Around, Last two years 2020, I was privilege to stack 0.7 ETH when the price was still at the range of 100$ per one, due to my inexperience I lavish the money on material things to celebrate my birthday, but I had few income from my NYSC allowances and smart contracts I engaged in, So I regained financial strength around October, September 2020 then I invested into Tron (TRX) , unfortunately Greed led me to engaging myself in a Smart Contract that's called Bank of Tron created in Panama in which the set up was Ponzi's, I and my siblings were not conscious, so we got scammed beautifully 🤣, because their plans even includes lifetime investment or other plans, till date we can't access their site on dapps again and we gave up that year 🥺 💔, please don't blame us we were really heartbroken 🤣🤣🤣. If you got anyone doing any Ponzi or pyramid scheme tell them the truth please.
Fortunately, My Younger sister never gave up, she keeps trying untill January 2021, she got bags out 💰, immediately I saw that I went back to crpyto and we were doing good untill May, June, July, August and September, the whole market went bearish 📈... What really affected us was that, We were greed we made roughly close to 2k $ wetin that year on WSG$ we never took profit we hoped we will hit 10k$ in a year but we hit 100$ in a month 🤣🤣📈💔...
These two factors Fear and Greed affected our crypto - experience, We have lost bucks on this note, the moment you loose track of DYOR ( do your own research) prepare for 📈. Especially when a Coin or token has no humanity purpose, it won't last... Community behind the Vision matters too but we will only discuss on Fear and Greed drives in the market.
What most people forget when starting to look at investing is how much the emotions of fear and greed which plays important role in the behavior of crypto prices, this little write ups will go through the role fear and greed play in the psychology of the market, and how investors can use it to their advantage.
For as long as Cryptocurrency has existed, it has been clear that price movements are irrational, they are more emotion playing a key role in the decision making of investors. Of all the emotions that can affect the prices and other assets, fear and greed are the most unique .
When greed dominates, we are concerned with more returns . Confidence is high, and headlines good news. We become interested in conservation of assets but on the other hand, When fear dominates, we are concerned with preserving capital. we begin to tremble because headlines of news are bad, especially from China or news about Bitcoin.
Crypto Bitcoin Strong Sell Fear & Greed Factor Indicator 3D Rendering From Shutterstock
How does this two emotional pandemic affect our tradings or holdings?
If you look at the price chart of any crypto, you are likely to notice that volatility is greatest at major highs and lows. Very often these highs and lows don’t correspond with major changes in the economy or corporate profits either. Increasing volatility is a sure sign that emotion, particularly fear, is playing a part in the decision-making process of traders. Fear is not only associated with downside – the fear of missing out(FOMO) can drive prices to irrationally high levels
What is Fear of Missing Out or “FOMO” ?
We experience when we see that other people are making money and we feel left out. especially those days my sister earned a lot, I begin to cry to God "Why Me" 🤣🤣, so I begin to jump at any project she engage in on crypto space.
Crying man holds mobile phone in his hands, upset about message or has no money to call, on red background from Shutterstock
Over the years, the internet of things has become a major catalyst for FOMO, especially news, telegrams etc. it becomes more real and highlighting the incredible returns / profit that is being made by friends, majorly common on Facebook, I once heard some and it really cracked me up. Every scammers are trying their possible best to lure out our greed, But this year cover your ears and nose 🤣, even in binance they're scam coin like FIA token, I came around them too, they did x10 in 1 minutes, so I jumped in, thinking I will leave in one minute but they left in a Flash of lightening....🤣
To Avoid This Pandemic ⚠️
1 : DYOR - You work hard for your money, you don’t want to put it in crazy situation. I always say you should do your research, talk to a financial expert, Check Coingecko.com or Coinmarketcap on the Coin History and fully understand what you are investing your money in by checking the use case and it community.
2 : making money boils down to this in cryptocurrency is determined by the price you buy and the price you sell . What’s your exit strategy for that investment .
3: Always in all circumstances possible take profit ⚠️
This year will be great for us all!
Thank YOU for taking your time to read ... you're the best!😊
More funds to us all💰💰💰💰