The world of cryptocurrencies continues to experience new tourists on a daily basis. Daily, people hear about the near miraculous story of the rise of Bitcoin and how it has helped many people to reach the top. I know you are one of such people because you heard about the meteoric rise of Bitcoin and joined so as not to miss out: I know you are, because many people have told me the same. However, many people have been very disappointed because they got in at a period when the currency began to experience its bust (that is another word for decline). When a currency begins to experience its bust, many people become very unhappy because they joined at a point when the currency was at the peak of its boom.
So what do we do about this?
How do you insulate yourself from this fear of Missing out which is popularly known as FOMO?
That is the billion dollar, sorry, Bitcoin question that I want to help you answer.
Calm Your Excitement
This is the first tip that I want to drop with you. If you have ever had any experience in trading on stocks in Forex, then you will understand what I mean. In most instances, the stock which seems to be jumping higher at a very fast pace is not generally the one to target. This is why most investment experts tell people to always remove emotions from trading. When you are moved by emotions, you will never make gains and there is high probability that you will lose good money on the deal. So, when next you see a cryptocurrency making very fast gains, do not be quick to jump into investing in it. Make sure you do the following:
- Make a research on the history of the coin. Who are the team behind it and what is the vision and mission statement there. Make sure you check the Roadmap of the coin and also peruse the White paper.
Invest for the long term
This is the second tip that, I believe, should work against any form of FOMO that you may have. Most people enter into cryptocurrency investment with the hope of making it big at the shortest time ever. This hardly ever works because of the volatile nature of the market. Check out the charts of Litecoin in the past few weeks and you will see what I mean. It has dropped from 53 dollars to 35 dollars, yet it is predicted to rise to 200 dollars by next year.
In order to invest in any coin, think long-term. When you think long-term and invest in a coin that you have made sufficient research on, you will definitely be peaceful and assured that it would yield at the said time.
Consider this: Everyone who enjoyed the boom of Bitcoin had already thought in long term when they bought the coin. In this way, you are able to remove anxiety out of the way to focus on other things.
Let us see some of the coins that you can invest in the long term.
- There is Litecoin which is currently experiencing a downturn but has been predicted to rise to $200 within the next two to three years.
- Bitcoincash is also another strong currency which is aiming at breaking the $1000 dollar barrier in the near future if it continues on its current trend.
I know at this point that you are already thinking of making the investment just because I mentioned those words.
However, I want you to take a moment and pause because you will be entering into that FOMO mode.
Do not make any investment on those two coins until you make your personal research on the things I mentioned. Go to their website and check out the future Roadmap of the coin. Do not forget to check the white paper and make sure you take note of the team behind them. Get to know the big moves they are making currently and the mergers.
After you have sufficiently made your research and you are satisfied with going long-term, invest.
The Fear of Missing out can be a very terrible stuff if it is not well handled because you could lose everything you possess. However, take these points I have given you and then work with them while investing