Fear of missing out

This is a discussion on Fear of missing out within the Cryptocurrencies forums, part of the Markets category; Anyone else experiencing this right now? I never paid any attention to Bitcoin etc because I never understood it (and ...

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Old Nov 27, 2017, 1:57pm   #1
Joined Sep 2010
Fear of missing out

Anyone else experiencing this right now? I never paid any attention to Bitcoin etc because I never understood it (and still don't) but it's interesting how all of a sudden it's something I feel I want to get involved in. I keep reading about people who bought it years ago and are retiring, people who bought it a few weeks ago and are making a killing and even someone on here suggested to buy it now so they can retire next week. Bitcoin is certainly getting pumped to the maximum right now.
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Old Nov 27, 2017, 2:00pm   #2
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bubble bubble bubble

at the end of the day the realisation will hit much like the 2000 .com boom that it is actually worthless and subject to being hacked without any guarantees
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Old Nov 27, 2017, 2:06pm   #3
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brewski1984 started this thread Aren't there ways to store it offline though? I don't understand it properly to be honest.

The only thing that makes me feel better is the fact that in the long run it's almost a guarantee that all these people will lose their money. Maybe they will give it the biggun blagging about paper profits for a while or even cash out and make thousands but I'm sure they will just lose it all again trying to win big again on something else... sometimes winning is the worst thing that can happen.
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Old Nov 27, 2017, 2:20pm   #4
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Bubble's are a fine way to make money quickly BUT they go pop even quicker.

The other thing is each one's a complete one-off. What are you going to do next year?
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Old Nov 27, 2017, 2:32pm   #5
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brewski1984 started this thread The thing is though, this fear of missing out is irrational.

Someone said to me the other day that if I'd bought Bitcoin 2 weeks ago I would have made $4000 profit. True, but if I'd risked the same $5000 on a single trade I could have gone $50pp on anything and made 80 points for the same profit. Isn't that just the same thing?

Is the fact that now the average joe has heard of Bitcoin and is wanting to get involved due to the fear of missing out a good sign that it's ready to burst? Are these people just cannon fodder providing the liquidity for the pros to sell theirs to?
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Old Nov 27, 2017, 3:00pm   #6
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Good point brew. I remember when we all saw a mainstream TV news piece about the NY cab driver trading between fares from his yellow cab - we all knew it was time to get out.
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Old Nov 27, 2017, 3:29pm   #7
 
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I remember even at $30 it looked expensive to me and still didn't make any sense... it is not secure and way over manipulated... Remember one tulip was worth as much as a house, so we might still have ways to go, but not worth the risk for me personally...
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Old Nov 27, 2017, 3:33pm   #8
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I've also been experiencing FOMO with regards Bitcoin. I have a doctor friend who knows jack-s*** about the markets, and recently he was talking about buying in to Bitcoin. Now it hurts to think that he may well make a quick buck (or even a killing), when someone like myself with 10 years experience has done nothing.

But .... for me, scenarios like this come back to one thing. Does a 'Buy' on Bitcoin come into my trading plan? Are the necessary elements in place to justify taking a position.

In my case, no. So I won't.

That's what I like to think stands me apart from the casual punter. I'm following my rules. I am building a plan to make myself consistently profitable. My doctor friend may make some money this time, but without a plan, he'll soon lose it again.

So yes Brew, I'm with you. But if you want to stay in the game long-term, jumping in with everyone else isn't the answer.
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