Quote from: jaresmerel001 on January 25, 2021, 11:36:07 AM

One of the most common errors traders make while dealing with cryptos is the fear of missing out (FOMO) and FUD. These two variables lead them, out of feelings, uncertainly excitement and doubt, to take decisions.

Another common factor which causes traders to take wrong positions is impatience. Every other minute, traders keep checking the prices and end up making wrong decisions.

Not diversifying is another mistake that is common. People spend all their money on a single coin, so when prices fall, they lose big. Investing in more than one coin, which means diversifying, is a better alternative here.

In addition to these other mistakes, the pump and dump scheme, revenge trading, reluctance to thoroughly study the situation, blindly following the crowd etc.

Unfortunately those two terms became famous because of that same reason, because people did those mistakes over and over and over again. I personally feel like I never got involved with any FUD or FOMO but I am not even sure anymore.

I got involved with crypto during the 2013 FOMO period, so I could say I took part in that and lost a small amount of money, but I was smart enough to not invest a lot, I invested only 50 bucks, now I look back on it and say I wish I got involved with all the money I had but I know I would have probably panic sold all my coins when it went down, or even if I managed to hold it for a while, I would have sold it when it went over 1400 dollars.

FUD and FOMO are two things every trader has done at least once, it is not really something easy and that is why we are going to keep seeing more and more people do the same mistake over and over again.