FOMO RX - Audio
I'm starting a new series today to help those that suffer from the FOMO Disease.
That's right....FOMO is a DISEASE.
Just like many other ailments that we suffer from, we have to learn how to TREAT the disease...as I'm afaid there IS NO CURE!
I hear people say "Just control your emotions". Easy said...but hard to do.
In my years trading, I know I suffer from FOMO (if you do too...this is meant for you)!
But I've developed a prescription to help ME manage my FOMO...maybe it will help you too.
I'm going to use the Crypto AUDIO for my example.
You can see on the attached chart that I have 3,250 tokens at an average price of $0.7621 with my last update on 6-13-22 (as denoted by the dotted horizontal line in green on the chart). I highly recommend that you put a level on your chart showing you how many tokens you have with the date when you last updated at your average price level. This really helps when scrolling through your charts to see when you may need to add to your position to keep it under the level you've chosen.
My approach is simple...I want to maintain my average cost under the 23.6% Fibonacci Retracement Level Line (you can choose any level you want), which in this example is at $0.9427.
This way, when price takes a major move down, I can take my time and if nexessary buy more tokens to ensure my average price stays under the level I've choosen based on my own personal risk tolerance.
Most everyone knows that over time, when bulls take over from the bears, the first Fibonacci retracement level that is hit is the 23.6% level, so at some point, I am almost guaranteed to make a profit on my investment.
Of course, that's making the assumption that a token doesn't go completely belly up...so make your choice of which asset to invest in carefully.
I have found that this gives me peace of mind, gives me a specific target for my average price on my position, and i'm not chasing price, only to have price fall back down and have no money left to invest at better prices.
I also have to purchase much less to keep my average price under the level I choose and have gotten to the point that I want price to fall lower so I can continue to bring my average cost down, knowing that when the bull market returns, I'm going to be profitable more quickly, with plenty of room to be much more profitable as price reaches higher levels.
Just for disclosure, this is not financial advice or a recommendation to purchase anything. Just sharing how I deal with my own FOMO Disease.
If you don't have a current position that's upside down, you can use this to decide when to enter new positions.
On one more note, I have drawn the Fibonacci channel from $0 to the All Time High for the most encompassing range instead of using the All Time Low for the bottom level of the range.
If this has been helpful to you...like this post and recommend it to a friend. Leave a comment if you have any questions.
That's right....FOMO is a DISEASE.
Just like many other ailments that we suffer from, we have to learn how to TREAT the disease...as I'm afaid there IS NO CURE!
I hear people say "Just control your emotions". Easy said...but hard to do.
In my years trading, I know I suffer from FOMO (if you do too...this is meant for you)!
But I've developed a prescription to help ME manage my FOMO...maybe it will help you too.
I'm going to use the Crypto AUDIO for my example.
You can see on the attached chart that I have 3,250 tokens at an average price of $0.7621 with my last update on 6-13-22 (as denoted by the dotted horizontal line in green on the chart). I highly recommend that you put a level on your chart showing you how many tokens you have with the date when you last updated at your average price level. This really helps when scrolling through your charts to see when you may need to add to your position to keep it under the level you've chosen.
My approach is simple...I want to maintain my average cost under the 23.6% Fibonacci Retracement Level Line (you can choose any level you want), which in this example is at $0.9427.
This way, when price takes a major move down, I can take my time and if nexessary buy more tokens to ensure my average price stays under the level I've choosen based on my own personal risk tolerance.
Most everyone knows that over time, when bulls take over from the bears, the first Fibonacci retracement level that is hit is the 23.6% level, so at some point, I am almost guaranteed to make a profit on my investment.
Of course, that's making the assumption that a token doesn't go completely belly up...so make your choice of which asset to invest in carefully.
I have found that this gives me peace of mind, gives me a specific target for my average price on my position, and i'm not chasing price, only to have price fall back down and have no money left to invest at better prices.
I also have to purchase much less to keep my average price under the level I choose and have gotten to the point that I want price to fall lower so I can continue to bring my average cost down, knowing that when the bull market returns, I'm going to be profitable more quickly, with plenty of room to be much more profitable as price reaches higher levels.
Just for disclosure, this is not financial advice or a recommendation to purchase anything. Just sharing how I deal with my own FOMO Disease.
If you don't have a current position that's upside down, you can use this to decide when to enter new positions.
On one more note, I have drawn the Fibonacci channel from $0 to the All Time High for the most encompassing range instead of using the All Time Low for the bottom level of the range.
If this has been helpful to you...like this post and recommend it to a friend. Leave a comment if you have any questions.
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