The fear of missing out (FOMO) is the biggest problem for many traders. Yes, I have FOMOed before and got rekt for it. If you've never FOMOed before, let me know in the comments below.
One thing I've tried not to do is be reckless.
Here's what I mean by not being reckless. Consider the experience of Gab.
Gab has been in crypto for years. But he never made any reasonable money. With the rise of analysts such as Lookonchain, Gab could see how much money people make every day trading meme coins.
His friend, who got into crypto recently, made over $300,000 from PEPE and BOB alone. At this point, Gab couldn't take it any longer. He wanted to try out meme coins.
His wife warned him not to do it, saying that she wasn't complaining about finances. Gab didn't listen. Two weeks later, family savings were gone. He gambled them away on meme coins.
As you can imagine, his wife now sees him as a reckless and irresponsible man. Can you blame her?
💡The lesson is this: Don't FOMO. If you must invest, do so with what you can afford to lose. It looks so easy to imagine that you can "make it" with one trade. But it is even easier to lose it all. BE guided!
For every person who makes a 100x, there are a hundred others who lose it all.
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