It’s normal to feel stressed that you didn’t purchase Bitcoin yet (or sold too early). . .But, don’t even allow the Fear of Missing Out on Bitcoin cloud your decision.
TIP: FOMO = Fear of Missing Out.
If you didn’t purchase Bitcoin on the dip at $5.5k because it was too expensive, and you didn’t purchase at $9.5k since it had been overly pricey, does it really make sense to purchase in $14k later the setup we’ve found in the previous fourteen days?!
Or, in case you’re attempting to sell up until now, does it really make sense to currently re invest your entire heap of fiats here now?!
Maybe. That reply to all those questions may be. But you shouldn’t make choices like that based on emotion.
In other words, you might want to purchase Bitcoin at any cost and put the idea that a given cost is too expensive or you sold too soon aside, but you should not make those choices emotionally based on a Fear of Missing Out (FOMO).
Instead, come up with a scheme for averaging into Bitcoin (for example: invest 2% of the 4% of your investable funds you set aside for Bitcoin every week at the best cost you can find, or something like that). This will allow you to obtain a better cost if the cost goes down, and will allow you to purchase into the gains if the cost keeps going up.
Every time someone buys at the top, of any stock, it is generally in part due to this feeling that they better obtain on the train before it speeds off without them. When you make rash choices based on fear, it’s a gamble. When you gamble, especially with a big bet, and then you immediately fall on your face, it feels awful!
If however you start averaging in right at the top, then you become that lucky person who can go on averaging into the dip, and ideally into the recovery. When you do a scheme like this, it makes it so you are OK regardless of where the cost goes.
Point being, Bitcoin can be a great investment, but there is a real chance that we’ll see a correction soon after this epic run. Is that correction 10%, 20%, 80%? Who knows. Does it just keep going without a correction. For sure it might.
Since you don’t understand, don’t go putting it all on red. Buy in at $14k with a smile on your face, but be ready for what comes next. If you take an average position over time, and you don’t ordinary in together with your own life savings, then you’ll truly feel that the delight of climbing Bitcoin without feeling the sting of sorrow predicated on rash conclusions left fueled by the fear of falling out.
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