FOMO (fear of missing out) is a wretched thing. It happens too all of us, especially after making a lot of money in something and constantly entertaining the idea to gain more. This audaciousness harms us when we least expect it; especially when a huge market correction happens which is devastating for any long term investor, and makes it hard for us to stay confident. In my case, I made 10,000 USDT on Stratis, 1,800 on Nem, and 1,300 on Ethereum. If I pulled out of Crypto right at that time (I realize you can never sell the high and this is overly optimistic but only to show an example) I would have made $9,455.00 after taxes.
On June 7th, when I could've sold out and taken a huge profit (for a 15 year old). Instead I heard missing out on the treasures and profits of the Cryptocurrency market, and bought into 100,000 Siacoin and 60,000 Digibyte. I also bought 1,200 Steem. At first, I was rewarded and up about 2,000 dollars in all. However, as the bubble slowly popped and a market-wide correction began, I stayed in, constantly wanting more and more return from my holdings. Thats where I lost a lot of money. I finally couldn't take a profit at all and decided that after I lost about 60% of my initial market, I sold out on July 16th of all my holdings into USD.
I took away a few very valuable lessons that will help me later on in life and in the real stock market. Any trader would rather take a profit than loose over half of it. That is why only the real traders survivide because the others had FOMO and went bankrupt (just jokes might happen if you aren't careful) the point is, just because you see a 40% market jump in Monero, doesn't mean it will be 50% higher in a week from then. Take your money and run! the market of Bitcoin and crypto currency is a volatile and dangerous market, where one second you could be a millionaire and the other second you'll be unable to pay your property tax. Beware of the nearly inevitable fear of missing out!
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