FOMO In Crypto/forex, Is Very Dangerous.
FOMO: simply means Fear Of Missing Out.
In Crypto/forex getting emotional why trading, can cripple you trading account, some trader's when we see a coin pumping or rallying up, they just jump in which is not advisable.
Because one of two things will happen either price continues going up, which is good for you or price dump's on you which is very bad, mostly if you're trading Futures for crypto or in forex when buy at a very high price and the FX pair starts selling off.
Image by Claudia Wolff
I learnt the hard way that you don't chase price, you have to let price come to you.
For example: Solana was rallying up recently, it even hit two(2) ATH in one day, so many people FOMO bought, imagine you bought SOL at $216, then it pulled back to $167. If you don't have patience you might already sold at loss already.
Stay away from FOMO trading, it mostly doesn't end well, So if you see that you missed out on a trade.
There are two(2) things you can do, either wait for price to pull back then you buy a discount price or you let it go and look for another coin to buy.
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