FOMO-Fear of missing out, this slang of crypto caught me very bad. I fell into this trap and now repenting how I did that. I have seen people falling into that and now i have experienced it too on my own. Own experiences teach the best.
Yesterday the morning was good. Not just good it was better than the other days because both of my holdings cardano (ada) and ziliqa (zil) were pumping slowly but steadily. I was happy and satisfied on seeing the green numbers on my portfolio.
Lots of other crypto is pumping like crazy. So fast and going straight. I was feeling like soon it would go out of the atmosphere and reach the moon. Maybe some are already at the moon and I thought of riding on that. Being greedy? Right! I was.
I was watching over cake going high and high just straight up to the mooooon. No pull backs shooting high.
Watching it from less than 1$ and making new All Time High day after day.
Watch this chart, the uptrend is so good January 22 the price was 0.75 cent and till yesterday it reached 8$+ isn’t it clear way to the moon? I fall for this fomo. I jumped into it at almost touching 8$. Yes, at this level I jumped into. And guess what it started falling.
Look at the chart it started to fall so hard that i was feeling that, "Did cake get its ride? Is it now going back to where it started?" Or that was just a dip, the correction it is needed to make. Panic seized over me and went to my bdc family and talked about this. There I got to learn many things as a new trader which I should bear in mind. Lets jump on those lessons.
Dada showed me a chart the same as the first chart I have attached. In January where it was told me to check, that was a parabolic chart and it will be good again in 60 cents. My heart was scattered into pieces on hearing that. But the reason behind this was that this kind of dips in a row will attract many new buyers to buy and the price will rise again. Nothing goes straight up and needs a correction. So did the cake. It was going straight and now having some corrections. That's the way how these work but I was seized with panic on seeing the falls just after I had bought them. Will that rise again? Hahaha. I hope so and they will.
No will be talking about the big mistakes I have made. To get into the fomo I have done some foolish activity for which I am feeling like slapping myself. I sold a huge portion of my cardano holding. Yes, I did that. Cardano was rising steadily and I did sell them to buy cakes. What harm cardano cost me? I am clueless. Maybe that was moving like a tortoise in comparison with the rabbit of cake. So I chose the rabbit and now it started to sleep. Even i sold some of my hive holding.
Rehan bhai came and told, " Don't switch between cryptos. Bad way to invest." Truly it is. I sold cardano and hive to switch into cake but look at them.Both of them are on an uptrend and I am biting my nails here. Maybe cake was moving faster and will be too but who knows what's coming with cardano and hive to the upcoming days.
Dada also says,"If you sell something; you don’t have it anymore" I sold a large portion of my cardano and hive holding. Well now if those move to 100x too i will be not able to celebrate that as i have sold those. I can't make an argument that I was holding these coins to give me some profits. Hahaha. If it happens that cardano reaches 10$ and then i won't be able to say that i had cardano, i sold them at a cheap rate. Because these won't make any sense or change on saying that. I won't be able to undo or get a penny from what I have already sold.
So in the end i want to say that i made some mistakes yesterday while trading it may cost me some loss but it did teach me some lessons too which I wouldn't be able to buy by money or anything. We can best learn from our mistakes and I am also taking it as such a lesson. The mistakes i have talked about here maybe i won't repeat that in the future or think twice before doing that. Yes that's the profit I am seeing on yesterday's trade and the rest will be seen in the coming days chart.
Screenshots are taken from the binance app.