Why Do I Keep Betting On Memecoins and Losing?
By the end of this article, you will learn the mental mistakes involved with gambling on memecoins. These are deep concepts in psychology, but this article gives a simple overview. FOMO Support stands out because your purchase pays for useful info. You buy the knowledge to increase your success with memecoins and returns from crypto.
The answer to the question in the headline is simple.
You have emotions, not a plan.
This is the hard truth. Most crypto users join because of one common theme. People seek to maximize their profit. Let's face it. Headlines within the crypto industry aren't modest. Bonk, a Shiba Inu-themed token first issued last December, has returned over 1,000% in the past month...
Your friends don't text you about 12% returns following the NASDAQ. Your parents aren't confused by retirement accounts. They wonder how this new blockchain tech could make these unreal returns.
These stories about this digital "wild west" pull people in. The fear of missing out on financial opportunity is too great. Experts define this with two parts.
First, you feel like you're missing out. Why shouldn't you? You wouldn't mind increasing your money by 1,000%. That's ten times. Second, you act "unlike yourself" to maintain your betting.
Compulsive behavior looks like constant checks of your phone. You react to every notification. You stay up all night watching charts. You remain online chronically to catch new chances to risk it.
Emotions cloud judgement.
Trading professionals all observe the same thing. Emotions spell the end of trading. Greed compels people to buy more than they can afford.
Fear pushes people to sell before their target. The cocktail of fear and greed mean you do not stick to a script.
Plans use reason.
You can accomplish anything with a solid plan. Success is not guaranteed, but consistent. The same holds true for trading. Most are not ready for the risk involved in technical analysis.
Yet, regular investments are too boring for the average person to follow. The additional risk of a memecoin somehow entertains some people.
Few notice the trap of memecoins.
You might already know that fear and greed mess up most plans. That knowledge is common amongst trading communities. What many don't know is something called the endowment effect.
You can become attached to the things in your possession. People reach great prices to sell their tokens but they do not. They fall in love with the community instead.
What's worse, many are scams.
A good community and a good price to take profit are different. They should not ever come up in the same question. More than emotions, memecoins often spell disaster because of crime. Anyone can make a memecoin. Therefore, you must verify, then trust.
The alternative is to become another statistic like this one. Frauds raised over $122 million dollars from 27 presales for memecoins on Solana since March 12th. Victims are seldom able to recover a dime.
Then, how can I bet and win?
When you began this article, I told you that you will learn the mental mistakes common in crypto. We covered the fear of missing out, greed and the endowment effect. You want a risk-free bet? I'm sorry to tell you there is no guaranteed way to win.
The only method that comes to close to a guarantee is a plan. After a solid plan, the next best bet is to buy $FOMOS, the 1st memecoin to launch on X Layer, the Layer-2 of the Hong Kong exchange, OKX.
Unlike other memecoins, FOMO Support does not promise returns. Your purchase will grant access to more detailed articles, book recommendations, resources and limited-time opportunities.
Join the FOMO Support Group, the first community to care for the average crypto user. Act now, because I'm afraid this opportunity won't last forever.