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.

[1714951203]

1714951203

[1714951203]

1714951203

[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.