This time when the Bitcoin Price is on fire and we can see how the price is moving upward and in this situation, we do not know how is it going to behave. We have seen the price going 64 K us dollars and then it was back to 60K US dollars. This is a very risky point where we don't know about the next movement for the market and this is why it is the best strategy to avoid the situation of fear of missing out.
We need to avoid FOMO in this market. This is because sometimes because of the situation for fear of missing out can turn out to be a loss-making as we don't know how the price will be moving in the market and just because it seems like we have missed the train can be a loss-making decision. It looks like the Bitcoin price is going to touch its all-time higher price soon which is good and even ethereum is following the same momentum.
I am trying to keep a track on the price that how it is moving and how the overall market is doing. I think at this point it is necessary to see how things are turning up but trading this time when things are at higher fluctuation cannot be a good idea. I avoid trading in this type of situation however I am more into investing and avoid daily trade. I do trade sometimes when I feel like things are good and there can be good profit with little risk. There is no investment without risk and I understand that but we should not be investing in the situation of FOMO.
Just try to understand the market sentiment and wait for the right time if you are trying to buy something and if you are planning to sell something then stick to your goal. We must set up a goal before investing because this helps us to stay on track and accordingly we can prove profit once the goal is achieved but again there should not be any in with emotional investment decisions.
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