Quote from: wxa7115 on Today at 04:14:13 AM

Quote from: Adbitco on January 10, 2023, 05:57:16 PM

Hehe..
Why is this so common with newbies more especially those that doesn't know the principles of the market. Could it be they are not confident with the price then or wanting to see some changes before they could go into it or just can't say.
I could recall a friend of mine then who have been wanting to invest in bitcoin which he always calls to know the dip part of the price so he could buy some fraction of it, whenever he calls, i will tell him yeah you can buy now because is at a good point were you could buy some reasonable fractions. Do you believed that he never took it serious till bitcoin gain back momentum then, lastly what he did was to say " Let me buy now before i would be left behind" and he did, surprisingly the price dropped, but i advised him not to sell rather hold.

Even if people like to think about themselves as rational individuals which take decisions based on logic, the truth is the majority of those people take decisions based on their emotions.

They refuse to buy bitcoin at the bottom or close to it because they are afraid of making a mistake, however when the price begins to go up that fear transforms and instead of being afraid of losing money they are afraid of missing out, the famous FOMO, also since many more people are buying bitcoin at the time they feel safer doing this themselves, this is similar to what we see when an ad on TV says that millions of people have bought a particular product, even if it is a lie when people hear this they assume that since so many people are satisfied with the product then they will be as well and it is safe to buy it.

Logic > Emotion, emotion base decision always have a bad outcome. When we are picking on something that we will put our money with, it is good if we have logical decision. Our psychology can help us to make money and it can also the reason for us to fail. It is like a double edge sword so we should aware on how to use it properly. Picking right altcoins is not easy that's why I always prefer to choose altcoins that have high market capitalization and also with a good movement in chart. I'm always picking altcoins that have been creating a series of higher lows and highs because those altcoins are usually having momentum that can give high return with just low risks.