Don't FOMO in if you don't have what it takes - PATIENCE!

[Stedsm]

One of my friends bought BTC when it reached $13.5k (yes, he FOMO'd in at very high rate).

After that, BTC crossed $13950 and almost reached $14k (though it didn't touch there) and that was his target but missed by some bucks.

And here comes the dump which shot down BTC to $9800 (yesterday) and he just lost his patience and sold off everything (what a chaotic loss of more than 30%) and it was actually predicted - https://www.ccn.com/opinion/day-trader-warns-of-impending-40-bitcoin-price-drop/2019/06/28/

I told him about this and asked him to wait but he sold off everything without letting me know. Now, he's regretting for his wrong decisions. I'd suggest you to think at least 10 times before investing because if you don't have the appetite to hold on during your losses, trust me you don't deserve a f**k in profits. Patience is the key and it pays off, it is actually paying off those who bought during 2017-18 highs but held their investments without touching it.

[1713944422]

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[1713944422]

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[avikz]

Correctly said! FOMO has made a lot of people bankrupt in 2018 who had bought at the peak of the price! A few of my ex-colleagues bought bitcoin in late 2017s using their credit card because some self-proclaimed investment guru has told them to do so! Now they are all neck-deep in huge debt. Credit cards in my country charges 48% annual interest in most cases so you will understand how much extra they are shelling out of their own pocket. Some have even took personal loan at lesser rate of interest to pay the credit card debt. And the saddest part is that, they have sold all their holding in mid 2018 when the price was at 3500 approx. All are pretty badly fucked up due to lack of their patience while patience and persistence is the key in crypto market when you are HODLing.

[Slow death]

When people buy bitcoin or even when they buy altcoin they should have a plan, they should know that they will sell at point X with profit and they should know that they can sell at point Z with losses in case of a big fall. By doing this the person is already prepared psychologically for anything that happens

in 2018 who had bought at the peak of the price!

nobody could know that $19,000 was a very high price and that the price would fall to $3300. Many people made forecasts of $ 30,000 to $40,000. but no one wondered where so much demand come from for the price to be in the $19000... maybe the ICOs were the one responsible for the price increase

[Stedsm]

Correctly said! FOMO has made a lot of people bankrupt in 2018 who had bought at the peak of the price! A few of my ex-colleagues bought bitcoin in late 2017s using their credit card because some self-proclaimed investment guru has told them to do so! Now they are all neck-deep in huge debt. Credit cards in my country charges 48% annual interest in most cases so you will understand how much extra they are shelling out of their own pocket.

That's pretty irresponsible if you ask me!
Anyone, and I warn you all, everyone of you should tie a knot that you should never, ever take credits (or debts) to invest in crypto or any other asset which takes investments because things are uncertain and once it goes against you, you may lose other's money and managing it back may cost you a lifetime which none of you would want, right? So invest your money only that you own yourself, that you can call to be yourself and that you can afford to lose.

Some have even took personal loan at lesser rate of interest to pay the credit card debt.

This is even worst, because trying to repay a loan through an extra debt (we know as debt refinance) is like taking a dip in the swimming pool when you're counting on your last breathe and you don't even know swimming.

And the saddest part is that, they have sold all their holding in mid 2018 when the price was at 3500 approx. All are pretty badly fucked up due to lack of their patience while patience and persistence is the key in crypto market when you are HODLing.

They probably had the worst luck then.

[leowonderful]

I've never had good results when FOMOing; most of my successful trades happen as a result of good planning and limit orders being filled on Bitmex (where I mainly trade) so I get a maker rebate on fees. If you're FOMOing into a trade there's a high chance your emotions are taking priority over your actual decisionmaking, and thus there's also a high chance you could be entering a bad trade.

You should also try to not be using round numbers as targets, as I find wicks often don't hit round numbers like 1400 or 1200 but rather a bit below. I often set my targets maybe 10-20 or more below what I want as my actual target, and this has saved me many times in the past

[arpon11]

One of my friends bought BTC when it reached $13.5k (yes, he FOMO'd in at very high rate).

After that, BTC crossed $13950 and almost reached $14k (though it didn't touch there) and that was his target but missed by some bucks.

And here comes the dump which shot down BTC to $9800 (yesterday) and he just lost his patience and sold off everything (what a chaotic loss of more than 30%) and it was actually predicted - https://www.ccn.com/opinion/day-trader-warns-of-impending-40-bitcoin-price-drop/2019/06/28/

I told him about this and asked him to wait but he sold off everything without letting me know. Now, he's regretting for his wrong decisions. I'd suggest you to think at least 10 times before investing because if you don't have the appetite to hold on during your losses, trust me you don't deserve a f**k in profits. Patience is the key and it pays off, it is actually paying off those who bought during 2017-18 highs but held their investments without touching it.

It is hard to say this: Investments that will make you rich will scare or flighten you first and patience is the solution for that. Most time when I bought into coins I find out that the market will begin to go against my position but if I hold on a little it will start to go in my favor. I have concluded in my mind that investing  in Bitcoin at any price now is still worthwhile and good investment's decision and what I need is to be patient enough for the market to get to my opening position and from there pick up. Remember that some people bought Bitcoin at $20,000 in December 2017 and are still holding and if they can be patient enough, I do believe that a day will come that those people will be selling their Bitcoin at $100,000 or even $200,000. " Patience is the key to successful trading".

[Lanatsa]

~snip~

We feel sorry for these kind of situations specially it do happen to our beloved friends but well they have realized on the things they had committed and as we all know that
experience is the best teacher and for sure he would be aware on next time.Losing money on investing due to emotion is inevitable but we do eventually learn after that.

[exstasie]

Buy high, sell low. It's the sucker's way!

FOMO'ing and panic selling is an inevitable part of the journey for any trader or investor. Understanding your own emotions and market psychology isn't something you can learn from books or trading tutorials. Making a few bad mistakes and applying that experience to your future strategy is all part of "paying tuition."

I hope he takes this as a lesson learned. One should always have an exit plan that minimizes losses.

[yvesp110]

~snip~

We feel sorry for these kind of situations specially it do happen to our beloved friends but well they have realized on the things they had committed and as we all know that
experience is the best teacher and for sure he would be aware on next time.Losing money on investing due to emotion is inevitable but we do eventually learn after that.

Well normally it is nothing else but FOMO that introduce newbies to the crypto world. You see people around you going crazy with the super profits they make with their Bitcoins and you put in your money to make some bucks as well. This might have two outputs. You might lose your money upon a crash the next day. Secondly, you might gain value and if your initial cost is low, good luck with the million!

[harizen]

Being struck up in FOMO is a usual thing. It's just that, people must learn how to deal on it.

About OP's story, definitely, his friend can't handle the stress seeing the price went dip without realizing that waiting a bit more (patience) is worth to put a shot. We can't just expect that the wind will turn on the way we want every time. Looks like OP's friend didn't do much of the homework before putting a decent amount of money in crypto. Hope lesson learned from that.

People should analyze how much is their risks management because engaging in the crypto market. Trading or just a simple hodling of BTC is not a joke and we aren't playing kids game here. It needs a serious approach.

[Oceat]

Sometimes people will never gonna learn unless they have to listen to someone who knows what's best for them. But one thing is for sure that they will gonna do is they learned what is their fault and that is the greatest teacher to us. It may be too late to regret after what he's done but at least he should take it as a lesson to move forward and don't stop believing that it is just a test of his patience.

[silversurfer1958]

One of my friends bought BTC when it reached $13.5k (yes, he FOMO'd in at very high rate).

After that, BTC crossed $13950 and almost reached $14k (though it didn't touch there) and that was his target but missed by some bucks.

And here comes the dump which shot down BTC to $9800 (yesterday) and he just lost his patience and sold off everything (what a chaotic loss of more than 30%) and it was actually predicted - https://www.ccn.com/opinion/day-trader-warns-of-impending-40-bitcoin-price-drop/2019/06/28/

I told him about this and asked him to wait but he sold off everything without letting me know. Now, he's regretting for his wrong decisions. I'd suggest you to think at least 10 times before investing because if you don't have the appetite to hold on during your losses, trust me you don't deserve a f**k in profits. Patience is the key and it pays off, it is actually paying off those who bought during 2017-18 highs but held their investments without touching it.

Anyone who has had their failed investments. Don't worry too much about him, after failing, he will get the experience he needs and then he will become richer in the future.
I have also bought at high prices and sold at low prices many times.
My experience is, don't follow the crowd, go against them and wait for the opportunity to go against their point of view. We always get profit.

[avikz]

When people buy bitcoin or even when they buy altcoin they should have a plan, they should know that they will sell at point X with profit and they should know that they can sell at point Z with losses in case of a big fall. By doing this the person is already prepared psychologically for anything that happens

in 2018 who had bought at the peak of the price!

nobody could know that $19,000 was a very high price and that the price would fall to $3300. Many people made forecasts of $ 30,000 to $40,000. but no one wondered where so much demand come from for the price to be in the $19000... maybe the ICOs were the one responsible for the price increase

I don't know if ICOs were the one responsible for that price increase but a lot of people were also tricked others to invest in this market while taking away fat commissions.

I remember one facebook post from one of my businessman friends that time. He wrote - "Ventured into something incredible today. #bitcoin". The price was at the peak that time!

The problem is that a lot of people invested in bitcoin without even knowing what it is! They thought when others are making money, why can't we! There was no love for bitcoin, rather only greed for money! That's a very wrong approach I must say!

[perone]

So what do you think guys? what BTC will do next? what to expect from it?

[Questat]

Regret only come after you make a wrong decision and you can never tell if it's a wrong decision until it happen.
You suggested and you did your part, but being the one who owns bitcoin, we make a decision, it's just that his analysis is wrong that's why he loss and regretted his action.

However, we really can't assure anything, all we have to do is just do our best to analyze before making a decision as if the price would have dump lower, he could be a little happy now has he cut loses correctly, in short market is unpredictable and we are all playing a big guessing game.

[guoyu78]

One of my friends bought BTC when it reached $13.5k (yes, he FOMO'd in at very high rate).

After that, BTC crossed $13950 and almost reached $14k (though it didn't touch there) and that was his target but missed by some bucks.

And here comes the dump which shot down BTC to $9800 (yesterday) and he just lost his patience and sold off everything (what a chaotic loss of more than 30%) and it was actually predicted - https://www.ccn.com/opinion/day-trader-warns-of-impending-40-bitcoin-price-drop/2019/06/28/

I told him about this and asked him to wait but he sold off everything without letting me know. Now, he's regretting for his wrong decisions. I'd suggest you to think at least 10 times before investing because if you don't have the appetite to hold on during your losses, trust me you don't deserve a f**k in profits. Patience is the key and it pays off, it is actually paying off those who bought during 2017-18 highs but held their investments without touching it.

You made me laugh my ass out, you narrated this as if I had told you exactly what happened to me too, I placed a buy order at exactly $13800 and my target was to take profit around $15k, but to my greatest surprise, the retracement happen too suddenly, but I never worried, because I know we will be back there, and probably this is what makes me different from your friend, and it is sad that he already lost.

Anyway, I dint think it is still too late, he can still buy whatever amount left from what he sold, but will have to wait for the value to reach close to $18 before he can regain that complete $13500 back. It is not so easy bro not to panic sometimes, knowing that we have whales in the market, but sometimes, we just have to give little chance to hope.

[jrrsparkles]

One of my friends bought BTC when it reached $13.5k (yes, he FOMO'd in at very high rate).

After that, BTC crossed $13950 and almost reached $14k (though it didn't touch there) and that was his target but missed by some bucks.

And here comes the dump which shot down BTC to $9800 (yesterday) and he just lost his patience and sold off everything (what a chaotic loss of more than 30%) and it was actually predicted - https://www.ccn.com/opinion/day-trader-warns-of-impending-40-bitcoin-price-drop/2019/06/28/

I told him about this and asked him to wait but he sold off everything without letting me know. Now, he's regretting for his wrong decisions. I'd suggest you to think at least 10 times before investing because if you don't have the appetite to hold on during your losses, trust me you don't deserve a f**k in profits. Patience is the key and it pays off, it is actually paying off those who bought during 2017-18 highs but held their investments without touching it.

There are many people like these who came into market at its peak and selling at the bottom most prices without even realizing what will be the consequences then they blame that bitcoin is bad to invest and we are going to loss.

Patience is imporant to succeed not only in crypto,this can be applied to any kind of business.

[joshy23]

Sometimes people will never gonna learn unless they have to listen to someone who knows what's best for them. But one thing is for sure that they will gonna do is they learned what is their fault and that is the greatest teacher to us. It may be too late to regret after what he's done but at least he should take it as a lesson to move forward and don't stop believing that it is just a test of his patience.

Patience can be extent when you have a good understanding of what you are doing, dealing with fomo's and working with it to favor your investment needs a lots of work to be accomplished, learned from the previous outcome to avoid huge failures and to attained bigger success.

[sheenshane]

If you had bought 1 bitcoin at $13k price in the market it is still the same quantity that you've got nothing had a loss at you but the value was changed and it is dumped. OP's friend had nothing to do with it just patiently wait until the profit was there. Unless, if they can't wait and cut losses that they had.

It really hard to invest and jump in on FOMO situation, that's why if someone asking me about the bitcoin investment I will explain them well how bitcoin it works about pump and dump situation. Because I didn't want them to blame me eventually and regret the failure happens.

[Herbert2020]

i wouldn't call that lack of patience because it is more like lack of understanding and plans.

the problem with people who panic sell bitcoin is that they had no plans before they bought, they instead had dreams and illusions which they wanted to come true (something along the lines of getting rich over night) and as soon as they don't see those dreams any closer they start panicking and acting irrationally.
and since they have no experience with the market and have no understanding of what bitcoin is to know its potential, they can not make good decisions and end up panic selling.

you see, patience doens't come naturally. asking for patience from these people is like asking to have blind faith in something they don't even see.

[lienfaye]

Its a usual mistake of traders who cant stand seeing the price declining and to prevent further loses they tend to sell due to lack of patience.

We dont know how the market behave, the situation that seems heading to bull run and makes others convinced that we are already in that path forget how volatile the market. Fomo is inevitable for people lacking of knowledge about crypto. Thats why its important to know how things flow here to become prepared of the outcome.

[leea-1334]

One of my friends bought BTC when it reached $13.5k (yes, he FOMO'd in at very high rate).

After that, BTC crossed $13950 and almost reached $14k (though it didn't touch there) and that was his target but missed by some bucks.

And here comes the dump which shot down BTC to $9800 (yesterday) and he just lost his patience and sold off everything (what a chaotic loss of more than 30%) and it was actually predicted - https://www.ccn.com/opinion/day-trader-warns-of-impending-40-bitcoin-price-drop/2019/06/28/

I told him about this and asked him to wait but he sold off everything without letting me know. Now, he's regretting for his wrong decisions. I'd suggest you to think at least 10 times before investing because if you don't have the appetite to hold on during your losses, trust me you don't deserve a f**k in profits. Patience is the key and it pays off, it is actually paying off those who bought during 2017-18 highs but held their investments without touching it.

That is really bad luck actually, not to reach a target by a few dollars,,, but that was quite a Fomo to go in and buy right as the spike happen. I understand if it was a stop order that triggered but anyway, who can say they are a trader unless they have made such a rash mistake right? And for your friend, two mistakes so quickly around each other. He must have a lot of money to just make such quick decisions and lost 30% in just a few days.

[Oilacris]

Buy high, sell low. It's the sucker's way!

FOMO'ing and panic selling is an inevitable part of the journey for any trader or investor. Understanding your own emotions and market psychology isn't something you can learn from books or trading tutorials. Making a few bad mistakes and applying that experience to your future strategy is all part of "paying tuition."

I hope he takes this as a lesson learned. One should always have an exit plan that minimizes losses.

Common mistake for most people on having this kind of selling and buying way.Buy High Sell low but I'm pretty

sure that each trader do experience this stuff when they are still newbie and after that we do eventually learn.
Patience is an important thing yet if you cant handle such situation specially into this very speculative market
then most of the time you will surely lose.

[gantez]

All are pretty badly fucked up due to lack of their patience while patience and persistence is the key in crypto market when you are HODLing.

When patience is called upon as to bitcoin hodling, I support it. For your friends, they are really fucked on this. Maybe you didn't give them a good encouragement to hodl on for bitcoin.

But on the other side, a new project in the market that keeps dropping, I won't keep being patient but to drop and I won't regret dropping it when price come up again because I have had a negative experience on it in the past.

[EdenHazard]

Your friend has bought bitcoin at the high price, why don't you suggest to bought it at a lower price like maybe $10,000 or even $9000? The movement price of bitcoin has gave an excessive FOMO when its price start to increased. However, there is a lot of risk if we buy bitcoin when our mind fully buy FOMO situation. When don't a healthy mind to decide buy at the lower and sell at the high price. We just have the price of bitcoin will touch a high price and I'll wait until the price reach it but I'll be panic when its price start to decrease because I have felt that situation at 2018 ago so I'll sell it although I got a loss. Maybe these situation can be felt by other people also.

[exstasie]

So what do you think guys? what BTC will do next? what to expect from it?

Time to pay attention. We have another potential failure similar to June 28th. If we drop straight through the previous flag (low $11,000s) then we will see panic selling. If on the other hand we bounce here, then we need to wait and see.

A quick recovery to $11,700 would strongly indicate a bear trap to me. Otherwise, the daily chart is still indicating a short term downtrend that is yet to be broken. Until proven otherwise, it remains a downtrend.

[Duzter]

Crypto market without price fluctuation is impossible, and to survive in this market we need to prepare ourselves and keep ourselves updated with the better knowledge about the market. At times the market fluctuation happens in large scale, people easily fall for it. Overcoming the same is a must and the same can be achieved through having patience. Whenever the market experience unusual price fluctuation suddenly people fear of missing the opportunity to sell at an increased price and the go for it.

[crwth]

I have experienced that so many times, I guess it's more than my fingers. Too many to count lol. But after sometime, you will realize that it's going to be okay and you would know that you could probably be better if you were patient. Yes, that's true but what if it goes lower? Would you still try and hold to something that's hurting you. I could think of two things that could make or break yourself. It's either you choose to hold on and make more losses, or stop loss and find a better trade? Which would you choose?

• Would it make you feel better if you have prevented losses? (Of course)
• Would you regret if you hadn't followed your stop loss? (Definitely)

I think the fact that we are trading here is that we try to bet on something that could probably let you gain some money, that's if you are correct. This forever dilemma would be hard to answer unless you follow a strict discipline that could help you in the long run. I think that's the best way to tackle this, be disciplined.

[LogitechMouse]

One of my friends bought BTC when it reached $13.5k (yes, he FOMO'd in at very high rate).

After that, BTC crossed $13950 and almost reached $14k (though it didn't touch there) and that was his target but missed by some bucks.

And here comes the dump which shot down BTC to $9800 (yesterday) and he just lost his patience and sold off everything (what a chaotic loss of more than 30%) and it was actually predicted - https://www.ccn.com/opinion/day-trader-warns-of-impending-40-bitcoin-price-drop/2019/06/28/

I told him about this and asked him to wait but he sold off everything without letting me know. Now, he's regretting for his wrong decisions. I'd suggest you to think at least 10 times before investing because if you don't have the appetite to hold on during your losses, trust me you don't deserve a f**k in profits. Patience is the key and it pays off, it is actually paying off those who bought during 2017-18 highs but held their investments without touching it.

Well, your friend doesn't have any patience and that is his fault.

I think your friend doesn't know how to do TA. If he doesn't know then he must watch some youtube videos that is sharing their analysis. I have watched some of them that is why I know that a correction will happen anytime. Your friend now learned a lesson at least. He knows what he will do next time he invests his money again.

[justdimin]

There are tons of people like this, I have met with someone who literally sold NANO when nano was under 1 dollars and right now its not way higher than that but its at least a bit above but the idea is that why would you sell something you lost 80%+ value of ? I mean isn't it obvious that you will probably make at least some of it back.

Look maybe you won't profit from it, maybe you will have to wait a lot or at the very least maybe you will lose a bit, but nothing in the world would make me sell at 80%+ loss unless I have to pay something urgent and I have no other money left. That is why I keep seeing these type of people who sell when they are down because they can't wait and think it will go down further and I just feel very sorry for them, I have a friend who has been keeping his SYS for over a year and he hasn't sold, I respect him a lot.

[Stedsm]

Buy high, sell low. It's the sucker's way!

FOMO'ing and panic selling is an inevitable part of the journey for any trader or investor. Understanding your own emotions and market psychology isn't something you can learn from books or trading tutorials. Making a few bad mistakes and applying that experience to your future strategy is all part of "paying tuition."

I hope he takes this as a lesson learned. One should always have an exit plan that minimizes losses.

At least he maintained to get out with a 30% loss that was his own money while he put the remaining 70% money he took from his Dad. He just repaid his Dad by redeeming all that he had in BTC when the fall took place. But what remains is regret and the psychology remains the same that nobody else can actually give any suggestions to these kinda people because they're too impatient to even listen to us or anybody who goes to them and ask them to wait. Some people even sell in helplessness due to need of Fiat (local currency) on hands, which is why it's said that hodling is not an act of the impatient and needy ones and the needy I'm talking about here are those who either live entirely on BTC earnings / profits / hodlings or (like I said) helplessness.

[Japinat]

People got FOMOd but it doesn't mean they loss, he bought BTC which is a legit coin and has a great potential in the future, as long as he hold and don't panic, he will never loss money on it as we know bitcoin can rise over time and one can also sell with a profit especially at this stage which is still early.

Your friend got panic and have a regret now but I hope because of that big mistake he will not stop his journey in crypto as all of us makes mistakes, what matters is we learn from it. We can set our mindset that crypto trading is for long term as bitcoin is here to stay, even longer than our stay in this world.

[0zero0]

That's really sad of him. We definitely need patience in crypto. Your friend has done a terrible mistake of buying AND selling at a wrong time.
It's obvious that the market was playing against him. This is a solid proof here that one should be calm and patient while trading in crypto.

[el kaka22]

This is not just like this in bitcoin world, its like this everywhere around the world in every investment ever. I remember my mother buying gold and collecting it for future emergency. She was that kind of woman, my father would leave her some money for home expenses like food and what not we would need and she would try to spend as little as possible and saved the rest to go buy some gold and put it aside.

After over a year of saving she one day saw gold going down and sold all of them, how could someone believe gold going down would be like "its going to zero", I kind of understand ignorant people doing the same on bitcoin because they don't know what bitcoin is but how could my mom managed to think gold is going even further down and sold it, I will never know. Of course right now its A WHOLE lot more than those days if she kept it.

[darewaller]

Well, the mere fact that he FOMOed in at $13,500, he was already up to something crazy sooner or later. You should have given him a lot of warnings by the time he entered at very bullish points. That was a red flag already, an indication that he was simply not ready to face the mind-boggling rise and fall of BTC. And true enough, here comes the hard correction, the emotional went into a breakdown. 

Another thing I would also advise is for people not to jump into anything they are also not familiar with, if the case was that of 2017, I honestly would not have blamed him for buying at $13500 out of FOMO, because when the last bull run of 2017 started at $7000, it did not give much opportunity for correction, and that was how it continued surging for good seven week, but this time around, if he was already familiar with the way the market has been moving ever since the beginning of this year uptrend, he would have understood that the price was already approaching correction stage which would have been the wrongest time for him to make an entry then, imagine price shooting from 9K to 13.8k without correction, anyone familiar would have known that correction was imminent.

[Stedsm]

There's another lesson learned right there. Borrowing money to invest makes for great pain and emotional anguish when the investment goes underwater. It creates additional pressure to sell when holding may actually be the correct move. Margin trading works the same way. It squeezes people into realizing losses because the losses are amplified by the need to repay debt from the investment capital.

True, now he's totally into regret and finding himself in a situation where he thinks he can come up with more investment by managing it from the same entity (his dad) or others (credit from friends) and he thinks that asking for some extra time with the same interest rate would save him from taking distasteful decisions. Coming up with more capital to gain on a few % during this market when BTC is already this high at $12000, should he consider buying? I even asked him to go to a legal advisor or a counselor who can help him change his mind, but he wants to play out again with his old money that he collected as well as wants to borrow more and get in for a big game but is it really worth it? Taking more credits to justify his previous (or I must say PRESENT) losses and try to recover it back is fine?

According to my understanding, the chance was there when BTC fell down 30% actually as he must've bought more instead of selling just to cut his losses, and have made extra profit on his investment when he knew he could manage and borrow some extra money and time from others now, no? I even asked him during the fall to wait for the right opportunity to sell a bit higher (as the next day BTC was >$11800 again) and also put another option in front of him by telling him to see if he could trade some at lower leverage over Bitmex from that point but he was so scared, his fear killed his patience and the panic pressure made him take that decision with a frustrated mind.

[maxreish]

Image source

Buy high, sell low. It's the sucker's way!

FOMO'ing and panic selling is an inevitable part of the journey for any trader or investor. Understanding your own emotions and market psychology isn't something you can learn from books or trading tutorials. Making a few bad mistakes and applying that experience to your future strategy is all part of "paying tuition."

I hope he takes this as a lesson learned. One should always have an exit plan that minimizes losses.

Lol, true. Regret is always a feeling whenever we sold our btc at low price. The moment that FOMO entered the market, what we need to do is to go on the other way around and do not participate in the hype. When i was a newbie in crypto trading, I always FOMO and it brings no good in my tradings. Your friend actually followed the wrong trend. A lesson not only for him but to all of us here that following trend is not healthy.

A true scenario is that when Bitcoin's price are dropping from $10,500 down to $9,000 they sell it right away without thinking that it may actually pumped high in the next few days to $14k-$20k. They fell from FOMO thing.

[Stedsm]

Image source

Your image truly defines a trader's psychology based on which he enacts and loses more (even everything) than winning due to emotions and mental stress. Those who trade calmly are the ones who don't give a damn as they know how and when to trade (with how much leverage if it's a margin trade) are the ones listed in 5% of the world's most successful traders and the other type of traders are these who just FOMO in and sell immediately once they see a crash - this is called rush (or I'd say rash) trading which will never take you to your goal and these traders are the remaining 95% who always cry for their unsuccessful trades.

Always remember don't ride the hype and don't be greedy when taking profits. It's the problem for most traders that's why they get rekt. They just buy when they see an increase, they don't when its dipping. In terms of selling they don't set a target price and expect for it to moon.

The major problem for them is to understand and know the entry and exit points and patience is the key to hodl. They just want to get rich overnight but such people end up their capital fired away.

Get ready for a major altcoin season.

A bit off-topic, sorry to say but your dreams will be dreams this time as the alts will die slowly once BTC starts to gain speed towards higher values. The reason behind this is - too many altcoins there which have no use case and don't even deserve to be listed on exchanges but are still there, they're already valued high based on USD values so they'll probably be kept there and decrease in BTC values as of now.

[Harlot]

Even if you have the patience to wait for holding an asset that is now priced below on what you have bought it I still don't recommend on trying to catch up on an asset that is now moving up. You really don't have much any kind of play left, you either hope that it sill comes up or wait for it to come up when it has corrected. Still the best entry is when no one is interested but us people who believe in it and accumulate in the process. Sad to see your friend caught up in a bad move but I hope he will learn from his mistakes this time.

[Viscore]

Always remember don't ride the hype and don't be greedy when taking profits. It's the problem for most traders that's why they get rekt. They just buy when they see an increase, they don't when its dipping. In terms of selling they don't set a target price and expect for it to moon.

stay focused on the support area to buy. don't take the rally to buy. we have to wait patiently for price correction. and like now, it's time we look for the best price to buy. it looks like the price decline will continue

With the current price at the market, i still think that if you want to sell them at the moment, you will still gain profits. But holding your coins even more will also mean bigger profits to gain once a very good price hits the market. Just keep your patience so you won't make negative decisions and regret in the end.

[xSkylarx]

Patience is always the key when investing. If you FOMO in there is a high chance you'll just lose money. Wait for the right time when investing and control your emotion. Market won't go up forever and eventually it will go down. If you fomo in you'll be forced to make it long term investment to not lose money.

[MonsterV]

Buy high, sell low. It's the sucker's way!

FOMO'ing and panic selling is an inevitable part of the journey for any trader or investor. Understanding your own emotions and market psychology isn't something you can learn from books or trading tutorials. Making a few bad mistakes and applying that experience to your future strategy is all part of "paying tuition."

I hope he takes this as a lesson learned. One should always have an exit plan that minimizes losses.

I'm sure the OP friends also don't have an understanding in trading, sometimes we don't even realize that we are driving a FOMO. When I was a victim of FOMO, I was always patient even though sometimes it was annoying to know that I was the victim. I only remind anyone, trade in our own way, because even if we lose we will be satisfied with our actions, moreover also enhance our trading experience.

[Stedsm]

Patience is always the key when investing. If you FOMO in there is a high chance you'll just lose money. Wait for the right time when investing and control your emotion. Market won't go up forever and eventually it will go down. If you fomo in you'll be forced to make it long term investment to not lose money.

Yeah, it's actually called the sportsmanship spirit kinda feeling we need to keep with Bitcoin investments. That's because, those who bought at $20k are still holding (I'm talking about retail investors) whereas weak hands have sold off theirs. This shows that they believe in the future of BTC and are waiting for the right time. It is true that there will be a loser for every winner and there needs to be one, because without a loser how can there be a winner? You can't sell if nobody is buying and if people are buying it, it means the hype is working out so just chill and let it work - this is all I told him the last moment when he wanted to hodl deeply but sold (obviously, without asking me) and even I didn't get a feeling that he's going to commit suicidal mistake towards his capital while trying to tabulate things to a better level but actually ruined it for himself (at least saved his Dad's money).

He committed a mistake? He became a loser and it was his choice to be one. He didn't wait.
I salute to those who didn't sell a cent worth of BTC during the doom of 2018-19, a bigger salute to those who had the chance to get on the train very early during 2009-10 and are still one of the early hodlers. They're the definition of patience and motivate us to follow them and hodl at least till it reaches back our purchase value.