decisions when the opportunity arises.
Now who's to say that only bearish trends can create CHAOS!!!!
When the price goes up, everyone and their momma starts Fear Of Missing Out.
They see the price jump 110% in 10 minutes, and they think that this will happen forever on out so they BUY BUY BUY. Then, while they go celebrate, price crashes and they "lose" 200%.
- You don't LOSE money UNLESS you SELL * (unless its Bitconnect o_0)
Things go up. Things go down. Understand the Pattern :)
It's not about jumping on a bandwagon....its about understanding the technology and following up with it. If you understand the works behind cryptocurrencies, and blockchain technology, you'd probably agree on the HUGE amount of innovation they are bringing to table globally and ALSO agree with John McAfee and what he says in his interview @ 27:03. (
But that's pretty much it, my friends!
I hope this helps you in at least seeing things through a different lens.. sometimes it might make all the difference :)
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